Company Presentation August 2011 Oaks Broome AGENDA 2Q11 & - - PowerPoint PPT Presentation

Company Presentation

August 2011

Oaks Aurora

Brisbane, Australia

2

AGENDA

2Q11 & 1H11 Results Review Business Updates & Outlook Oaks Hotels & Resorts

Oaks Broome

Appendix

3

2Q11 & 1H11 Results Review

The Pizza Company opened its first outlet in Vietnam in 2Q11

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2Q11 & 1H11 Results

1H11 REVENUE INCREASE OF 38%

5,326 4,055 4,412 5,296 THB million

+55% YoY

6,686 MINT REPORTED 1H11 REVENUE INCREASE OF 38% YoY, ATTRIBUTABLE TO GROWTH IN ALL EXISTING BUSINESSES, AS WELL AS ADDITIONAL REVENUE SOURCES FROM NEW INITIATIVES OF THE HOTEL AND MIXED USE BUSINESS

1H11 revenue increased by 38% YoY, as a result of: Recovery of hotel business, partly supported by the improvement in the tourism industry; Recognition of sales of real estates including St. Regis residential units and Anantara Vacation Club; Consolidation of Oaks Hotels & Resorts, Australia; Strong growth of restaurant business; Strong growth of retail trading business and resumption of contract manufacturing orders

6,271 9,381 12,957

+38% YoY

THB million

5

1H11 EBITDA INCREASE OF 37%

1H11 EBITDA INCREASED BY 37% YoY PRIMARILY PROPELLED BY THE NEW INITIATIVES OF HOTEL AND MIXED-USE BUSINESS, WHILE EBITDA MARGIN REMAINED STABLE OWING MAINLY TO EXPENSES OF TWO NEW HOTELS AND ANANTARA VACATION CLUB

1H11 EBITDA increased by 37% YoY, as a result of: New sources of EBITDA from new initiatives of hotels’ mixed use business (i.e. St. Regis Residences) and Oaks helped increase the hotel EBITDA despite increased expenses from two new hotels, Anantara Kihavah and St. Regis Hotel; Stable growth of the restaurant business EBITDA of retail trading business almost doubled as a result of higher operating efficiency of retail trading business

THB million

22.5% EBITDA Margin 23.8% 15.2% 15.6% 19.9% 1,270 617 690 1,056 1,506 1,072 +74% YoY +37% YoY 1,887 2,578 EBITDA Margin 20.1% 19.9% 17.1%

THB million

2Q11 & 1H11 Results

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1H11 NET PROFIT INCREASE OF 63%

THB Million 1H11 NET PROFIT ROSE 63% YoY, WHILE NET PROFIT MARGIN ALSO EXPANDED TO 8.5%, AS PERFORMANCE OF ALL THREE BUSINESS UNITS IMPROVED, TOGETHER WITH CONTRIBUTION FROM NEW INITIATIVES UNDER THE MIXED USE BUSINESS

1H11 net profit increased by 63% YoY, as a result of: Improvement in hotel and mixed use net profit primarily as a result of the sale of St. Regis Residences, despite higher expenses of the two newly

• pened hotels

Steady improvement in restaurant net profit of 19% Net profit of retail trading and contract manufacturing business more than doubled in 1H11

599 79 126 432

823

12.3% 11.2% 1.9% 2.9% 8.2% Net Margin

279

4.5% +254% YoY +63% YoY 678 1,102 Net Margin 7.2% 8.5%

THB Million

2Q11 & 1H11 Results

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Business Updates & Outlook

Anantara Mui Ne, Vietnam

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FINANCIAL PERFORMANCE – HOTEL & MIXED USE

Hotel Updates

Revenue EBITDA NPAT

EBITDA Margin Net Margin 1Q11 1Q10 2Q10 3Q10 4Q10

THB Million

40.8% 20.2% 24.4% 29.8% 33.8% 20.9%

• 4.8%
• 2.0%

11.7% 20.0%

1H11 REVENUE AND PROFIT FROM THE HOTEL & MIXED-USE BUSINESS EXHIBITED IMPRESSIVE GROWTH OF 92% AND 94% YoY WITH STABLE NET MARGIN. STRIPPING OUT THE TWO NEW HOTELS AND ANANTARA VACATION CLUB, WHICH ARE STILL AT THEIR INITIAL STAGES, NET MARGIN WOULD HAVE IMPROVED

22.1% 3.1% 2Q11 1H10 1H11 33.6% 28.2% 11.8% 11.9%

Successfully acquired 100% of Oaks, with the consolidation of Oaks’ performance since June 2011; Recognition of real estate business, both St. Regis Residences and Anantara Vacation Club; Opened two hotels in 2Q11: equity-owned St. Regis Hotel Bangkok and Anantara Mui Ne under management contract; Hotel business continued to see recovery as evidenced by improvement in organic

• ccupancy;

Three Maldives hotels (Anantara Veli, Anantara Dhigu and Naladhu) continued to report significant improvement in 2Q11

Key Highlights

9

MINT SUCCESSFULLY ACQUIRED 100% OF OAKS BY THE END OF JULY, AFTER 5 MONTHS PROCESS OF SHARES SOLICITATION AND TENDER

• OFFER. CONTRIBUTION FROM OAKS IS BECOMING SIGNIFICANT, EVEN WITH ONLY ONE MONTH OF OAKS’ OPERATIONS IN 2Q11

OAKS’ ACQUISITION & CONSOLIDATION

Oaks AUD million

9.1 3.0 55.7 12.1 4.6 84.5

Internal Cash Debt AUD 0.35 Price per share AUD 0.52 1Q11 Financials 2Q11 Financials

One-Month Contribution from Oaks

THB million 550 114

One-time transaction From operations

MINT starts to consolidate Oaks in June 2011; Oaks’ one-month revenues from operation account for 5.5% of MINT’s 2Q11 total revenues; MINT recorded one-time fair value adjustment of Bt 203 in 1Q11 from adjusting the first 20% investment from AUD 0.35 per share to AUD 0.52 per share; after netting off the transaction expenses, the one-time net profit from the transaction is Bt 89 million

10

2011F CAPEX IS EXPECTED TO BE OVER THB 6 MILLION BECAUSE OF OAKS’ ACQUISITION AND THE COMPLETION OF ST. REGIS AND ANANTARA KIHAVAH. DEBT TO EQUITY RATIO HAS INCREASED TO 1.3X AS AT END OF 2Q11 BUT IS EXPECTED TO COME DOWN IN 12-18 MONTHS

CAPEX & BALANCE SHEET AFTER OAKS’ ACQUISITION

Oaks

• n committed CAPEX

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

THB million X

Revised CAPEX including Oaks Leverage Ratio

X

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RESIDENTIAL PROPERTY DEVELOPMENT

Residential

Sold pending transfer Potential; deposit collected Inventory 2011F Inventory Inventory

Sold 50% Inventory 50% Sold 38% Inventory 62% Anantara Vacation Club

SALES OF ST. REGIS RESIDENTIAL UNITS WAS ONE OF THE MAJOR REVENUE CONTRIBUTORS FOR THE HOTEL & MIXED USE BUSINESS IN

• 1H11. BOTH ST. REGIS RESIDENCES AND THE ESTATES SAMUI WILL HAVE INVENTORIES AVAILABLE FOR SALE OVER THE NEXT FEW YEARS.

REVENUES FROM ANANTARA VACATION CLUB WILL BE SIGNIFICANT CONTRIBUTOR GOING FORWARD WHEN INVENTORY OF THE RESIDENTIAL UNITS ARE SOLD OUT

3% 19% 8% 8% 7% To date, 30% of the total sellable area has been recognized

ANANTARA VACATION CLUB

Anantara Vacation Club

LAUNCHED IN DEC 2010, ANANTARA VACATION CLUB STARTED TO CONTRIBUTE TO REVENUES OF THE HOTEL & MIXED USE BUSINESS SINCE

• 1Q11. THE SALES HAS EXCEEDED MINT’S INTERNAL TARGET. MINT EXPECTS SELLING MOMENTUM TO ACCELERATE OVER THE NEXT 2 YEARS

Singapore 27% China 8% Malaysia 8% Hong Kong 7% Australia 6% Germany 4% UAE 4% UK 4% Others 32%

AVC Members

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Anantara Vacation Club is in the process of accumulating its own purpose-built properties:  Samui (Inventory of 16 million points) The 20 units of exclusive suites and villas have been completed in Dec 2010 and are now available  Phuket (Inventory of 76 million points) Two villas at Anantara Phuket Resort & Spa have been rented as immediate inventory 30 rai of land has been purchased to build 100 units of Anantara Vacation Club properties, to be available by the end of 2012 Other destinations, which are being actively pursued, include Bangkok and Bali As at 30 June 2011, over USD 6 million of AVC have been sold, with Asians currently the biggest market

* As at July 2011

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MINT’S HOTEL STATISTICS SAW GRADUAL IMPROVEMENT SINCE ITS ALL-TIME-LOW IN 2Q10. EXCLUDING NEW HOTELS OPENED, ORGANIC OCCUPANCY OF EXISTING HOTELS SAW AN IMPROVEMENT TO 52% YoY

MINT’S HOTEL STATISTICS

Hotel Outlook

THB

Revpar ADR % Occupancy

No of Rooms

Overall Occupancy Organic Occupancy No of hotel rooms +436 rooms Anantara Sathorn +44 rooms Anantara Rasananda +78 rooms Anantara Kihavah

* Note: No of rooms exclude Elewana, Serendib and Kani Lanka rooms

+227 rooms

• St. Regis Hotel

+89 rooms Anantara Mui Ne

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MINT CONTINUES TO SEE IMPROVEMENTS ACROSS ALL OF ITS FEEDER MARKETS, WITH A 26% YoY INCREASE IN 1H11 OVERALL ROOMNIGHTS COMPARED TO INCREASE IN THAILAND’S TOURIST ARRIVALS OF 28% YoY

MINT’S FEEDER MARKETS

Performance of Existing Hotels

Number of Room Nights China +123% Hong Kong +61% Japan +35% Korea +35% 28% 59% 6% 22% 31% 30% 60% 27% India +41% UAE +53%

MINT’s 1H11 Feeder Markets Thailand’s Top 5 Feeder Markets

Number of Tourists 68% 21% 35% 34% 51%

MINT’s 1H11 Feeder Markets

* Despite earthquake and Tsunami in March 2011

UK +12% Russia+20% Australia +28%

* Note: MINT’s feeder market excludes Oaks’

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THAILAND HAS BEEN RESILIENT TO SEVERAL GLOBAL CRISIS OVER THE YEARS, AS EVIDENCED BY THE INCREASED EUROPEAN ARRIVALS. THAILAND HOTEL RATES REMAIN COMPETITIVE COMPARED TO THE REGION

EUROPE & US TOURISTS

Hotel Outlook * Note: Rate of one night at Four Seasons on Sept 1, 2011 for a standard room

Number of Tourists USD / Night

Dot com bubble 911 SARS Tsunami London bomb Bangkok Coup Bird Flu Airport Closure Pattaya Riot Ratchprasong Riot Financial Crisis

Number of tourists from Europe still held up during the crisis Thailand hotel rates remain competitive in the region

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

MINT’S HOTEL EXPANSION PLANS

Hotel Expansion

Investment Hotel

2012

• Anantara Kihavah, Maldives - 78 Rooms (Opened)
• St. Regis Hotel, Bangkok - 227 Rooms (Opened)

8 Hotels / 594 Rooms

• Anantara Pa-Ngan - 44 Rooms (Opened)
• Anantara Mui Ne, Vietnam - 89 Rooms (Opened)
• Anantara Flamingo Villas, UAE - 30 Rooms
• Anantara Savannah Villas, UAE - 30 Rooms
• Anantara Xishuangbanna, China - 103 Rooms
• Anantara Uluwatu, Bali - 77 Rooms
• Eastern Mangroves by Anantara, UAE – 223 rooms
• Anantara Blue City, Oman - 122 Rooms
• Anantara Sanya, China - 122 Rooms
• Anantara Chongqing, China - 150 Rooms
• Anantara E-Mei, Chengdu, China - 150 Rooms
• Anantara Mahabalipuram, India - 130 Rooms
• Anantara Luang Prabang, Laos – 121 rooms
• Anantara La Cambuse, Mauritius - 215 Rooms
• Anantara Wayanad, India - 95 Rooms
• Anantara Udaipur, India - 80 Rooms
• Anantara Al Baleed, Oman - 136 Rooms
• Anantara Al Akhdar, Oman – 134 Rooms
• Anantara Qiandao Lake, China – 104 rooms

55 Hotels & Properties / 7,248 Rooms Management Contract

2011 2013 Total

• Masai Mara Camp, Kenya - 16 Rooms
• Amboseli Camp, Kenya - 16 Rooms
• Anantara Sri Lanka - 125 Rooms
• Serengeti Migration Camp Explorer, Tanzania -

20 Rooms

• Meru, Kenya - 16 Rooms
• Australia, 31 properties – 4,509 rooms
• New Zealand, 4 properties - 419 rooms
• Dubai, 1 property - 165 rooms
• Grand Hotel, Gladstone Australia – 96 rooms

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1H11 REVENUE AND PROFIT FROM THE RESTAURANT BUSINESS EXHIBITED STRONG GROWTH OF OVER 11% WITH SLIGHT IMPROVEMENT IN NET MARGIN YoY

FINANCIAL PERFORMANCE - RESTAURANT

Revenue EBITDA NPAT

EBITDA Margin Net Margin 1Q11 1Q10 2Q10 3Q10 4Q10

THB million

17.0% 15.8% 14.1% 16.6% 15.8% 7.1% 5.2% 5.6% 7.0% 7.2%

Key Highlights

All brands recorded strong and positive same store sales growth in 2Q11, from increase in both revenue per customer and number of customers; Together with outlet expansion, total system sales was as high as 17% in 2Q11; 1H11 share of profit from The Coffee Club increased by 60%

• n the back of strong

comparable sales growth and continued outlet expansion through franchise model; The Food Group continued its international expansion with the opening of its first franchised The Pizza Company

• utlet in Vietnam

Restaurant Update

15.1% 2Q11 6.1% 16.4% 15.5% 6.2% 6.7% 1H10 1H11

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RESTAURANT SAME STORE SALES GROWTH MOMENTUM SAW EVEN STRONGER IMPROVEMENT IN 2Q11 , OWING TO STRONG DOMESTIC DEMAND AND MINT’S SUCCESSFUL PROMOTIONAL EFFORTS. TOTAL SYSTEM SALES GROWTH WAS ALSO PROPELED BY CONTINUED OUTLET EXPANSION

MINT’S RESTAURANT STATISTICS

Same Store Sales Growth Total System Sales Growth

1,117 1,123 1,133 1,148

• No. of

Outlets 18 1,157

34% 66% 34% 66% 49% 51%

2010 1Q11 2015F 1,148 1,157 2,188

Restaurant Outlets Breakdown by Geography

40% 60% 41% 59% 63% 37%

1,148 1,157 2,188

Restaurant Outlets Breakdown by Ownership

International Thailand Franchised Owned

Restaurant Update

1,169 2Q11

33% 67%

1,169 2010 1Q11 2015F 2Q11

42% 58%

1,169

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2Q11 FOOD AND PAPER COSTS AS A PERCENTAGE OF SALES HAS COME DOWN TO ITS LOWEST LEVEL IN SEVERAL YEARS AS A RESULT OF CONTINUED EFFECTIVE COST MANAGEMENT PROGRAM

EFFECTIVE MANAGEMENT OF FOOD COSTS

% of Food & Paper Costs to Sales

Fixed Long- Term Contract Prices Menu-Mix Re-Engineering Supply Chain Management Maximization of FTA Benefit Pro-Active Inventory Management Strategy

Restaurant Update Note: Food and paper costs as a percentage of sales rose in first quarter of every year as a result of “Buy-one-get-one-free” promotional campaign launched in March of every year to celebrate the anniversary of The Pizza Company

20

CONSISTENT MARKETING STRATEGIES RESULT IN IMPROVEMENTS IN SAME STORE SALES AND TOTAL SYSTEM SALES GROWTHS OVER THE YEARS

MARKETING INITATIVES OF KEY BRANDS

Restaurant Update

Italian Inspired Concept New Brand Ambassador

• Boost online ordering
• Mobile order application

Emphasis on Quality Emphasis on Promotions & Advertisements Summer Paradise Trip

• Focus on the premium quality
• Increase in frequency of ads
• Explore other distribution channels

Same Store Sales Growth Total System Sales Growth

New Marketing Channels

21

RATIONALIZATION PLAN IS TAKING EFFECT, AS SAME STORE SALES IS STARTING TO SEE AN IMPROVING TREND. DESPITE NEGAVTIVE SAME STORE SALES GROWTH, THAI EXPRESS HAS ALWAYS REPORTED NET PROFIT

IMPROVEMENT AT THAI EXPRESS

Restaurant Update

Same Store Sales Growth Total System Sales Growth

No of Outlets 61 78 71 64

Thai Express has seen improvement in same store sales and total system sales growth since the rationalization plans of its performance in 2010; Despite negative same store sales growth over the past two years due to domestic over-expansion, Thai Express reported net profit of SD 10 million in 2010; Thai Express is also looking to expand into other countries in Asia, and targets to open an outlet in Beijing, China within 2011 Rationalization plans are as follows:

• Loss-making stores are either

closed or rebranded into better performing brands such as Thai Express or Xin Wang Hong Kong Café

• Shokudo has been rebranded to

Shokudo Coffee House and Kiseki Japanese Buffet Restaurant

* 2008 financials are since acquisition: May – Dec 2008

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THE COFFEE CLUB CONTINUES TO SEE STRONG AND STABLE GROWTH SINCE THE FOOD GROUP’S ACQUISITION IN EARLY 2008. NET PROFIT CONTINUED TO GROW IMPRESSIVELY.

STRONG PERFORMANCE OF THE COFFEE CLUB

Restaurant Update

2.3% 0.6% 5.7% 12.0% 18.1% 16.9% 16.7% 18.0% 0% 5% 10% 15% 20% 2008 2009 2010 1H11

Same Store Sales Growth Total System Sales Growth

214 241 262 270 100 200 300 2008 2009 2010 1H11

The Brand sees strong and stable total system sales growth over the years, attributable to both improvement in same store sales growth as well as outlet expansion The Coffee Club is seeing strong net profit growth, driven by its successful franchise model;

2 4 6 8 2008 2009 2010 1H10 1H11 AUD Million

The Coffee Club Net Profit

No of Outlets 161% 26% 37% AUD million

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Retail Trading Update

1H11 REVENUE OF RETAIL TRADING & CONTRACT MANUFACTURING INCREASED BY 28% WHILE PROFIT MORE THAN TRIPLED YoY, RESULTING IN SIGNIFICANT INCREASE IN NET MARGIN YoY

FINANCIAL PERFORMANCE – RETAIL TRADING & CONTRACT MANUFACTURING

Revenue EBITDA NPAT

EBITDA Margin Net Margin 1Q11 1Q10 2Q10 3Q10 4Q10

THB million

5.5% 4.0% 5.4% 7.4% 7.6% 1.8% 0.1% 1.3% 3.4% 3.8%

Key Highlights

1H11 revenue from retail trading increased by over 30%, attributable to higher same store sales growth as a result of change of strategy to increase sales per sq.m., as well as low base in 2Q10 from the political unrest; 1H11 net profit more than tripled primarily because of the efficiency of higher sales per sq.m.; 1H11 revenue from contract manufacturing also rose by 21% as orders from key customers have resumed since the beginning of the year

7.3% 2Q11 3.0% 4.8% 7.5% 1H10 1.0% 1H11 3.4%

24

COMPARABLE SALES GROWTH AND TOTAL SALES GROWTH REMAINED STRONG. SALES CONTINUED TO IMPROVE YoY DESPITE THE REDUCTION IN THE NUMBER OF OUTLETS AND SPACE AS A RESULT OF UPGRADES OF STORE CONCEPTS AND A MORE TARGETED PRODUCT OFFERING WHICH LED TO AN IMPRESSIVE GROWTH OF SAES PER SQ.M. YoY

MINT’S RETAIL TRADING STATISTICS

Retail Trading Update

Comparable Sales Growth Total Store Sales Growth

277 267 267 258

• No. of

Outlets 233 277 267 267 258

• No. of

Outlets 233

Fashion & Cosmetic Sales per Sq.m.

226 226

THB

25

GROWTH OF ALL BUSINESS UNITS ARE ON TRACK

5-Year Targets

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

2007

2Q11

2015F

• 73 hotels
• 67 residences
• 22 timeshare units
• 1,169 restaurants
• 226 retail stores (14,518Sqm)
• > 105 hotels
• + residences
• > 250 timeshare units
• > 2,100 restaurants
• > 300 retail stores (21,600 Sqm)

2007 2Q11 2015F

26

Oaks Hotels & Resorts

Oaks Charlotte Towers, Brisbane

27

OAKS’ UNIQUE PORTFOLIO IS A VALUABLE ADDITION TO MINT’S EXPANDING RESORT AND HOTEL PORTFOLIO, PROVIDING MINT WITH THE OPPORTUNITY TO EXPAND ITS EXTENSIVE HOTEL & SERVICED SUITES FOOTPRINT TO THE AUSTRALIAN AND NEW ZEALAND MARKETS

OAKS HOTELS & RESORTS

Oaks

Oaks is one of Australia’s largest hotel and resort operators;

• perating in the 4-5 star

accommodation segment; Oaks currently manages 36 properties with an inventory of over 5,000 rental units located throughout Australia, New Zealand and Dubai. Oaks property portfolio includes CBD properties, resorts

• verlooking beaches and ski resorts.

MLR are rights that allow Oaks to

• perate and rent residential

condominium units in a rental pool as a hotel/serviced suites; Founded in 1991 and listed on ASX in January 2006, Oaks has consolidated a market-leading position in the Australian Management Letting Rights (“MLR”) business;

Auckland Oaks iStay Residences Christchurch Oaks iStay on Cashel Queenstown Oaks Club Resort Oaks Shores Broome Oaks Broome Port Douglas Oaks Lagoons Townsville Oaks Gateway on Palmer Oaks M on Palmer Glenelg Oaks Liberty Towers Oaks Plaza Pier Melbourne Oaks on Collins Oaks on Lonsdale Oaks on Market Adelaide Oaks Embassy Oaks Horizons Oaks Precinct Sydney Oaks Goldsbrough Apartments Oaks Harmony Oaks Hyde Park Plaza Oaks Maestri Towers Oaks Trafalgar The Entrance Oaks Waterfront Resort Tea Gardens Oaks Boathouse Sunshine Coast Oaks Seaforth Resort Redcliffe Oaks Mon Komo Ipswich Oaks Aspire Apartments Brisbane iStay River City Oaks 212 Margaret Oaks Aurora Oaks Casino Towers Oaks Charlotte Towers Oaks Felix Oaks Festival Towers Oaks Lexicon Apartments Goldcoast Oaks Calypso Plaza Dubai Oaks Liwa Heights

Australia New Zealand Dubai

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OAKS IS ONE OF AUSTRALIA’S LARGEST HOTEL AND RESORT OPERATORS

Oaks

Serviced Suites Brand Positioning Matrix Major Australian Serviced Suites Operators

OAKS SERVICES THE SHORT-TO-MEDIUM STAY CORPORATE AND LEISURE MARKETS. JUDGING BY THE NUMBER OF ROOMS, OAK IS CURRENTLY THE THIRD LARGEST SERVICED SUITES OPERATOR IN AUSTRALIA.

Source: CBRE Hotels As of August 2009, based on number of rooms

Sydney

626 Rooms

Melbourne

701 Rooms

Adelaide

430 Rooms

Regional Corporate

591 Rooms

Regional Leisure

898 Rooms

New Zealand

419 Rooms

Dubai

165 Rooms

Brisbane

1,263 Rooms

29

OAKS’ REVENUES ARE PRIMARILY FROM MANAGEMENT LETTING FEE AND SERVICE CHARGES. OAK’S EXPANSION HAS BEEN LIMITED SINCE THE FINANCIAL CRISIS IN 2009.

OAKS HOTELS & RESORTS BUSINESS MODEL

Oaks

Revenue Contribution Key Statistics Inventory* Occupancy ADR

No of rooms AUD International

Source: CBRE Hotels

Customer Mix of Major Australian Serviced Suites Operators

*Excludes properties where Oaks only provides centralized service

30

OAKS SAW STABLE GROWTH FROM OPERATIONS DESPITE THE INDUSTRY DOWNTURN IN 2009, WHICH RESTRICTED ITS FINANCIAL POSITION AND CONSEQUENTLY ITS ABILITY TO EXPAND.

OAKS’ FINANCIALS

Oaks EBITDA Margin 28.7% 26.1% 20.1% 26.0% NPAT Margin 12.6% 7.7% 3.1% 6.2% AUD million

Revenues

AUD million AUD million

Oaks’ revenues from operation continued to increase despite the industry’s difficulties from the financial crisis in 2009, as a result of the improved occupancy and improved letting fees in 2010 and 2011 due to reallocation of inventory from permanent (long-stay) inventory to serviced apartment letting pool . However, EBITDA declined in 2010 because of increase in leases, particularly the property in Dubai, and Oaks did not report any gain from sale of MLR in 2010 compared to gain of AUD 5 million in 2009. 2010 net profit declined in line with the decline in EBITDA.

Financial Highlights

Oaks Goldsbrough, Sydney

2011 performance improved as a result of higher yield, both from occupancy and ADR

17.8% Note: FY ending 30 June

FY2008 FY2009 FY2010 FY2011E*

NM Includes one-time provisions set aside before consolidating Oaks into MINT From operations * Estimated based on preliminary financials

OAKS ACQUISITION WILL BRING IN IMMEDIATE REVENUE AND EARNINGS, AS WELL AS DIVERSIFY MINT’S BUSINESS OUTSIDE THAILAND. LONGER TERM, THE SYNERGISTIC BENEFITS BETWEEN MINT AND OAKS SHOULD ALSO CREATE ADDITIONAL CONTRIBUTION TO MINT

Oaks

Hotel Revenue Hotel NPAT Total Assets Total Revenue NPAT

Hotel Group Level MINT Level

ENHANCEMENT OF GROWTH, SHAREHOLDERS’ VALUE & DIVERSIFICATION

18%

International International

31

18% 42% 18% 26%

THB billion THB million THB billion THB billion

18% 30%

THB million

9% 15%

32

FOLLOWING THE SUCCESSFUL ACQUISITION, MINT INTENDS TO FOLLOW THE BUSINESS PLAN OUTLINED BELOW TO ENSURE THAT OAK’S STRONG GROWTH MOMENTUM IN THE MLR BUSINESS IS MAINTAINED AND FURTHER SUPPORTED BY MINT’S INTERNATIONAL HOSPITALITY PLATFORM

PRELIMINARY POST-ACQUISITION STRATEGIES

Oaks

Remove short-term impediments to growth Re-focus on the core business Lead the expansion of the brand into Asia & potentially into investments in complementary real estate assets Provide a clear strategic direction & support for future growth Strategic Thrusts Current Action Plans

Stabilization of Oaks’ financial position: Potential synergies & economies of scale across both international hospitality and restaurant business platforms. Benefit from strategic investment in real estate assets and management of serviced suites, which will diversify its business and income streams and help MINT to become a larger player in the hospitality market. Appointment of Board of Directors Compulsory acquisition of 100% of Oaks’ shares & delisting of Oaks from ASX.

Preliminary Preliminary

P

• 1. Mr. Dillip Rajakarier
• 2. Mr. Stephen Chojnacki
• 3. Mr. Emmanuel Drivas
• 4. Mr. Paul Kenny
• 5. Ms. Pratana Mongkolkul
• 6. Mr. Brett Pointon

P P

Extension of term loan Lower financing costs Additional credit line for expansion Continued expansion through: Acquisition of additional MLR contracts Additional units in existing properties Expansion of Oaks’ brand into Asia

P P P

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RECENT ACQUISITION OF GRAND HOTEL, GLADSTONE AUSTRALIA

The Grand Gladstone

Gladstone is located approximately 550km north of Brisbane and in the mid-north coast of Queensland, Australia. It is fast becoming Australia’s top mining boom town as a result of massive planned and committed infrastructure projects at various stages

• f

commencement. The Grand Hotel and its adjacent vacant land occupies a total of 3,900-sqm site in the heart of Gladstone CBD, with approximately 132 meters frontage to the street. The hotel is a two-storey heritage building (over 100 years) which was rebuilt following a fire in 1994 with the façade retained and further refurbished to a high standard in 2006 (occupying approximately one third of total area). The entire property (the existing Grand hotel and its adjacent vacant land) has potential to be re-built as a new hotel. About the Destination: Gladstone, Australia About the Asset: Iconic Gladstone Hotel

34

APPENDIX

35

HOTEL PERFORMANCE

Hotel Occupancy Rate (%) ADR (Bt/night) RevPar (Bt/night) 2Q11 2Q10 2Q11 %Chg 2Q11 %Chg Marriott 62% 54% 3,241 3% 2,016 20% Anantara 44% 41% 6,347 6% 2,819 16% Four Seasons 47% 15% 7,565

• 36%

3,589 103% Others 30% 27% 7,193

• 1%

2,132 10% Average 49% 41% 5,301 7% 2,619 30%

• Avg. Thailand

50% 42% 4,174 8% 2,087 29% Hotel Occupancy Rate (%) ADR (Bt/night) RevPar (Bt/night) 2Q11 2Q10 2Q11 %Chg 2Q11 %Chg Marriott 62% 54% 3,241 3% 2,016 20% Anantara 47% 41% 6,399 7% 2,989 23% Four Seasons 47% 15% 7,565

• 36%

3,589 103% Others 30% 27% 7,558 4% 2,247 16% Average 52% 41% 5,160 4% 2,682 33%

• Avg. Thailand

53% 42% 4,288 10% 2,273 41% Systemwide Organic

36

HOTEL PERFORMANCE

Hotel Occupancy Rate (%) ADR (Bt/night) RevPar (Bt/night) 1H11 1H10 1H11 %Chg 1H11 %Chg Marriott 70% 65% 3,798

• 4%

2,677 3% Anantara 46% 44% 7,455

• 1%

3,409 2% Four Seasons 53% 39% 8,730

• 12%

4,638 21% Others 32% 30% 9,164

• 5%

2,894 0% Average 54% 51% 6,133 0% 3,311 6%

• Avg. Thailand

55% 54% 4,918

• 3%

2,716 0% Hotel Occupancy Rate (%) ADR (Bt/night) RevPar (Bt/night) 1H11 1H10 1H11 %Chg 1H11 %Chg Marriott 70% 65% 3,798

• 4%

2,677 3% Anantara 50% 44% 7,682 2% 3,879 16% Four Seasons 53% 39% 8,730

• 12%

4,638 21% Others 32% 30% 10,134 5% 3,293 13% Average 58% 51% 6,094

• 1%

3,517 13%

• Avg. Thailand

60% 54% 5,052 0% 3,012 11% Systemwide Organic

37

RESTAURANT PERFORMANCE

Brand SSS (%) TSS (%) 2Q11 2Q10 2Q11 2Q10 The Pizza Company 9.7% 2.6% 13.7% 3.4% Swensen’s 8.4% 3.5% 17.5% 3.1% Sizzler 22.3% 3.7% 24.5% 11.6% Dairy Queen 15.6% 5.6% 21.9% 10.3% Burger King 34.0% 0.6% 30.7% 2% The Coffee Club 12.8% 1.4% 19.0% 14.0% Thai Express 1.0%

• 6.2%

4.7%

• 4.3%

Average 12.3% 1.4% 17.4% 7.2% Average Thailand 15.3% 3.0% 21.1% 5.2%

38

RESTAURANT PERFORMANCE

Brand SSS (%) TSS (%) 1H11 1H10 1H11 1H10 The Pizza Company 10.4% 1.0% 13.5% 2.3% Swensen’s 2.9% 5.0% 10.1% 5.0% Sizzler 16.3% 4.1% 18.4% 16.7% Dairy Queen 10.6% 4.9% 15.6% 10.6% Burger King 19.9% 5.5% 19.5% 11.2% The Coffee Club 12.0% 1.7% 18.0% 15.7% Thai Express

• 0.4%
• 11.3%

3.5%

• 3.4%

Average 10.0% 1.1% 14.6% 8.1% Average Thailand 11.0% 3.4% 15.7% 6.8%

39

RESTAURANT OUTLETS – 2Q11

Brand

• No. of outlets
• No. of outlets

Total Equity Franchise Thailand International The Pizza Company 171 81 215 37 252 Swensen’s 113 136 234 15 249 Sizzler 44

• 38

6 44 Dairy Queen 240 8 245 3 248 Burger King 27

• 27
• 27

The Coffee Club 19 251 5 265 270 Thai Express 53 11

• 64

64 Others 15

• 15
• 15

Total 682 487 779 390 1,169