Minor International Investor/Analyst Presentation 1Q 2010 - - PowerPoint PPT Presentation

SLIDE 1

Minor International

Investor/Analyst Presentation

1Q 2010 Performance & Business Outlook

9 June 2010

Prapharat Tangkawattana

Senior Finance Director

Bernard Gawkasem

Director of Strategic Planning

Elewana Taragiri Treetop Resort, Tanzania

SLIDE 2

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.

SLIDE 3

• 1Q10 Key Development & Financial Performance
• Discussion Issues in Thailand & Their Impacts
• Are We Up to the Challenges?
• 2010 Outlook
• Pipeline Expansion & Capex
• Q&A

Appendix: MINT’s hotel & restaurant portfolio

Today’s Agenda

SLIDE 4

1Q10 Key Developments & Financial Performance

SLIDE 5

Restaurant:

• Food outlets reached 1,117; 689 are owned, while 428 are franchised
• First TPC and SW outlets opened in Vientiane, Laos

Hotel & Residence

• Elewana Afrika, MINT’s 50% owned safari resort, acquired Kilindi Resort of Zanzibar. A 15 pavilions with

uShawari spa opened for operation on 25 May.

• Secured 3 additional sales & purchase contracts of St. Regis residence (for a total of 5 units)
• St. Regis’s mock-up guest room and residential units are complete in March - April 2010

Retail Trading:

• Points of sales totaled 279 including 204 fashion outlets, 58 cosmetic outlets and 17 of others
• GAP’s first mega store opened at Central World on 5 March. After the incident, the temporary 150 Sqm

shop opened at Emporium between May-June to alleviate the diverse impact

• Plan on track for opening Gap stores inSiam Paragon in 3Q10 and Paradise Park & Central Laprao in

4Q10

Finance:

• Successfully launched a 5-year Bt 2.5 bn debenture with coupon rate of 3.98% in May 2010

Key Developments in 1Q10

5

SLIDE 6

Economic Condition: Positive Signs in 1Q10

• 1Q10 GDP grew 12% y-y, supported by global economic recovery as well as better investor
• confidence. Exports, tourism, private investment and consumption collectively improved

Key Economic Indicator (% y-y) 2009 2010 1Q09 2Q09 3Q09 4Q09 1Q10

GDP (at constant price)

• 7.1%
• 4.9%
• 2.7%

5.9% 12.0% Private Investment (at constant price)

• 17.8
• 16.1
• 12.2
• 4.6

15.8 Private Consumption (at constant price)

• 2.5
• 2.2
• 1.3

1.4 4.0 Export of Goods

• 19.9%
• 26.1%
• 17.5%

12.2% 32.2 SET Index (Point) 431.5 597.5 717.1 734.5 788.0 Tourist Arrival

• 16%
• 16%
• 3%

28% 28%

Source: NESDB

6

SLIDE 7

Financial Performance Snap Shot

(Bt Million) 1Q10 % Change Total
Revenue 5,326 23% EBITDA 1,270 21% Net
Profit 600 50% EPS
(Bt) 0.1832 56%

5 10 15 20 25 30 1Q10 1Q09

9 11 21 24


 EBITDA Net
Profit

• Revenue
was
up
23%
mainly
from
hospitality
business
achieving
strong
results
in
period
of


increased
tourist
activities
and
consolidation
of
Minor
Corporation

• Net
Profit
was
up
50%
to
Bt
600
m
mainly
from
high
season
in
hospitality
business
and
successful


administrative
cost
control
in
food
business

 Profitability (% margin)

7

SLIDE 8

Solid Revenue Growth in 1Q10

2,000 4,000 6,000

1Q09 Food Hotel&
Spa Plaza&
Entertain Retail
Trading Share
of
Profit 1Q10

(Bt
m)

Retail
Trading 13%

Plaza&Entertain 3%

Hotel
&
Spa 32%

Restaurant 52%

Breakdown Revenue Growth Revenue Contribution

105 207

• 1

696 5 4,314 5,326

Increased 23% y-y

8

SLIDE 9

Operating Excellence Drives Profitability

Retail
Trading 3% Plaza&Entertain 8% Hotel
&
Spa 52% Restaurant 37%


(Bt
m) 1Q10 %
chg Restaurant 474 22% Hotel
&
Spa
 657 17% Residence 5 37% Plaza
&
Entertainment 96 3% Retail
Trading 38 n.a. EBITDA 








1,270
 21%

Retail
Trading 2% Plaza&Entertain 10% Hotel
&
Spa 55% Restaurant 33%


(Bt
m) 1Q10 %
chg Restaurant 197 77% Hotel
&
Spa
 328 44% Residence 

















- n.a. Plaza
&
Entertainment 62

• 1%

Retail
Trading 13 n.a. Net
Profit 600 50%

EBITDA Contribution Net Profit Contribution

9

SLIDE 10

1Q10 Consolidated Financial Performance

(Bt
Million) 1Q10 % 1Q09 % %
y-y
 Change

Restaurant 2,737 51% 








2,632
 61% 4% Hotel
&
Spa
 








1,678
 32% 








1,471
 34% 14% Mixed-Use
 10 0% 9 0% 5% Plaza
&
Entertainment 141 3% 143 3%

• 1%

Retail
Trading 696 13% 















-
 
 
 0% n.a. Share
of
Profit
–
Restaurant 28 1% 18 1% 12% Share
of
Profit
–
Hotel
&
Spa 37 42 Total
Revenue 








5,326
 100% 








4,314
 100% 23% Operating
Expenses 








1,850
 35% 








1,345
 31% 38% SG&A
Expenses 








2,206
 41% 








1,923
 45% 15% EBITDA 








1,270
 24% 








1,047
 24% 21% DA 398 7% 377 9% 5% EBIT 872 16% 669 16% 30% Net
Profit 600 11% 400 9% 50% EPS
(BT) 0.1832 0.1171 56% Weighted
Share
(m) 3,276 3,418

• 4%

10

SLIDE 11

Hotel & Residence Businesses

SLIDE 12

Tourist Arrivals to Thailand

500 1,000 1,500 2,000 Jan Mar May Jul Sep Nov

2010 2009 2008

• Foreign Tourist arrivals in 1Q01 was 4.7

million, an increase of 28% y-y and increase

• f 9% from previous quarter due to hospitality

business benefiting from an increase in global travel and tourism

• The riots during April - May left significant

concerns over the safety of tourists in Thailand and reduced the number of foreign tourists

• NESDB previously forecasted foreign tourist

arrivals for the year 2010 approximately 13 million, less than TAT’s target of 16 millions (or a decrease of 8%, compared to 14.1 million tourists in 2009)

Source: Bank of Thailand

Number of Foreign Tourist Arrivals to Thailand

(‘000)

12

SLIDE 13

Hotel Business Sentiment Update

0% 25% 50% 75% 100% 1Q09 2Q09 3Q09 4Q09 1Q10 Occupancy 7,160 5,284 4,749 6,133 6,996 ADR (Bt)

• Airport closure

aftermath

• April riot
• Profit break-

even at

• ccupancy

rate 44%

• Fierce price

competition

• Resumption of

tourist arrivals with 17% y-y in September

• 28% growth in

tourist arrivals

• vs. 4Q08
• Shorter lead-

time in hotel booking

• Tourist arrivals

hit record high

• Strong

improvement in profitability

13

SLIDE 14

1Q10 OR and RevPar Have Grown y-y

Hotel Occupancy Rate (%) ADR (Bt/night) RevPar (Bt/night) 1Q10 1Q09 1Q10 %Chg 1Q10 %Chg

Four Seasons 63% 47% 9,420

• 3%

5,929

29% Anantara 48% 46% 9,011

• 12%

4,313

• 8%

Marriott 77% 70% 4,566

• 4%

3,523

6% Others 34% 33% 11,580 5%

3,887

6%

Average 61% 56% 6,996

• 2%

4,253

6%

• Avg. Thailand

66% 58% 5,828 0% 3,844

13%

• Avg. Overseas

40% 44% 14,606

• 11%

5,884

• 19%
• Good
recovery
in
1Q10
Occupancy
levels
to
61%
from
57%
in
4Q09
and
56%
in
1Q09
• ADR
remains
under
competitive
pressure
however
growth
from

4Q09
achieved
in
most
properties
• Property
RevPar
under
pressure
from
a
highly
competitive
market
but
have
managed
to
maintain


competitor
set
positions

14

SLIDE 15

Hotel - 1Q10 Performance Snap Shot

M a r r i

• t

t A n a n t a r a F

• u

r S e a s

• n

s O t h e r s

11,580 9,420 9,011 4,566

Average Occupancy of 61% Average ADR of Bt 6,996

• 4%
• 12%
• 3%

5%

% Change

M a r r i

• t

t A n a n t a r a F

• u

r S e a s

• n

s O t h e r s

33% 47% 46% 70%

34% 63% 48% 77%

Others Others

15

1Q10 1Q09

5% y-y 2% y-y $140 $275 $285 $350

SLIDE 16

Stable Feeder Markets Movement

MINT’s Customers Breakdown 1Q10 1Q09

%Chg Thailand 10% 9% 1% East Asia 19% 20% 0% South Asia 2% 2% 0% Middle East 6% 3% 2% Europe 44% 47%

• 3%

The Americas 12% 14%

• 2%

Oceania 4% 3% 1% Africa & Others 2% 2% 0%

5,000 10,000 15,000 20,000 Germany Thailand U.S.A. UK Russia Japan U.A.E. Australia Hong Kong China #room
night

• Increase in business from Thailand and Middle East represents growth in domestic travel into

properties in those markets

• Middle East increase is mainly attributed to the 2 new hotels in Abu Dhabi
• Unlike Thailand market, the mix of MINT’s business from regional Asian markets remains stable
• Top 10 feeder market increased except UK due to impact from Greece debt crisis

+25% +42% +3%

• 15%

+81% +18% +153% +54% +2%+65%

Top-ten Feeder Markets

16

SLIDE 17

Restaurant Business

SLIDE 18

Restaurant Business Sentiment Update

SSS

0% 5% 10% 15% 20% 1Q09 2Q09 3Q09 4Q09 1Q10

TSS

0.2%

• 3.3%
• 4.4%
• 3.3%

1.0%

• Opened 21
• utlets in 1Q,

the highest level of the year

• Consumer

confidence and dining behaviors hit by economic recession & domestic political chaos

• Aggressive

value menu to attract traffic during public confidence restoration time

• Turnaround in

same-store- sales growth in Thailand

• Singapore

shops faced challenges from extensive expansion

• Same-store-

sales in Thailand expanded nearly 4%

18

SLIDE 19

Positive SSS and TSS Growth in 1Q10

Brand SSS (%) TSS (%) 1Q10 1Q09 1Q10 1Q09

The Pizza Company

• 0.1%

0.7% 1.2% 13.6% Swensen’s 6.8%

• 4.1%

7.2% 8.3% Sizzler 4.9% 3.3% 19.3% 11.6% Dairy Queen 4.0% 11.0% 10.8% 14.5% Burger King 9.4%

• 7.1%

18.9% 4.0% The Coffee Club 2.1% 2.7% 17.5% 17.3% Thai Express

• 16.2%
• 8.5%
• 2.7%

72.8% Average 1.0% 0.2% 9.2% 16.3% Average Thailand 3.9% 0.4% 8.4% 10.2%

19

SLIDE 20

Restaurant - 1Q10 Performance Snap Shot

• 2.7%

17.5% 18.9% 10.8% 19.3% 7.2% 1.2%

TPC SW SZ DQ BK TCC TE

• 16.0%

2.1% 9.4% 4.0% 4.9% 6.8%

• 0.1%

Same-Store-Sales Growth Total-System-Sales Growth

Showed a slight improvement Benefit from increased tourists Closure of some outlets

20

SLIDE 21

Thai Consumption Riding on Restored Sentiment

• 5.00
• 3.75
• 2.50
• 1.25

1.25 2.50 3.75 5.00 1Q09 2Q09 3Q09 4Q09 1Q10 3.75 7.50 11.25 15.00 1Q09 2Q09 3Q09 4Q09 1Q10

Same Store Sales Growth Total System Sales Growth

• SSS and TSS have rebounded since 4Q09
• The momentum accelerates in the beginning of 2010 for same store sales

Remark: MINT’s outlets in Thailand

21

SLIDE 22

Retail Trading & Contract Manufacturing

SLIDE 23

Improved Performance of Retail Trading & Contract Manufacturing Business

Others 8% Contract Manufacturing 43% Retail Trading 50% 1Q10 Total Revenues Bt 695m (2% y-y ) 5 10 15 20 25 1Q10 1Q09 1Q10 Operating Profits Bt 21 m (5% y-y)

• Corresponding with improving domestic spending, retail trading & contract manufacturing

businesses began to show a recovery

23

SLIDE 24

Discussion of Issues in Thailand and Their Impacts

SLIDE 25

What Happened during Apr-May 2010

• UDD protesters took over

Rajprasong intersection

• Nearby shopping centers were

closed down

• Siam Paragon & a few
• ther shopping centers

were also closed down

• Fire damage to 4 outlets and

9 retail point of sales while another 4 outlets and 7 points of sales were slighted affected

April May

Impact on MINT’s business during the riot:

• Four Seasons Bangkok stopped taking new bookings, 11 of MINT’s outlets and 47 points of

sales located in the incident area were temporarily closed

• Hotel and most outlets resumed operations on May 26
• Protests by opponents in a

few areas in BKK

• Government announced

martial laws

25

SLIDE 26

MINT’s Business Locations in Rajprasong

Segmentation 2009 Total Revenues (Btm) Contribution (%) Business Locations in Rajprasong (outlets)

• Est. Loss of

Revenues/ Day (Btm)

Hotel & Spa 5,210 30% 2 out of 30 1.5 Restaurant 9,970 58% 11 out of 1,116 0.8 Retail Trading & Contract Manufacturing* 1,379 8% 47 out of 279 0.6 Others 733 4%

• Total

17,291 100%

• 2.9

*Consolidated since June 13, 2009

However, we have been partially compensated from the migration of customer traffics to

• ther hotels and restaurants in other non-affected areas of Bangkok

26

SLIDE 27

Impact on MINT’s Financial Performance

1-15 Apr 16-30 Apr 1-15 May 16-31 May Affected Business

7 outlets & 15 points of sales 2 hotels, 11 outlets & 47 points of sales 2 hotels, 11 outlets & 47 points of sales 7 outlets & 15 points of sales

Revenue Loss/ Day

Bt 0.5m Bt 2.9m Bt 2.9m Bt 0.5m

% of MINT’s Daily Revenues*

1.1% 6.1% 6.1% 1.1%

*Based on 2009 total revenues

• We estimated revenue loss per day around Bt 0.5-2.9 m from those businesses located in the areas

affected by the riots. This was, however, compensated by the spill over business in other outlets

• Despite no significant loss from the riot, we believe it would take at least 3-6 months for hotel & tourism

to recover

• Apart from the government’s tourism especially for domestic traveling, Bt 50,000 insurance claims for all

damaged shop is approved to partially alleviate the cost of damage

27

SLIDE 28

How Fast We Were Able to Recover in the Past?

300 600 900 1,200 1,500 1,800 Jan-00 May-00 Sep-00 Jan-01 May-01 Sep-01 Jan-02 May-02 Sep-02 Jan-03 May-03 Sep-03 Jan-04 May-04 Sep-04 Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 (‘000)

Foreign Tourists to Thailand Seasonal Adj.*

• 9/11

(Sep-01)

• SARS

(Apr-03)

• TSUNAMI

(Dec-04)

• Sub-Prime

Crisis (Mar-07)

• Lehman Crisis (Sep-08)
• Airport Closure (Nov-08)
• April Chaos (Apr-09)
• Global Financial Crisis (2009)

~2mths ~6 mths ~6 mths ~3 mths ~12 mths

• Greek Debt Crisis

(Beginning 2010)

• Political Violence in

BKK (Apr-May10)

Note: * Seasonal Adj. calculation from 12 months moving average of foreign tourists arrival to Thailand Source: Bank of Thailand

1 2 3 4 5 1 2 3 4 5

28

SLIDE 29

Are We Up to the Challenges?

SLIDE 30

How We Can Sustain Long-term Growth while Mitigating Risks?

Financial Discipline New Initiatives High Return Assets Diversification

• Utilization of

intellectual property

• Mixed-use
• High return

acquisitions

• Potential

fractional vacation business

• Strong

asset-back properties

• Sound

replacement cost

• In-the-

market value

• Diversified

businesses, sources of income, locations

• Compliment

business for each location

• Prudent

investment policy

• Competitive

borrowing rates

• Investment

grade debts

• Strong

Balance Sheet

30

SLIDE 31

Diversified Sources of Revenues and Profits

Contribution: Revenue/NPAT

2009 Contribution

Sales NPAT Thailand 81% 69% Overseas 19% 31%

31

2009 Contribution

Sales NPAT Hotel 31% 42% Restaurant 58% 38% Others 11% 20%

1%/6% 1%/12% 81%/69% 14%/20% 0%/5%

SLIDE 32

Profitability Retained Throughout Challenges

0% 25% 50% 75% 100% 2005 2006 2007 2008 2009 1Q10

Hotel Business

0% 25% 50% 75% 100% 2005 2006 2007 2008 2009 1Q10

Restaurant Business

3,023 3,339 3,951 4,142 3,076 4,253 RevPar Gross Profit Margin 6% 9%

• 0%

3%

• 3%

1% Gross Profit Margin SSS Growth %

32

SLIDE 33

Disciplined Financing

Reduced Effective Interest Balanced Interest Rate Mix Leverage Ratio Maintained Secured Back-up Financing

7.5 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10

MINT MLR

25 50 75 100 1Q09 2Q09 3Q09 4Q09 1Q10

Fixed Float

4.5% 0.5 1.0 1.5 1Q09 2Q09 3Q09 4Q09 1Q10 0.81x

10,000 20,000 30,000

1Q10 Un-utilized Credit Line Net Interest-Bearing D/E Borrowings and Debentures

33

SLIDE 34

Replacement Value - Hotel & Residence

Own Equity Avg Investment Cost/Key (Btm) No of Room**

• Est. Value (Btm)

Anantara 15-20 613 6,795-9,060 Four Seasons 20-25 495 9,452-11,815 Marriott 12-15 1,192 13,374-16,717 Other Investment* (at cost) 262 922 The Estate Samui 100 5 500 Work-in-Progress*** 20-80 371 7,092

Intellectual Property Avg Annual Revenue/ Contract (Btm) No of Contract

• Est. Value (Btm)

Hotel Management 10 18 150 Assuming 10% Cap Rate (Initial Yield) for 10 year contract 1,088

Total Replacement Value - Hotel & Residence 39,223-47,194

Note: * Price as cost; Hotel management including pipeline hotels scheduled to open during 2010 - 2012; ** No of room based on 100% holding but estimated value calculated on holding interests. ***Work in Progress including ST Regis and Anantara Baa Atoll

34

SLIDE 35

Replacement Value - Restaurant

Own Equity Avg Investment Cost/ Outlet (Btm) No of Outlet

• Est. Value (Btm)

Under MINT 10 608 6,080 Joint Venture 20 81 1,054 Investment in S&P 912

Intellectual Property Avg Annual Revenue/ Outlet (Btm) No of Outlet Est Values (Btm)

Food Franchising 0.4-2.8 428 416 Assumed 12% Cap Rate (10 years contract) 2,763

Total Replacement Value - Restaurant 10,809

35

SLIDE 36

Replacement Value - MINT

Unit: Btm Hotel & Residence Retail Plaza Restaurant Retail & Others Total

Own Equity 38,135 2,020 10,809 1,533

50,477

Intellectual Property 1,837

• 495
• 2,332

Total 39,972 2,020 11,304 1,533 52,809

% Breakdown 76% 4% 21% 3% 100% Less: Net Debt (as of 1Q10) 10,349

MINT’s Equity Value

42,460

*Property, plant & equipment of plaza & entertainment, spas and Minor Corporation

36

SLIDE 37

2010 Outlook

SLIDE 38

Thai Economic Outlook for 2010

2008
 Actual 2009
 Actual Projection
 2010

as
of
24
May
10*

GDP
Growth 2.5%

• 2.2%

3.5-4.5% Private
Investment 3.2%

• 12.8%

5.0% Private
Consumption 2.7%

• 1.1%

3.0% Export
of
Goods 15.9%

• 13.9%

15.5% Inflation 5.5%

• 0.9%

3.0-4.0% Tourist
Arrival
 (millions) 14.6 14.1 13.0

Note: The projection is remained as previously announced on the 22 Feb 10. Source: NESDB

Economic Projection 2010

Supporting
Factors

• The Global economy and trade volume
• The faster than expected economic

recovery

• Financial liquidity remains favorable
• World oil price unlikely to rise

significantly

Risk
Factors

• Downside risks posed by global

economic condition

• Downside risks posed by domestic

condition:

• Tourism sector and related industries
• Private consumption and investment

confidence

• Disbursing fiscal budget
• Fluctuation in agricultural product

prices

• Fluctuation of exchange rate

38

SLIDE 39

2010 Outlook - Hotel

• Hotel business in Asia Pacific showed positive trading sentiment with evidence of a V-shaped recovery, according

to JLL

• Thailand’s tourism facing significant challenges once again, however, Bangkok and Phuket average cap rate

remain strong

• A support from government’s latest tourism promotion and taxable income reduction for domestic traveling and

corporate income tax reduction, and corporate tax reduction for hotel renovation

4 6 8 10 12

Tokyo Hong Kong Seoul Singapore Melbourne Shanghai Beijing Osaka Sydney Kuala Lumper Taipei Macau Phuket Manila Bangkok Ho Chi Minh Jakata Bali

Asia Pacific Cap Rate (initial yield) for new acquisition

Cap Rate (%) 39

Source: JLL Hotels

SLIDE 40

Hotel Business in First Five-Month 2010

(April - May) Occupancy Rate (%) ADR (Bt/night) RevPar (Bt/night) 2010 2009 2010 %Chg 2010 %Chg

Four Seasons -BKK 6% 40% 6,839 17%

406

• 82%

Four Seasons - Ex-BKK 30% 29% 18,099

• 4%

5,425

• 3%

Anantara 44% 41% 6,209

• 13%

2,714

• 7%

Marriott 59% 56% 3,242

• 11%

1,903

• 6%

Others 28% 32% 6,980

• 15%

1,947

• 25%

Average 44% 46% 5,119

• 8%

2,241

• 13%
• Avg. Thailand

45% 46% 4,063

• 12%

1,811

• 15%

40

(5 Month YTD) Occupancy Rate (%) ADR (Bt/night) RevPar (Bt/night) 2010 2009 2010 %Chg 2010 %Chg

Four Seasons -BKK 40% 45% 5,716

• 2%

2,311

• 12%

Four Seasons -Ex-BKK 48% 39% 18,548

• 7%

8,976

16% Anantara 46% 43% 7,942

• 12%

3,668

• 7%

Marriott 70% 64% 4,101

• 6%

2,869

2% Others 31% 33% 9,922 0%

3.103

• 4%

Average 54% 52% 6,370

• 3%

3,441

0%

• Avg. Thailand

57% 53% 5,264

• 3%

3,023

5%

SLIDE 41

2010 Outlook - Restaurant

• Expectation of a gradual recovery of domestic consumption and better SSS compared to previous
• year. Accelerated TSS especially continued expansion of TCC
• Expected a boost from domestic sales in 2Q-3Q especially delivery market due to the World Cup
• Introduction of new brands and expansion of franchised territories are expected to boost 2010 sales

The Coffee Club in Bangkok & Upcountry Franchise Business

• First The Pizza Company and

Swensen’s outlet in Vientiane, Laos - opened late March

• Roll-out plan includes Vietnam

and India

41

SLIDE 42

Restaurant Business in First Five-Month 2010

42

• Restaurant QSR remained resilient showing 3.4% SSS and 7.1% TSS for Thailand outlets thanks to strong

contribution of Swensen’s

• Likewise for systemwide with strong TSS of 8.3% due to continued expansion of TCC
• 10
• 5

5 10

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

SSS-2009 SSS-2010 5 10 15 20 25

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

TSS-2009 TSS-2010

• 10
• 5

5 10

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

5 10 15 20 25

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Thailand Systemwide

5M10 = 1.0% 5M09 = -1.0% 5M10 = 3.4% 5M09 = -0.8% 5M10 = 7.1% 5M09 = 9.6% 5M10 = 8.3% 5M09 = 15.2%

SLIDE 43

2010 Outlook - Residences

• Topping-off ceremony was held in January 2010
• Show unit launched in April 2010
• International standard with World’s renowned brand, St. Regis
• In the heart of Bangkok’s Central Business District
• Ultimate privacy and exclusivity with only 53 units

Comparable Projects Property Type

• No. of Units

Price/Sq.m. (USD)

• St. Regis

Leasehold 53 > 5,500 Ritz Carlton ~Freehold 196 > 7,600 The Met Freehold 370 > 7,600 Sukhothai Freehold 196 >6,700

Remark: St. Regis is the only project developed by MINT

43

SLIDE 44

• St. Regis: Summary Fact Sheet
• Construction Progress: Over 75% completion
• Target opening: Within 4Q10
• Unit Size: Approx 320 – 920 Sqm
• Residence Type: 45 3-4 bedroom residences and

8 penthouses with private pools

• Sales plan: Expect to complete within 2012–13

Payment Term:

• Reservation Deposit
• Bt 500,000 for 3 & 4 bedroom residences
• Bt 750,000 for deluxe penthouses
• 15% of the selling price less deposit on the

contract signing date within 30 days from the reservation date

• 4 monthly installments of 5% of the selling price
• Balance of payment of selling price to be paid on

the date of transfer

44

SLIDE 45

2010 Outlook - Retail Trading

• Gap first mega store successfully launched in March 2010 at CW
• Business interruption of retail shop and point of sales during Bangkok riot in Apr-May, yet no

significant damage report

• Gap’s temporary shop is set up at Emporium now till year-end
• Additional 3 Gap stores are scheduled to open across Bangkok by year-end

45

Retail Brands

Business Interrupt.

Fire Damage Total Point

• f Sales

Clothing 34 6 204 Cosmetic 9 1 58 Others 4 1 17 Net Sale Impact ~Bt 50m

% to MINOR’s sales = 1.9% % to MINT’s sales= 0.3%

SLIDE 46

2010 Outlook

• Despite aforementioned difficulties, we believe our 2010 earnings remain resilient
• Key drivers for the rest of the year will be restaurant (strong SSS and TSS), residential (with expectation to

record sales of ST regis), and retail & entertainment businesses which will be fully consolidated this year

46

1Q10 Restaurant Hotel &Spa Residential Plaza & Entertain Retail Trading 2010F

NPAT

2009 (Btm)

2010 Growth (%)

Restaurant 517 15-20% Hotel & Spa 605 2-5% Residential

• 12

>100% Retail Plaza 228 5-10% Retail Trading 62 >20%

MINT’s NPAT 2010

9-Mo (Apr-Dec)

SLIDE 47

Pipleline Expansion & Planned Capex

SLIDE 48

Pipeline Expansion Breakdown

Unit Expansion Equity Asset-Light 2010 Hotel 3 hotel/342 rooms TBC Food 35 outlets 53 outlets 2011 Hotel 4 hotels/48 rooms 7 hotels/611 rooms Food 60 outlets 64 outlets 2012 Hotel TBC 2 hotels/599 rooms Food 36 outlets 73 outlets 2013 Hotel TBC 3 hotels/282 rooms Food 40 outlets 83 outlets 2014 Hotel TBC TBC Food 40 outlets 67 outlets

48

Note: TBC = To be confirmed

SLIDE 49

Pipeline Expansion - Hotel

Year Opening Investment Hotel Management Contract

2010

• Elewana: Kilindi Zanzibar (15 rooms) Opened

25 May 10*

• Anantara Kihavah, Maldives (80 rooms)
• St. Regis Hotel, Bangkok (227 rooms/ 53 condo

units)

• Extension: Anantara Koh Samui (20 pool villas)

2011

• Masai Mara Camp (12 rooms)
• Amboseli Camp (12 rooms)
• Marula Manor (16 rooms)
• Serengeti Migration Camp Explorer (8 rooms)
• Anantara Flamingo Villas, UAE (30 rooms)
• Anantara Savannah Villas (30 rooms)
• Anantara Al Madina A’Zarqua, Oman (122 rooms)
• Anantara Sanya, China (122 rooms)
• Anantara Xishuangbanna, China (105 rooms)
• Anantara Marrakech, Morocco (109 rooms)
• Anantara Uluwatu, Bali (93 rooms)

2012

• Anantara Jumeirah Lake, Dubai (473 rooms)
• Anantara Mahabaliburam, India (126 rooms)

2013

• Anantara Wayanad, India (95 rooms)
• Anantara Chongqing, China (120 rooms)
• Anantara Mogador, Morocco (67 rooms)

Total

• 7 hotels/ 390 rooms/ 53 condo units
• 12 hotels/ 1,492 rooms

49

Note: Elewana Afrika, MINT’s subsidiary, acquired of the five-star Kilindi Zanzibar and re-open on 25 May 2010

SLIDE 50

Pipeline Expansion - Restaurant

Breakdown by Owning Interests RESTAURANT (# OUTLETS) Equity % of Openings Franchise % of Openings

2010 35 40% 53 60% 2011 60 48% 64 52% 2012 36 33% 73 67% 2013 40 33% 83 67% 2014 40 37% 67 63% Total 211 38% 340 62%

Breakdown by Destinations RESTAURANT (# OUTLETS) Thailand % of Openings Overseas % of Openings

2010 35 40% 53 60% 2011 37 30% 87 70% 2012 23 21% 86 79% 2013 25 20% 98 80% 2014 27 25% 80 75% Total 147 27% 404 73%

50

SLIDE 51

Investment Capex

1,500 3,000 4,500 6,000 2009 2010F 2011F 2012F 2013F 2014F

Restaurant Hotel Residential Retail Trading Others

• Capex include all incurred expenses for both maintenance and new expansions
• Capex for new opportunities including project initiatives as well as planned acquisition in both

restaurant and hotel businesses shall be provided additionally

51

SLIDE 52

THANK YOU

Please visit www.minornet.com Investor Relations Office +66 (2) 3657636-37

Kilindi Resort, Zanzibar

SLIDE 53

Appendix: Hotel & Restaurant Portfolio

SLIDE 54

Hotel Properties

• 4 hotels
• 507 rooms
• Thailand
• 12 hotels
• 1,300 rooms
• 4 countries

7 hotels in Thailand 2 hotels in Maldives 1 hotel in Bali 2 hotels in Abu Dhabi Bangkok Chiang Rai Chiang Mai Samui

54

SLIDE 55

Hotel Properties (Cont.)

• 4 hotels
• 1,193 rooms
• Thailand
• 6 hotels
• 115 rooms
• Tanzania,

Kenya & Zanzibar

• 1 hotel
• 19 rooms
• Maldives
• 3 hotels
• 315 rooms
• Sri Lanka
• 1 hotels
• 127 rooms
• Vietnam

Other Brands Phuket Pattaya Hua Hin Bangkok

• 10 hotels
• 561 rooms
• 5 countries

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SLIDE 56

Restaurant & Food Services

243 229 246 72 24 22 238 42

1,117

Outlets % Equity 689 62% Franchise 428 38% Total 1,117 100% Outlets % Thailand 740 66% International 377 34% Total 1,117 100%

Note: Number of outlets

56