Company Presentation March 2011 AGENDA 2010 Results Review 2010 - - PowerPoint PPT Presentation

Anantara Kihavah, Maldives

Company Presentation

March 2011

AGENDA 2010 Results Review 2010 Business Updates & 2011 Outlook Long-Term Investment Rationales

2010 Results Review

• Anantara Kihavah, Maldives

REVENUE INCREASED 10.7% IN 2010, SUPPORTED BY REVENUE GROWTH FROM RESTAURANT & FULL-YEAR CONSOLIDATION OF MINOR CORPORATION

2010 Results 19.0% 13.2% 17.7% 10.7%

15% 20% 15,000 20,000 25,000

14,029 16,515 17,244 19,089

THB Million

6,000 8,000 10,000 5,326 5,296

THB Million

+3.9% YoY +20.0% QoQ

FINANCIAL PERFORMANCE - REVENUE

4.4% 10.7%

0% 5% 10% 5,000 10,000 2006 2007 2008 2009 2010

12,394 2,000 4,000 6,000 4Q09 1Q10 2Q10 3Q10 4Q10 5,098 5,326 4,055 4,412 5,296 Retail Trading Hotel & Mixed Use Restaurant % Growth

EBITDA DECLINED 4.2% IN 2010 PRIMARILY DUE TO WEAKER HOTEL PERFORMANCE , ALTHOUGH RECOVERY WAS UNDER WAY IN 2H10

2010 Results 12.3% 14.9% 14.7%

5% 10% 15% 20% 4,000 5,000 6,000

3,271 3,759 4,311 3,791 3,633

THB Million

1,500 2,000 1,237 1,270 1,056

THB Million

• 14.6% YoY

+53.0% QoQ

FINANCIAL PERFORMANCE - EBITDA

• 12.1%
• 4.2%
• 15%
• 10%
• 5%

0% 1,000 2,000 3,000 2006 2007 2008 2009 2010

500 1,000 4Q09 1Q10 2Q10 3Q10 4Q10 617 690 Retail Trading Hotel & Mixed Use Restaurant % Growth 26.4% 26.8% 26.1% 22.0% 19.0% EBITDA Margin 24.3% 23.8% 15.2% 15.6% 19.9% EBITDA Margin

NET PROFIT DECLINED 11.9% IN 2010 MAINLY DUE TO WEAKER HOTEL PERFORMANCE , ALTHOUGH RECOVERY WAS UNDER WAY IN 2H10

2010 Results 20.6% 25.8% 17.5%

0% 10% 20% 30% 1,000 1,500 2,000 1,280 1,611 1,892 1,400 1,241

THB Million

400 600 800 1,000 618 600 434

THB Million

• 29.8% YoY

+241.7% QoQ

FINANCIAL PERFORMANCE – NET PROFIT

• 26.0%
• 11.4%
• 30%
• 20%
• 10%

0% 500 1,000 2006 2007 2008 2009 2010 200 200 400 4Q09 1Q10 2Q10 3Q10 4Q10 80 127 Retail Trading Hotel & Mixed Use Restaurant % Growth 10.3% 11.5% 11.5% 8.1% 6.5% Net Margin 12.1% 11.3% 2.0% 2.9% 8.2% Net Margin

2010 Business Updates & 2011 Outlook

• St. Regis Residence, Bangkok

HOTEL REVENUE INCREASED ALONGSIDE NUMBER OF ROOMS BUT PROFIT FELL ON LOW AVERAGE OCCUPANCY AND PRE-OPERATING EXPENSES OF NEW HOTELS & AVC TIMESHARE

Hotel Updates

5,918 7,177 7,677 5,832 5,950

THB Million

1,864 1,866 1,011 1,222 1,853

Revenue

FINANCIAL PERFORMANCE – HOTEL & MIXED USE

2,211 2,782 3,121 2,078 1,815 917 1,301 1,567 794 532

2006 2007 2008 2009 2010 EBITDA NPAT

743 761 204 298 553 398 389

• 49
• 24

216

4Q09 1Q10 2Q10 3Q10 4Q10

37.4% 38.8% 40.7% 35.6% 30.5% EBITDA Margin 39.9% 40.8% 20.2% 24.4% 29.8% 15.5% 18.1% 20.4% 13.6% 8.9% Net Margin 21.4% 20.9%

• 4.8%
• 2.0%

11.7%

Hotel Updates

4,627 5,454 6,339 5,880 5,805 72% 72% 65% 52% 52% 50% 60% 70% 80% 5,000 6,000 7,000

THB THB GLOBAL ECONOMIC UNCERTAINTY & DOMESTIC POLITICAL UNREST PUT PRESSURE ON OCCUPANCY, ADR & REVPAR IN 2009-2010. HOWEVER, OCCUPANCY, ADR & REVPAR GRADUALLY RECOVERED IN 2H10, WITH MOMENTUM PARTICULARLY PICKING UP IN 4Q10

MINT’S HOTEL STATISTICS

3,339 3,951 4,142 3,076 3,005 52% 52% 0% 10% 20% 30% 40% 50% 1,000 2,000 3,000 4,000

2006 2007 2008 2009 2010 Revpar ADR % Occupancy

HOTEL INDUSTRY OUTLOOK IS EXPECTED TO GRADUALLY RECOVER ON THE BACK OF INCREASING TOURIST ARRIVAL

Hotel Outlook F

Million Tourists Arrival to Thailand – Yearly Trend

TOURIST ARRIVAL TO THAILAND

Source: Tourism Authority of Thailand and Bank of Thailand

• Million

Tourist Arrival to Thailand – Monthly Trend

THE NUMBER OF TOURISTS FROM ASIA SHOULD CONTINUE RISING, MAKING UP FOR A SLOW DOWN FROM THE U.S. & U.K.

Hotel Outlook

1.50 2.00 2.50 45% 12% Million

TOURIST ARRIVAL TO THAILAND FROM KEY FEEDER MARKETS

• 0.50

1.00 Malaysia China Japan Korea Germany Russia United Kingdom USA India Australia 7% 81% 29%

• 1%

32% 11%

• 2%
• 3%

= 2009 = 2010

Source: Tourism Authority of Thailand

MINT CONTINUES TO SEE IMPROVEMENT IN NUMBER OF ROOM NIGHTS FROM CUSTOMERS ALMOST ACROSS THE BOARD, WHILE CUSTOMER MIX HAS GRADUALLY CHANGED

Hotel Outlook

Number of Room Nights 6% 35% 35% 47% 11%

• 6%

4% 23% China +20% Taiwan +16%

= 2009 = 2010

MINT’S TOP FEEDER MARKETS

Thailand, 13% East Asia, 23% Europe, 36% The Americas, 11% South Asia, 3% Oceania, 5% Middle East, 7% Africa & Others, 2%

2010 2007

• Thailand,

8% East Asia, 18% Europe, 40% The Americas, 14% SE Asia, 9% Oceania, 4% Others, 7%

Hotel Outlook

BANGKOK HAS SEEN NEW SUPPLY IN RECENT YEARS AND WILL SEE MORE IN 2011 & 2012 Number of Rooms

LUXURY HOTEL SUPPLY IN BANGKOK

Source: HVS Reseach 2011F

• No. of Rooms

Crowne Plaza Sukhumvit Hotel Okura Bangkok W Hotel Bangkok Le Meridien Suvarnabhumi Golf Resort & Spa 342 242 403 214

2012F

The Regent Bangkok Aloft Bangkok Sukhumvit 11 Park Plaza Bangkok Asoke Four Points by Sheraton, Sathorn Sofitel Bangkok, Sukhumvit 13 St Regis Bangkok 327 297 120 436 345 227 The Langham Sukhumvit Bangkok 230

2013F

• No. of Rooms
• No. of Rooms

Hotel Outlook

IMPROVING TOURIST ARRIVAL & UNIQUE POSITION OF MINT’S HOTELS SHOULD ALLEVIATE PRESSURE FROM NEW SUPPLY ON BKK OCCUPANCY & ADR

Tourists Arrival at Bangkok Airports

Million

BANGKOK TOURIST ARRIVAL & MINT’S UNIQUE POSITION

Source: Tourism Authority of Thailand

Operating Efficiency & Effectiveness Obtained with Experience Premier Locations & Properties Strong Brand Awareness Worldwide Network

Strength of MINT’s Hotels Creates Resiliency

Hotel Outlook

EXPANSION INTO MARKETS INSIDE AND OUTSIDE THAILAND HAS BEEN ON TRACK & SHOULD CONTRIBUTE WELL TO REVENUE & PROFIT IN COMING QUARTERS

Investment Hotel

2011

Management Contract

• Anantara Kihavah, Maldives (78 Rooms)
• St Regis Hotel, Bangkok (227 Rooms)
• Masai Mara Camp (12 Rooms)
• Amboseli Camp (12 Rooms)
• Marula Manor (16 Rooms)
• Serengeti Migration Camp Explorer (8 Rooms)
• Anantara Pa-Ngan (44 Rooms)
• Anantara Vietnam (89 Rooms)
• Anantara Flamingo Villas, UAE (30 Rooms)
• Anantara Savannah Villas, UAE (30 Rooms)
• Anantara Xishuangbanna, China (103 Rooms)
• Anantara Uluwatu, Bali (77 Rooms)

Hotel Pipeline

MINT’S HOTEL EXPANSION PLAN

2012

2013 Total

• Anantara Sri Lanka (125 Rooms)

7 Hotels / 478 Rooms

• Anantara Blue City, Oman (122 Rooms)
• Anantara Sanya, China (122 Rooms)
• Anantara Chennai, India (130 Rooms)
• Anantara La Cambuse, Mauritius (170 Rooms)
• Anantara Wayanad, India (95 Rooms)
• Anantara Chongqing, China (130 Rooms)
• Anantara Chengdu, China (163 Rooms)

13 Hotels / 1,305 Rooms

Hotel Outlook

REVENUE STREAM IS ENHANCED THROUGH CONSTANT RENEWAL OF EXISTING ASSETS AND PROPERTIES WITH MINIMAL INVESTMENT

By November 2011, Bangkok Marriott Resort and Spa will be rebranded to Anantara Bangkok Riverside Lease term has been extended from the remaining 8 years to 38 years

REJUVENATION OF EXISTING ASSETS

Anantara Bangkok Riverside

The 413-room hotel will be upgraded through development of a convention center and shopping plaza, with additional guest rooms on upper floors The Anantara brand reinforces our commitment to leverage on our own intellectual properties

Hotel Outlook

SALES OF ST. REGIS RESIDENCES ARE EXPECTED TO CONTRIBUTE TO REVENUE IN 2011 AND BEYOND

Expected Incremental Revenue from Residential Sales Relative to Total Hotel Revenue 53 residences and penthouses at the upper section

RECENT DEVELOPMENT – ST. REGIS

2009 2010 2011F 2012F 2013F Residential Hotel & Mixed Use (Excl. Residential) 53 residences and penthouses at the upper section

• f 47-storey high rise building, attached to 227

hotel rooms situated at the lower section; Offering 270-degree views of downtown Bangkok, private swimming pool and the Residence Club, which is accessible only by the residents and their guests; Mixed-use concept leveraging on hotel brand and facilities such as butler and room services, specialty dining, e.g. a planned Zuma comtemporary Japanese cuisine, and the luxurious Elemis Spa

Hotel Outlook

THE NEW TIMESHARE PROGRAM (LAUNCHED IN DEC-10) HAS BEEN WELL-RECEIVED & LOOKS SET TO ADD TO EARNINGS IN 2012 & BEYOND

Purpose-Built Property in Samui Phuket

RECENT DEVELOPMENT – ANANTARA VACATION CLUB

Anantara Vacation Club

Asia Pacific Points Based Timeshare Product; Inventories in various locations and other properties around the world under the Club Exchange Program; Properties are typically in resort destinations in which multiple owners hold 30-year rights to use the club inventories

Bangkok Bali Others

RESTAURANT PERFORMANCE REMAINS STABLE & RESILIENT, WITH REVENUE, PROFIT & MARGINS CONTINUING TO IMPROVE IN 2010

Restaurant Update

6,477 6,852 8,839 10,033 10,459

THB Million

2,571 2,765 2,471 2,520 2,704 1,594 1,666

Revenue EBITDA

FINANCIAL PERFORMANCE - RESTAURANT

1,059 977 1,190 1,594 1,666 363 310 325 531 661

2006 2007 2008 2009 2010 NPAT

436 471 390 356 449 178 198 128 143 191

4Q09 1Q10 2Q10 3Q10 4Q10

16.4% 14.3% 13.5% 15.9% 15.9% EBITDA Margin 17.0% 17.0% 15.8% 14.1% 16.6% 5.6% 4.5% 3.7% 5.3% 6.3% Net Margin 6.9% 7.2% 5.2% 5.7% 7.1%

RESTAURANT SAME STORE SALES GROWTH IMPROVED ALONGSIDE THE ECONOMIC RECOVERY IN 2010 BUT TOTAL SALES GROWTH SOFTENED SLIGHTLY AS OUTLET EXPANSION SLOWED FROM THE PRIOR YEAR, ALBEIT STRONGER MOMENTUM SEEN IN 2H10

Restaurant Update

MINT’S RESTAURANT STATISTICS

Same Store Sales Growth Total Store Sales Growth

631 676 1,043 1,112 1,148

• No. of

Outlets 1,112 1,117 1,123 1,133 1,148

• No. of

Outlets

RESTAURANT SSS GROWTH IS EXPECTED TO CONTINUE GROWING ALONGSIDE IMPROVING ECONOMIC INDICATORS

• 7.0%
• 5.2%
• 2.8%
• 5.9%

12.0% 9.2% 6.7% 3.8% 0.4%

• 4.0%
• 4.5%

1.1% 4.2% 3.0% 5.3% 5.9%

• 8%
• 4%

0% 4% 8% 12% 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 GDP Growth MINT's TH SSS Growth

Restaurant Outlook 2011F GDP Growth of 3- 5%

2011F

SSS GROWTH VS. ECONOMIC INDICATORS - THAILAND

Jan-11 Jan-11 Source: Bank of Thailand Source: The Thai Chamber of Commerce Center for Economic & Business Forecasting

MINT CONTINUES TO EXPAND RESTAURANT OUTLETS THROUGH EQUITY-OWNED & FRANCHISED MODELS INSIDE & OUTSIDE THAILAND

34% 66% 49% 51%

1,148 2,188

• No. of Outlets

Restaurant Outlook

631 676 1,043 1,112

MINT’S RESTAURANT OUTLET EXPANSION PLAN

F

40% 60% 63% 37%

1,148 2,188

• No. of Outlets

F 631 676 1,043 1,112

THE RECOVERY OF SSS GROWTH AT THAI EXPRESS IN SGP & RESTAURANTS IN CHINA SHOULD HELP SUPPORT RESTAURANT PERFORMANCE

• 30.0%
• 20.0%
• 10.0%

0.0% 10.0% Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11

Same-Store Sales Growth of Thai Express

Restaurant Outlook

RECOVERY OF THAI EXPRESS & CHINA FOOD GROUP

• 15.0%
• 5.0%

5.0% 15.0% Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11

Same-Store Sales Growth of Restaurants in China

IMPACT FROM FOOD INFLATION IS BEING CONTAINED BY MINT’S PRO-ACTIVE STRATEGIES IMPLEMENTED IN ADVANCE

Restaurant Outlook

Economies of Scale Fixed Long-Term Contract Prices Effective Inventory Management Menu Mix Re-Engineering Supply Chain Management Maximization of FTA Benefit

Strategies

FOOD INFLATION

% of Food & Paper Costs to Sales

REVENUE CONTRIBUTION FROM RETAIL TRADING WAS UP STRONGLY DUE TO FULL-YEAR CONSOLIDATION OF MINOR CORPORATION

Retail Trading Update

3,022 3,086 3,082 2,631 2,680

THB Million

663 696 574 672 739 321 179 152

Revenue EBITDA

FINANCIAL PERFORMANCE – RETAIL TRADING & CONTRACT MANUFACTURING

Before consolidation 97 83 152 166 109 77 98 48

2006 2007 2008 2009 2010 NPAT

58 38 23 36 55 42 13 0.5 9 26

4Q09 1Q10 2Q10 3Q10 4Q10

10.6% 3.2% 2.7% 6.8% 5.7% EBITDA Margin 8.7% 5.5% 4.0% 5.4% 7.4% 5.5% 34.5% 2.5% 3.7% 1.8% Net Margin 6.3% 1.8% 0.1% 1.3% 3.5%

5.5% 14.4% 9.0% 16.8%

10% 20%

Retail Trading Update

MINT’S RETAIL TRADING STATISTICS

DESPITE THE DECREASE IN THE NUMBER OF OUTLETS, COMPARABLE SALES GROWTH AND TOTAL SALES GROWTH IMPROVED SIGNIFICANTLY IN 2010 AS A RESULT OF THE CLOSING OF NON-PERFORMING OUTLETS, INTRODUCTION OF GAP, UPGRADES OF STORE CONCEPTS AND A MORE TARGETED PRODUCT OFFERING

Comparable Sales Growth Total System Sales Growth

• 16.5%
• 17.0%
• 20%
• 10%

0%

2006 2007 2008 2009 2010

368 316 311 292 258

• No. of

Outlets 292 277 267 267 258

• No. of

Outlets

RIDING ON URBANIZATION

Retail Trading Outlook

2,897 3,748 156 55 640 2002 Bangkok Greater Bangkok Other 2009

NUMBER OF EMPLOYED POPULATION IN VICINITY EARNING GREATER THAN THB15,000 PER MONTH FROM 2002 TO 2009 POTENTIAL ROOM TO EXPAND STILL APPEARS AMPLE, PARTICULARLY UPCOUNTRY

Source: SCB EIC Forecast and National Statistic Bureau 3,748 5,559 333 80 458 423 312 205 2009 Bangkok Greater Bangkok South Central North East North 2020

NUMBER OF EMPLOYED POPULATION IN VICINITY EARNING GREATER THAN THB15,000 PER MONTH FROM 2009 TO 2020

• Existing Retail Outlets

New Addition

22 hotels 676 restaurants 316 retail stores (14,524 Sqm)

• > 75 hotels

> 0 residence > 200 timeshare units > 2,100 restaurants > 300 retail stores (21,600 Sqm)

BUSINESS GROUPS ARE ALIGNED TO GROWTH TARGETS

5-Year Targets

2007 2015F

• 2015F

33 hotels 67 residences 20 timeshare units 1,148 restaurants 258 retail stores (16,240 Sqm) 2010

Long-Term Investment Rationales

• St. Regis Residence, Bangkok

SOLID FOUNDATION FOR FURTHER GROWTH & HIGHER SHAREHOLDER VALUE

Investment Rationales

International Player New Initiatives & Acquisition Portfolio Balance

Building to be an International Player Adding Growth through New Initiatives and Disciplined Acquisition Balancing a Mix of Business Portfolio to Mitigate Risk & Volatility

LONG-TERM INVESTMENT RATIONALES

MINT

Intellectual Property Partnership w/ Global Players Financial Discipline

Enhancing Value through Increasingly Stronger Intellectual Property Leveraging Off Partnership with Reputable Global Players Maintaining Solid Balance Sheet & Cash Flows through Financial Discipline

• 1. Building to be an International Player
• 1. Building to be an International Player

International Player

MINT’S INTERNATIONAL PRESENCE

ENHANCE PROFILE, REPUTATION & RECOGNITION INTERNATIONALLY WITH 18 HOTELS, 387 RESTAURANT OUTLETS AND 21 SPAS IN 21 COUNTRIES OUTSIDE OF THAILAND China Bahrain Saudi Arabia Jordan Laos Mongolia Turkey UAE Cambodia Singapore Malaysia Vietnam India Australia New Zealand Sri Lanka Maldives Kenya Tanzania Indonesia Egypt

GEOGRAPHICALLY DIVERSIFY THE GROUP’S REVENUE SOURCE AND REDUCE THE VOLATILITY OF CASH FLOW STREAM

International Player

GEOGRAPHICAL DIVERSIFICATION

2007 2008 2009 2010 2015F

32,977 16,919 26,374 28,450 87% 60% 57% 56% 13% 40% 43% 44%

2007 2008 2009 2010 2015F

1,611 1,241 1,892 1,400

• 14%

101% 11% 6% 114%

• 1%

89% 94% 48% 52% 54% 46%

System-Wide Sales (THB Million) Net Profit (THB Million)

• Thailand

Overseas 2007 2008 2009 2010 2015F

Number of Hotel Rooms

4,114 2,363 2,700 3,553 87% 84% 71% 72% 13% 16% 29% 28%

Thailand Overseas 2007 2008 2009 2010 2015F

Number of Restaurant Outlets

676 1,148 1,043 1,112 7% 33% 34% 34% 93% 67% 66% 66% 49% 51% 47% 53%

2007 2008 2009 2010 2015F 2007 2008 2009 2010 2015F

2,188 5,890

SEIZE OPPORTUNITY IN MARKETS WITH HIGH-GROWTH POTENTIAL

Middle East and North Africa India

4.7% 8.7% 8.4% 6.5% GDP Growth CAGR 2010- 2015 Population Growth 2010- 2015

China

9.8% 2.9%

Strong GDP Growth Expected in Focus Regions

• 1. GDP growth in focus

regions is projected to average 6.2% CAGR through 2015

Macroeconomic Outlook by Focus Region

International Player

OPPORTUNITY IN HIGH-GROWTH MARKETS

Sub Sahara Africa

5.3% 12.7%

• South East Asia

5.9% 6.8%

through 2015 Inflation In Check 1. Still-low levels of capacity utilization and well anchored inflation expectations are expected to keep inflation in check in most economies 2. Significant upside risks to inflation are confined to emerging economies that have a history of unstable price levels or have limited economic slack Healthy Population Growth 1. With exception of China due to one child policy, the rest of the focus region will see healthy population growth of >5% through 2015

Source: IMF World Economic Outlook 2010, World Bank, Health Nutrition Population Statistics

• 2. Adding Growth through New

Initiatives and Disciplined Acquisition Initiatives and Disciplined Acquisition

NEW INITIATIVES & ACQUISITION TRACK RECORD

New Initiatives & Disciplined Acquisition

• Organic

With New Initiatives + Acquisition

Comparison of Net Profit (With vs. Without New Initiatives + Acquisitions )

THB Million

Maldives Hotels

• 2000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Share Prices of S&P and Serendib Since Acquisition

(Reflected in Unrealized Gains on Investments) S&P Serendib

THB MINT’s Investment % Holding Accounting

Four Seasons Bangkok 99% Consolidation Minor Food Group 100% Consolidation S&P Syndicate Pcl. 26% Dividend Income Serendib Leisures 20% Dividend Income The Coffee Club 50% Equity Income Elewana Afrika 50% Equity Income Thai Express 70% Consolidation Kani Lanka (Cyprea Lanka) 80% Consolidation Bangkok Marriott 81% Consolidation Four Seasons Chiangmaii 71% Consolidation

• Unrealized Gains

= 1,054 MB Unrealized Gains = 66MB

DISCIPLINED ACQUISITION(S) ON THE BACK OF STRINGENT INVESTMENT POLICY PROVIDES UPSIDE FOR GROWTH

New Initiatives & Disciplined Acquisition

• Revenue % of Group Revenue
• Profit % of Group Profit
• IRR (WACC + Premium)
• ROIC in % within Certain Year
• Payback Period

Minimum Size Minimum Return

• Cash Flow % of Group Cash Flow

Investment Criteria – Sample Measurement & Metrics

Committed CAPEX & What Set Aside for New Acquisition(s)

THB Million

DISCIPLINED ACQUISITION(S)

• Profit Break-Even Point
• Cash Flow Break-Even Point
• Credit Ratios
• Brand Strength
• Quality of Management
• Potential to Expand Locally &

Internationally

• Controlling Stake

Balance Sheet Strength Performance Strategic Position

Additional CAPEX (non-committed average per annum) for New Opportunity/Acquisition(s)

• n committed CAPEX

RECIPROCAL BENEFIT & VALUE CREATION FROM MIXED-USE CONCEPT

New Initiatives & Disciplined Acquisition

Plaza Spa Hotel Group

One of hotel attractions; Complement marketing effort Provide recreational activities Support plaza traffic and sales Major revenue contributor

Residential Property Timeshare

Major revenue contributor Increase hotel F&B and spa revenues; Shorten payback period

• f the entire project

Differentiate residential projects, attracting more high- spenders Increase hotel F&B and spa revenues; Provide guaranteed

• ccupancy

Attract time share buyers

• 3. Enhancing Value through Increasingly

Stronger Intellectual Property Stronger Intellectual Property

OWN BRANDS HAVE ACCUMULATED SUFFICIENT STRENGTH & NOW ALLOWS EXPANSION THROUGH ASSET LIGHT & MIXED-USE STRATEGIES

Enhancing Value thru Intellectual Property

Equity Owned “Asset Light Strategy” through Hotel Mgt & Food Franchising Requires relatively small CAPEX Commands higher margins Mixed-Use e.g. Timeshare

MAXIMIZE BENEFIT FROM BRAND STRENGTH

Builds a strong base to market own brands through flagship assets Generates more material profits per one expansion unit Franchising Provide opportunity to enter unfamiliar and high-risk markets 463 685 1,371 817 1,148 2,188

• No. of Food Outlets

1,123 2,991 2,428 3,462 4,114 5,890

• No. of Hotel Rooms

Franchised Invested Managed Invested

• Offers the opportunity

to enjoy the property value appreciation

• 4. Leveraging Off Partnership with

Reputable Global Players Reputable Global Players

Partnership with Global Players

Placeholder Placeholder Placeholder Placeholder

BENEFITS OF STRONG GLOBAL BRANDS FROM INTERNATIONAL PARTNERS

Sharpen MINT’s learning curve Attract customers & help fend off competition Bring in connection with suppliers and servicers around the globe All of these contribute well to the strength & credibility of MINT’s franchise value, helping to attract more new businesses to its own brands in the future

• 5. Maintaining Solid Balance Sheet &

Cash Flows through Financial Discipline Cash Flows through Financial Discipline

LEVERAGE & COST OF CREDITS ARE UNDER CONTROL WHILE BACK-UP FUNDING FACILITIES HAVE BEEN SECURED. IN ADDITION, MINT HAS MAINTAINED INVESTMENT GRADE CREDIT RATING OF A BY TRIS.

Financial Discipline

Internal Policy

Leverage Ratios Borrowing Cost

BALANCE SHEET STRENGTH

Interest Bearing Debt to Equity Net Interest Bearing Debt to Equity 50% 73% 72% 76% 50% 27% 28% 24% 0% 20% 40% 60% 80% 100% 1Q10 2Q10 3Q10 4Q10

Floating Rate Fixed Rate

Debt Debt Equity* * Incremental capital increase from MINT W-4 exercise, assuming 100% MINT-W4 Conversion

Borrowing Structure Back-Up Financing

• Equity

• 6. Balancing a Mix of Business

Portfolio to Mitigate Risks & Volatility Portfolio to Mitigate Risks & Volatility

MINT’S DIVERSIFIED BUSINESS PORTFOLIO HAS HELPED REDUCE THE VOLATILITY OF REVENUE & EARNINGS, ESPECIALLY IN DIFFICULT YEARS

Balanced Portfolio Mix

Retail Trading 14.0% Hotel & Mixed Use 31.2% Restaurant 54.8%

2010 Revenue Breakdown Earnings of MINT appear more resilient to external shocks and less volatile than other hotel mono-liners

DIVERSIFIED BUSINESS PORTFOLIO

2,500 3,000 3,500 4,000

THB Million Retail Trading 4.2% Hotel & Mixed Use 50.0% Restaurant 45.8%

2010 EBITDA Breakdown

• 1,000
• 500

500 1,000 1,500 2,000 2005 2006 2007 2008 2009 2010

Earnings of 10 Thai Listed Hotel Companies Earnings of MINT

Appendix

HOTEL PERFORMANCE

Hotel Occupancy Rate (%) ADR (Bt/night) RevPar (Bt/night) 4Q10 4Q09 4Q10 %Chg 4Q10 %Chg Marriott 65% 69% 3,890

• 5%

2,537

• 10%

Anantara 53% 48% 7,947 2% 4,212 12% Four Seasons 55% 62% 8,176

• 1%

4,525

• 11%

Others 36% 35% 8,365

• 1%

2,999 1% Average 57% 58% 6,237 2% 3,571 0%

• Avg. Thailand

58% 60% 5,063

• 3%

2,922

• 8%
• Hotel

Occupancy Rate (%) ADR (Bt/night) RevPar (Bt/night) 2010 2009 2010 %Chg 2010 %Chg Marriott 63% 63% 3,717

• 4%

2,337

• 4%

Anantara 47% 45% 7,248

• 6%

3,371

• 3%

Four Seasons 45% 48% 8,338 0% 3,735

• 6%

Others 31% 31% 8,614

• 1%

2,671

• 1%

Average 52% 52% 5,805

• 1%

3,005

• 2%
• Avg. Thailand

54% 53% 4,745

• 3%

2,541

• 3%

RESTAURANT PERFORMANCE

Brand SSS (%) TSS (%) 4Q10 2010 4Q10 2010 The Pizza Company 8.6 4.0 11.8 5.9 Swensen’s 1.7 2.6 6.0 3.9 Sizzler 4.3 5.7 12.0 15.0 Dairy Queen 11.7 7.5 16.0 12.5

• Dairy Queen

11.7 7.5 16.0 12.5 Burger King 1.4 3.7 4.5 6.6 The Coffee Club 9.8 5.7 17.9 16.7 Thai Express 1.6

• 5.3

1.4

• 1.0

Average 6.8 3.7 11.8 9.8 Average Thailand 5.9 4.6 10.4 8.1