MINOR INTERNATIONAL MINTS 1Q09 Analyst/Investor Meeting Stock - - PowerPoint PPT Presentation

MINOR INTERNATIONAL

MINT’S 1Q09 Analyst/Investor Meeting

Stock Exchange of Thailand

May 14, 2009

Forward Looking Statement

Statements included or incorporated in these materials that use the words "believe", "anticipate", "estimate", "target", or "hope", or that otherwise relate to objectives, strategies, plans, intentions, beliefs or expectations or that have been constructed as statements as to future performance or events, are "forward-looking statements" within the meaning are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated at the time the forward-looking statements are made. Mint undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Mint makes no representation whatsoever about the opinion or statements of any analyst or other third party. Mint does not monitor or control the content of third party opinions or statements and does not endorse or accept any responsibility for the content or the use of any such opinion or statement

2

Agenda

• Recent Development & Key Business Performance
• 1Q09 Financial Results
• Industry Update: A Silver Lining
• MINT’s Strategy: 2009 Priority

3

Recent Developments

• MINT paid out interim dividend to its shareholders on Feb 11, 2009 at

Bt0.23 per share, totaling of Bt 831m.

• MINT & MINOR shareholders have approved the business

restructuring plan to eliminate cross shareholding in March 2009. Thailand’s SEC has also approved the plan and tender offer for MINOR shares with the swap ratio of 1 MINOR share to 1.14 MINT shares on May 7, 2009. Tender offering period is May 11 to June 12 (25 working days).

• In 1Q09, MFG’s food outlets reached 1,064, increasing 21 outlets. All

remaining Le Jazz outlets were closed down in April.

• Anantara BaanRajprasong Serviced Suites, the 4th purely-managed

under Anantara Hotel Management, has been opened in March 2009

• MINT has successfully secured 7-year long-term loan of Bt4 billions

from KBANK and BAY in April 2009.

4

Key Performance Update

5

73% 17% 14% 12% 4% 15% 8%

Bt 1,264 m Bt 406 m Bt 191 m Bt 632 m Bt 217 m Bt 522 m Bt 1,660 m

Total System Sales in 1Q09

Note: Growth is year on year calculations based on total system sales, including franchised stores, in local currencies.

6

Brand SSS (%) TSS (%) GDP Growth Country

1Q09 4Q08 1Q09 4Q08 1Q09 4Q08

0.5

• 2.4

13.6 13.6

n.a.

• 4.3

Thailand

• 4.1
• 3.6

8.3 10.2 3.3 9.4 11.6 10.8 11.0 15.2 14.6 24.4

• 7.4
• 7.2

3.6 6.9 2.7 1.3 17.3 15.5 n.a. 0.3 Australia

• 8.9
• 1.1

72.9 85.4

• 11.5
• 4.2

Singapore Average 0.1 0.5 16.1 17.9

1Q09 Food Performance

Note: Calculations based on weighted sales of all brands in local currencies.

7

Key Issues in Food Business this quarter

• Strong total system sales growth derived from aggressive shop

expansion and newly acquired food outlets in 2008.

• Flat SSS in 1Q09 was due mainly from a steady growth of Sizzler and

a strong recovery of TPC in March.

• Swensen’s same store sales growth declined 4%, however, the sacrifice

was more than offset with an 8% increase in total system sales. Sales strategy in the coming months aim for lower-tier marketing promotions such as Chocolate Sundae, and Birthday Cake TV tied-in programs.

• Thai Express showed a solid TSS over 70%, its SSS dropped mainly

from Singapore’s contracted GDP which profoundly impacted high price-per-docket shops such as Shokudo, while Thai restaurant (Thai Express) showed a flat growth. Key actions to drive top-line are Inter- brand with local banks promotions, Value meal and Student special menus.

8

• 30% y-y

0% q-q

Hotel Revenue Growth 1Q09

+4% y-y +4% q-q

Bt 588 m

• 30% y-y
• 4% q-q

Bt 452 m Bt 650 m

9

1Q09 Hotel Performance

Hotel

Occupancy (%) ADR (Bt/night) RevPar (Bt/night)

1Q09 4Q08 1Q09 4Q08 1Q09 4Q08

47% 43% 9,738 10,644 4,613 4,632 51% 52% 10,692 9,607 5,493 4,987 70% 63% 4,751 4,796 3,321 3,021 33% 41% 10,984 8,833 3,651 3,632 Average-Thai 61% 55% 5,900 6,016 3,593 3,292 Average 58% 55% 7,228 7,163 4,210 3,928

10

Key Issues in Hotel Business this quarter

• Year on year performance was adversely impacted by the 15% decrease in

tourist arrivals in 1Q09, however, q-q wise, it showed a 12% increase.

• Thai hotel industry reported 2% decrease in ADR and a drop of average
• ccupancy to 53% y-y. However, q-q wise, occupancy rate improved from

50% in 4Q08 with an increase of 14% in ADR.

• MINT’s 1Q09 hotel occupancy of 58% picked up from 55% in the

previous quarter and outperformed the industry average. MINT’s Thai hotels reported 61% occupancy compared to 55% in 4Q08.

• Overall inbound traveling demand remains fair despite unfavorable
• factors. Targeting leisure travelers becomes more attractive as demand for

corporate & group decreased.

• MINT’s 2009 hotel strategy is to explore the value-adding services rather

than discount pricing, in addition to our effective operating & HR cost

• management. Key emphasis on Anantara brand remains important.

11

Recap: MINT’s Brand Portfolio

Spa

Retail & Entertainment

Residential Hospitality & Residential Food

1,064 outlets

30 spas 67 units

27 hotels (> 3,000 rooms)

>30,000 sqm.

12

1Q09 Financial Results

13

(Bt Million) 1Q09 % 1Q08 % % Growth Food Services 2,681 62% 1,964 45% 36% Hotel Services 1,340 31% 1,917 44%

• 30%
• Hotel Operations

1,267 29% 1,792 41%

• 29%
• Management Services

73 2% 125 3%

• 42%

Residential Property 9 0% 150 3%

• 94%

Other Business 225 5% 261 6%

• 14%

Share of profit 59 1% 72 2%

• 17%

Total Revenue 4,314 100% 4,363 100%

• 1%

Operating Expenses 1,345 31% 1,388 32%

• 3%

SG&A Expenses 1,923 45% 1,604 37% 20% EBITDA 1,047 24% 1,371 31%

• 24%

Depreciation & Amortization 377 9% 319 7% 18% EBIT 669 16% 1,052 24%

• 36%

Interest Expenses 110 3% 87 2% 26% Tax 134 3% 194 4%

• 31%

Minority 25 1% 20 1% 25% Net Profit 400 9% 750 17%

• 47%

1Q09 Consolidated Performance

14

(Bt Million) 1Q09 % Food Services 2,681 62% Hotel Services 1,340 31%

• Hotel Operations

1,267 29%

• Management Services

73 2% Residential Property 9 0% Other Business 225 5% Share of profit 59 1% Total Revenue 4,314 100% Operating Expenses 1,345 31% SG&A Expenses 1,923 45% EBITDA 1,047 24%

• Depre. & Amort.

377 9% EBIT 669 16% Interest Expenses 110 3% Tax 134 3% Minority 25 1% Net Profit 400 9%

EBITDA Contribution

Net Profit Contribution

Food Services 106 27% Hotel Services 217 54% Residential Property

• 0%

Other Business 77 19% Consolidated Net Profit 400 100%

Share of profit 6% Other Business 11% Residential Property 0% Hotel 48% Food 35%

1Q09 Breakdown Performance

15

200 400 600 800

2Q07 2Q08 3Q07 3Q08 4Q07 4Q08 1Q08 1Q09

(Bt m) Net Profit 7% 9% 11% 9% 14% 10% 17% 9% Net Profit Margin

Quarterly performance

0.05 0.10 0.15 0.20 0.25 0.30

2Q07 2Q08 3Q07 3Q08 4Q07 4Q08 1Q08 1Q09

0.12 0.23 0.12 0.17 0.11 0.11 0.10 0.07 (Bt/share)

Net Profit EPS

16

Efficiency Ratio

5,000 10,000 15,000 20,000 25,000 30,000 1Q08 2Q08 3Q08 4Q08 1Q09 (Bt m)

Total Assets

2,000 4,000 6,000 8,000 10,000 12,000 14,000 1Q08 2Q08 3Q08 4Q08 1Q09

(Bt m) Total Parent's Shareholders' Equity Note: Calculations based on revolving 4 quarters Return on Assets = Profit Before Minorities / Total Assets Return on Equity = Net Profit / Total Parents’ Shareholders’ Equity

Return on Assets Return on Equity

9.3% 9.2% 9.0% 8.1% 6.6%

Adjusted Return on Assets

20.4% 20.0% 18.5% 16.4% 13.4%

Adjusted Return on Equity

17

5,000 10,000 15,000 20,000 25,000 30,000 1Q08 2Q08 3Q08 4Q08 1Q09 (Bt m) 0.65 0.71 0.69 0.73 0.75 Interest Bearing Debt-to-Equity (x)

Balance Sheet

Assets 25,196 MB

Note: Debt to Equity Ratio = Interest Bearing Debt / Total Equity

Assets 23,748 MB Assets 23,919 MB Equity Interest Bearing Debt Other Liabilities Assets 25,064 MB 18 Assets 24,929 MB

250 500 750 1,000 1,250 1,500 1Q08 2Q08 3Q08 4Q08 1Q09 (Bt m) EBITDA Interest Expense

Interest Coverage Ratio

Note: Calculations based on revolving 4 quarters; Interest Coverage Ratio = EBITDA / I

12.3 12.3 12.6 11.4 9.9 Interest Coverage Ratio 19

Recap: MINT’s Payout to Shareholders

Cash Stock*

Dividend Payment (Bt) Dividend Yield (%)

Note: * Stock dividend of 10:1 (or Bt0.10 at par) in 2004 and 2007 ** Interim dividend payment (for 9-month operation)

(Including stock dividend at par value) 20

Industry Update: A Silver Lining

21

Foreign Visitors to Thailand vs. MINT’s Hotel Occupancy

(Million)

0.5 1.0 1.5 2.0

Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09

• No. of Foreign Visitors

79% 85% 81% 66% 66% 60% 72% 75% 49% 61% 60% 43% 60% 67% 56%

MINT’s Thai Hotels’ Average Occupancy (%)

Airport Closure

Significant impact due to the high tourism season months

22

Thai Tourism Industry forecast

TAT 2009 Target (adjusted after airport closure ) Best Case: Recover with in 2Q09 Base Case: Recover with in 3Q09 Worst Case: Political uncertainty whole year 09 Assumption Probability 20% 60% 20% Number of Tourist Arrival (millions persons) 14.0 12.6 11.2 9.98 Tourism Revenue (millions baht) 500,000 444,000 388,000 338,000 Average Expenditure (Bt per person) 35,714 35,238 34,642 33,868 GDP growth (%)

• 2.8

(CEBF Forecast)

• 3.5
• 4.3
• 5.3

Source: CEBF Model, The Center of Economic and Business Forecasting, University of the Thai Chamber of Commerce

MINT’s Historical Recovery Period

24

2003 2004 2005 2006 2007 2008 66% 74% 73% 72% 69% 64%

Average Occupancy Rates of MINT’s Thai Hotel Portfolio

SARS Tsunami, Bird Flu London Bomb BKK Bomb, Coup Sub-prime Crisis Airport Closure

1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 70% 47% 64% 71% 72% 64% 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 80% 66% 71% 75% 80% 67%

BKK Coup

Marginal impact on MINT’s

• ccupancy rates

SARS

Recovery in 6-month

Government’s Tourism Promotion: long-term impact

• Restoring foreign visitors’

confidence

• Attracting foreign visitors
• Initiating tourism

products

• Rehabilitating the

environment at tourist spots

Bt 6.6 bn Campaign

Bt 10.23 bn Investment

Infrastructure at tourist spots

• Water systems
• Power supplies
• Transportation

25

• Bt 5.0 bn SME loan to

hotel operators

• Bt 0.2 bn insurance for

foreign visitors against domestic unrest

• Enact relevant

regulations eg. visa fee Bt 5.0 bn Campaign

MINT’s Historical Hotel RevPar

26

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009F

1,401 1,806 1,740 1,997 2,175 2,158 2,151 2,555 3,023 3,339 3,951 4,156 4,200

(Baht/Night)

911 SARS Tsunami, Bird Flu London Bomb BKK Bomb, Coup Sub- prime Crisis Global Economic crisis Airport Closure Financial Crisis

5-Yr CAGR 14%

BKK Riots

Customer Breakdown

1Q09 1Q08

Thailand

9% 8%

East Asia

16% 18%

SEA

5% 5%

Oceania

3% 3%

Europe

47% 48%

North America

14% 13%

Others

6% 6%

MINT’s Long-Term Strategy & 2009 Priority

27

MINT’s Intact LT Strategy: Brands Diversification

Luxury/ Upscale Hotel

Food Casual/ Selected Services

Quick Service Restaurant

• 4 hotels
• 495 rooms
• 1 country
• 10 hotels
• 993 rooms
• 4 countries
• 4 hotels
• 1,193 rooms
• 1 country
• 220 outlets
• 3 countries
• 246 outlets
• 6 countries
• 39 outlets
• 2 countries
• 23 outlets
• 1 country
• 224 outlets
• 4 countries
• 219 outlets
• 1 country
• 70 outlets
• 7 countries
• 30 spas
• 10 countries

28

As of 1Q09

Food Hotel Food Hotel Food Hotel Food Hotel

2,066 923 360 408 160 100 4

3,174 903 2,860 656 2,313 531 2,055 350

Continued Asset-Light Expansion

Investment Franchised/ Managed

Note: Unit by number of food outlets and by number of hotel rooms

29

2002 2006 1Q09 2013E

MINT’s Strategy: 2009 Priority

• Value-for-money driven for top-line
• Disciplined cost management on the back of solid cashflow
• Strengthen brand awareness and maximize the utilization of

MINT’s intellectual properties

• Reinforce customer relations and attract new target

segments

• Enhance MINT’s key products offering with creativity
• Opportunity acquisition for distress assets

30

31

Source: World Economic Outlook 2009, Apr-09; World Bank

• 15.0
• 12.5
• 10.0
• 7.5
• 5.0
• 2.5

2.5 5.0 7.5 10.0 12.5 15.0

Thailand China Singapore Australia World Output 2008 2009F 2010F 2008 2009F 2010F 2008 2009F 2010F 2008 2009F 2010F 2008 2009F 2010F

1.9 0.6

• 0.1

7.5 1.0

• 1.3
• 1.4
• 10.0

6.5

• 3.0

3.2 2.1 1.1 9.0 2.6

Weathering the Storm

Forecast economic growth in 2009-10

To maintain excellent

• perations –

achieve budget and outperform industry peers.

Intensive cash management Effective

• perating cost

control Corporate cost rationalization

2009 Plan: Cash Efficiency

• Corporate Office: Executives,

Finance, Share Services, IT, Legal, Construction department with total savings

• ver 20% y-y
• Hotel & Residence: Corporate

Hotel management, Sales & Marketing, Residential, Spa with total savings of 15%

• Interest Payment: Interest

savings over 75 bps

32

2009 Cost Management

Food Hotel Corporate

Raw Materials & Occupation Payroll & Others Payroll & Other

1.5% of food revenues 2% of hotel revenues 2% of total revenues

33

Corporate’ & Hotels’ Profit Protection Plan

✓ Salary freeze &

reduced incentives

✓ Leave-without-

pay scheme for hotel & corporate

✓ Limited travel

expenses

✓ Cancelled

external training

✓ Energy saving

programs

✓ Reduced

entertainment contract & OPE plan

Debt Outstanding as of Mar-09 (Bt M) Payment Schedule 2009 2010 2011 2012 2013 2014 Bank OD & Short Term Loan 732

• Long Term Loan

1,652 22% 25% 26% 21% 5% _ Long Term Debenture 6,725 8% 19% 15% 27%

• 31%

Total Debt 9,109 18% 19% 16% 24% 1% 23%

MINT’s Strengthened Debt Profile

34

Float Rate 40% Fixed Rate 60%

• MINT interest bearing debt as of

31 March 2009 is Bt 9,109m mostly in Thai Baht with only 8% in foreign currency (MFG China)

• Average cost of debt approx. 5.0%

Bt 9,109m

Project Type of Funding Amount

Drawdown position as of Mar-08 Term Loan 9 years, Grace Period 3 years Bt 3,050 m Bt 20 m Term Loan 7 years, Grace Period 3 years US$ 30 m None New Acquisition Committed Standby Line Bt 4,000 m None General Working Cap & Investment Committed 2 years Line Bt 1,200 m None Refinancing & New

• pportunity

7 years loan from local commercial banks Bt 4,000 m Loan agreement signed Apr 09

Well-planned Pipeline Project funding

35

2009 Capex Plan

36

1,250 2,500 3,750 5,000

Residential & Others Food Hotel Total

Expansion Normal

(Bt m)

• St. Regis Residences,

Bangkok

• Spa & Plaza
• Outlets expansion :

35 own-equity

• utlets
• Earn-out payment

to TCC & TE

• St Regis Hotel
• Anantara Baa Atoll, Maldives
• Four Season Chiang Mai

(expansion)

• Anantara Phuket

Bt1,100m Bt700m Bt2,300m Bt4,100m

5-Year EBITDA vs. Capex

4 8 12 16 20 24 28

2009-2013

(Bt bn) EBITDA

Committed CAPEX

37

New Opportunity

MINT’s Pipeline Development

NEW ADDITIONS RESTAURANT (# OUTLETS) HOTEL (# ROOMS) RESIDENTIAL EQUITY FRANCHISE INVESTMENT MANAGE (# UNIT)

2009 35 69 114 279

• 2010

73 76 220 122 53 2011 53 109

Under Reviewed

932

• 2012

47 125

Under Reviewed

460

• 2013

50 146

Under Reviewed

• Total

258 525 334 1,793 53 CAPEX (Bt m) FOOD HOTEL RESIDENTIAL & OTHER 2009 1,100 2,300 700 2010 1,600 2,100 800 2011 800 500 100 2012 900 300

• 2013

700 300

• Total

5,100 5,500 1,600

38

Food Business Expansion

# Outlets 2008 1Q09 2009F 2010F 2011F 2012F 2013F Equity 645 656 680 753 806 853 903 The Pizza Company 173 174 175 189 202 215 228 Swensen’s 113 113 117 122 126 129 132 Sizzler 36 39 38 43 47 51 56 Dairy Queen 219 219 232 253 269 283 299 Burger King 22 23 24 27 29 31 33 The Coffee Club 11 12 12 14 16 17 18 Thai Express 47 53 61 70 80 90 100 Others 24 23 21 35 37 37 37 Franchise 398 408 467 543 652 777 923 The Pizza Company 70 72 95 127 186 251 321 Swensen’s 109 111 124 143 164 188 210 Sizzler 1 5 13 25 40 The Coffee Club 203 208 228 248 268 288 308 Thai Express 14 17 19 20 21 25 44 Others 2 Total Outlets 1,043 1,064 1,147 1,296 1,458 1,630 1,826

Journey into

the spirit

• f Arabia

Enjoy life at a slower rhythm

• n unspoilt

Maldivian shores

Hotel Business Expansion

Investment Hotel:

Anantara Baa Atoll, Maldives (82 rooms) 4Q09 Anantara Koh Samui (expansion 20 rooms) 4Q09 Four Seasons Chiangmai (expansion 12 rooms) 4Q09

• St. Regis Hotel & Residences (220 rooms/53 condo units

for sale) 4Q10

Hotel Management:

Anantara Baan Rajprasong Serviced Suites, Bangkok (97 rooms ), March 09 Anantara Qusr Al Sarab, Abu Dhabi (182 rooms), 3Q09 Anantara Al Madina A’Zarqua (122 rooms) 2010 Anantara Jumeirah Lake, Dubai (473 rooms) 2011 Anantara Marrakech, Morocco (120 rooms) 2011 Anantara Magador, Morocco (120 rooms) 2011 Anantara Mahabaliburam, India (126 rooms) 2011 Anantara Uluwatu, Bali (93 rooms) 2011 Anantara Estrella, Cape Verde (200 rooms) 2012 Anantara Santiago, Cape Verde (200 rooms) 2012 Aequalis Santiago, Cape Verde (60 rooms) 2012

Anantara Qasr Al Sarab, Abu Dahbi Anantara Baa Atoll, Maldives

Appendix:

✦ MINOR Group Business Restructuring

Minor Group Business Restructuring in Summary

Proposed Business Restructuring Program

MINT issue new share 511m shares for tender offer by share swap with MINOR shares of 488m shares at swap ratio 1: 1.14 (MFG will not swap its MINOR shares)

Current Cross Shareholding Structure

Shareholders

MINT 3,614m shares

MFG

MINOR 488m shares

Shareholders

8.60% 91.40% 75.46% 5.96% 99.72% 18.58%*

*including portion held by MWL

MINT decrease its share capital. proportionately held by MINOR, MWL and MFG amount to 887m shares. MINOR delist its shares from SET

After Tender Offer & Specific Capital Reduction

Shareholders

MINT 3,255m shares

MFG

MINOR 490m shares

Shareholders

8.56% 91.44% 84.29% 99.72% 15.71%

43

Business Restructuring Program

• To eliminate cross share holding to

enhance good corporate governance

• f the Group
• Adding new consumer business

units for MINT while enhancing its value and increasing source of

• revenue. Thus, a long-term

shareholders’ value enhancement

• In addition, a more balanced

consumer revenue structure

• Tender offer of MINOR shares via share

swap by issuing new MINT shares(511m shares) and exchange with MINOR shares (488m shares) from existing MINOR’s shareholders

• The share swap ratio of 1 MINOR to 1.14

MINT is derived form an average share valuation methodologies based on public available information

• Specific capital reduction in MINT shares

held by MINOR , MWL and MFG (886m shares). It expected the specific capital reduction process will complete before the end of ender offer period

Rationale & Benefit Execution

44

MINOR’s Business Profile

45

Key Benefits from Business Restructuring

• Improved market reach via cross selling
• pportunities
• Widen business opportunities: stronger

MINOR’s balance sheet leads to increasing negotiation and bargaining power

• Cost efficiency from sharing pooled resources:

manpower and shared services office

• Cross production: maximize the utilization of

existing plants and equipments

46

MINT/MINOR Business Restructuring Timeframe

EGM Submission of Filling and Tender Offer to the SEC Effective date of Filling and Tender Offer Register newly issue of MINT’s share on the SET and Delisting MINOR shares from the SET Tender Offer Period (25 working days) SEC’s Approval Period

47

MINT’s and MINOR’s shareholders approved with the majority vote over 90%

Late June 2009 7 May 2009 March 6, 2009 March 10, 2009 May 11, 2009 June 12, 2009 Financial Advisor and Tender Offer Agent : Bualuang Securities PCL 29/F, 191 Silom Complex office Building, Silom Rd., Bangrak, Bangkok 10500

• Tel. 0-2231-3777 and 0-2618-1000 ext. 1140 or 1141 Fax. 0-2618-112-

Contact : Khun Trinop Kumnerdkarn or Khun Somphorn Sitthidech, Operations Department

MINOR’s 2008 Financial Snapshot

(Bt m) 2007 2008 %Chg Revenues 3,341 3,438 3% EBITDA 497 540 9% Net Profit 274 367 34%

48

Profit Sharing 10% Others 0% Other Brands 7% Aircraft 3% Manufacturing 40% Cosmetics 7% Fashion 32% Profit Sharing 8% Others 2% Other Brands 8% Manufacturing 45% Cosmetics 6% Fashion 31%

2007 = Bt 3,341m

3% y-y

2008 = Bt 3,438m

MINOR’s Financial Highlights

(Bt m) As end of 2005 2006 2007 2008

Total Revenues 2,953 3,213 3,341 3,438 EBITDA 415 503 497 540 Net Income 250 261 274 367 Total Assets 3,591 4,471 4,643 4,885 Total Liabilities 2,207 2,519 2,096 2,514 Shareholder’s Equity 1,385 1,953 2,547 2,370 Interest Bearing Debt 1,584 1,945 1,487 1,944 Cash & Cash Equivalents 25 19 22 219 Net Debt 1,559 1,926 1,465 1,725 Interest Bearing D/E (x) 1.14 1.00 0.58 0.82 Net D/E (x) 1.13 0.99 0.58 0.73

49

Thank You

Bloomberg Ticker: MINT.TB For further info, please visit www.minornet.com Investor Relations Office: Ririnda Tangtatswas + 66(0) 2365 7637 Punnee Ruangwaewmanee + 66 (0) 23657636