MINTs Investor Day Pratana Manomaiphiboon, CFO The Stock Exchange - - PDF document

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MINT’s Investor Day

The Stock Exchange of Thailand 6th March 2007 Pratana Manomaiphiboon, CFO

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 2

Forward Looking Statements

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, including without limitation, risks and uncertainties associated with the following: the continued ability of Minor International Public Company Limited (“Mint”) to attract and retain personnel; identification, completion, terms and timing of future acquisitions and dispositions; the availability and terms of capital for acquisitions and for renovations; execution of hotel renovation and expansion programs; the ability to maintain existing management, franchise or representation agreements and to obtain new agreements on favorable terms; competition within the lodging and leisure industry; the cyclicality of the real estate business and the hotel and leisure business; foreign exchange fluctuations and exchange control restrictions; general real estate and national and international economic conditions; political and financial conditions and uncertainties in countries in which Mint owns or operates properties; changes in current laws, rules or regulations of governmental or other regulatory bodies; and other risks and uncertainties set forth in the annual, quarterly and current reports and proxy statements of Mint filed with the Securities and Exchange Commission (the "SEC"). 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

• pinions or statements and does not endorse or accept any responsibility for the content or the use of any

such opinion or statement

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 3

Today’s Agenda

• Major Developments in 2006
• Business & Industry Update
• Financial Issues
• What’s Next?

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 4

Prapharat Tangkawattana

Senior Finance Director Minor International PLC.

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 5

The “New” MINT

Major Transitional Events in 2006

Food outlets reached 630 Full-year QSR in China Strategic Partnership with S&P Opened 5 new hotels Signed 5 new hotel management contracts Joined SET-50 Index

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 6

Key Milestones

Sales Revenues up 19% y-y

Market Cap = Bt17 bn Paid-up share = 2,734m

Food Outlets = 558 Hotels = 10 Spa = 20

Market Cap = Bt34 bn Paid-up share =2,958m

Food Outlets = 631 Hotels = 13 Spa = 24

2005

2006

07/03/50MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 7

76 100 482 531

2005 2006

(No of Outlets) Equity Franchise

Food Outlets Reached 630 in 2006

1 3 % y

• y

g r

• w

t h

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 8

100

• 2
• 53

45 Franchise Total Owned Equity (Dec 2006) 531 21 16 16 189 37 109 143 189 188 162 37 16 18 631 Total 21

Food Outlets Reached 630

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 9

Full-year QSR in China

MINT’s restaurants in China reached 33 outlets

compared to 17 outlets in 2005

China QSR include 9 The Pizza Company, 7 Sizzler,

and 18 Le Jazz

Revenues in 2006 reported at Bt 466m increased

nearly 80% y-y

Net profit still in negative due to the significant cost

• f the starting up of business

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 10

The Long-term Strategic Partnership with S&P

2006 Financials: Total Assets = Bt 6,622m Revenues = Bt6,528m Net Profit = Bt 384m 2006 Financials: Total Assets: Bt2,398m Revenues = Bt3,700m Net Profit = Bt227m Positioning: The largest Thai QSR in Thailand with highest market share in most of its brand categories Positioning: The leader in restaurant & and bakery businesses in Thailand with successful Thai restaurants overseas Business: Operates over 630 food

• utlets under brand The Pizza

Company, Swensen’s, Sizzler, Dairy Queen, Berger King, Le Jazz in Thailand, China, Middle East and SEA Business: Operates 230 restaurant under brands S&P, Blue Cup, Vanilla Industry, Golden Dragon, Grand Seaside in Thailand and Patara, Siam Kitchen, Thai, and Patio internationally.

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 11

Opened 5 New Hotels

Maldives Maldives

Bodu Bodu Huraa Huraa Anantara Anantara Naladhu Naladhu* *

Thailand Thailand

Four Season Four Season

Tented Camp Tented Camp

Four Seasons Four Seasons

Samui Samui* * *Just opened in Feb-07

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 12

Signed 5 New Hotel Management Contracts

United Arab Emirates, Dubai United Arab Emirates, Dubai

Palm Palm Jumeirah Jumeirah 5 Luxury hotels 5 Luxury hotels

Anantara Anantara Jumeirah Jumeirah Lake Lake

I ndonesia, Bali I ndonesia, Bali

Anantara Anantara Seminyak Seminyak Anantara Anantara Hoi An Hoi An

Vietnam Vietnam

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 13

MINT Joined SET-50 in June 2006

5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 (Bt million) 1,500 3,000 4,500 6,000 (Bt billion) MINT's Market Cap SET Market Cap

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 14

Pratana Manomaiphiboon

Chief Financial Officer Minor International PLC.

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 15

Business & Industry Update

Food

Thai restaurant industry in 2006 MINT’s Quick Service Restaurant business

performance

Hospitality & Residential

Thai tourism industry Hospitality & residential business Real estate & development strategies

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 16

Source: Ministry of Commerce and MFG Note: Sizzler shares 37% of other segment or c. 5.6% of total market

2005: Bt18,900bn

Chicken 33% Other 21% Ice Cream 12% Pizza 20% Hamburger 14%

MINT’s MKT Share 31%

Western Casual Dining Chain Restaurants in Thailand

2006E: Bt21,110bn

Chicken 33% Other 21% Ice Cream 13% Pizza 20% Hamburger 13%

MINT’s MKT Share 34%

Up 12% y-y

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 17

Thai QSR Market

According to AC Neilson, Thai customers visit QSR

2.7 times per weeks

Annual customers visit estimated at 3 billion times –

calculations based on aged 15-54 population of 22 millions

By segmentation, heavy food accounts c.70% while

light food accounts c. 30%

Dine-in preferred most with 66% market share

followed by take-away at 27% and delivery at 7%

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 18

Ranking of Thai QSR Brand Equity Index

Heavy Food

• KFC Fried Chicken
• MK
• The Pizza Company
• Pizza Hut
• McDonald Fried Chicken

Light Food

• Swensen’s
• S&P Bakery
• KFC Soft Serve
• Dairy Queen
• Mister Donut

Note: Ac Neilson’s Brand 2006 Equity Index based on 1) Customers’ preference and brand awareness; 2) The competitive pricing; 3) The recommended brand

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 19

54.3

• 6.0

Average Brand TSS (%) SSS (%) 23.5 9.0 25.5 4.8 14.4 6.8 22.8 8.1 30.6 14.5 20.9 8.2 2006

MINT’s QSR Performance

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 20

Thai Tourism & Hotel Industry

International tourists arrival in Thailand reported

13.8 million in 2006 – increased 20% y-y

January tourists rose 2% despite the New Year

bomb blast

Country-wide occupancy rate rose to 63% in 2006

compared to 61% in 2005

Country-wide average room rate reported at Bt

1,370 in 2006 – increased by 7%

MINT’s system-wide occupancy and average room

rate is superior to the industry giving its upscale positioning and strong marketing network

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 21

7.2 7.8 8.6 9.5 10.1 10.8 10.0 11.7 11.5 13.7 14.8

2 4 6 8 10 12 14 16 18 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007F (million persons)

Financial Crisis 911 Bali Bomb SARS

• utbreak

London Bomb Egypt Bomb Bird Flu Tsunami Coup

Thai Tourism Industry

Number of International Tourist Arrivals

Source: Bank of Thailand, Tourism Authority of Thailand Bangkok Bomb

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 22

600 800 1,000 1,200 1,400 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec ('000 persons) 2004 2005 2006

Thai Tourism Industry

Impact from the coup

Source: Bank of Thailand, Tourism Authority of Thailand

Number of International Tourist Arrivals

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 23 52 55 57 59 60 61 57 63 61 63

40 45 50 55 60 65 70 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 (%)

937 955 1,030 1,100 1,171 1,1941,178 1,243 1,277 1,370

800 900 1000 1100 1200 1300 1400 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 (Bt)

Thai Hotel AOR & ARR (Country-wide)

Average Occupancy Rate Average Room Rate

Source: Bank of Thailand, Tourism Authority of Thailand

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 24

Thai Hospitality Market –

Tantalizing Prospects Amid Daunting Challenges

Despite political & policy tensions, foreign investors’

confidence in Thailand remained intact as seen an increase investment in the hotel real estate

Recent transactions include the purchase of the

Royal Meridien Ban Taling Ngam and Phuket Yatch Club by Lehman, Central’s JV purchase of Islandia Phuket, and Kingdom Holding purchase of Crown Plaza Phuket

TAT’s marketing strategy focus on quality tourism

rather than number of tourists

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 25

Thai Residential Market

The inner-city condominium market looks

promising driven by the “Skytrain Generation”

Despite a large number of condominium

project launched, the prices continue to rise

According to JLLS, newly completed luxury

project prices are higher than the peak level recorded in 1994

Overseas demand also up by lifestyle-driven

as either a holiday or retirement home

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 26

Hotel Global Benchmark

22 34 63.2% Thailand 88 122 72.4% MINT 137 187 70.3% Middle East 115 170 67.4% Europe 72 120 59.3% Caribbean & Latin America 121 155 75.9% Asia Pacific RevPar ADR Occupancy (US$)

Source: Hotel Benchmark Survey (>5,000 hotels) by Deloitte, Bank of Thailand, MINT

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 27

Financial Issues

2006 Financial Results Segmentation Performance Profitability Funding Management

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 28

2006 Financials Snapshot

1,061 2,913 10,443

2005

21% 1,280 Net Profit 12% 3,271 EBITDA 19% 12,430 Sales Revenues

% Chg 2006

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 29

MINT’s 2006 Revenue Breakdown

Hotel 42% Retail 4% Entertain 1% Spa 3% Share of Profit 1% Food 49%

2006 : Bt12,430m 2005 : Bt10,443m

Hotel 39% Retail 3% Entertain 1% Spa 3% Share of Profit 1% Property 1% Food 52%

19% y-y

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 30

54.3

• 6.0

50.6

• 6.1

Average Brand TSS (%) SSS (%) TSS (%) SSS (%) 23.5 9.0 21.5 7.5 25.5 4.8 12.5

• 0.5

14.4 6.8 34.2 25.6 22.8 8.1 21.3 10.0 30.6 14.5 23.6 9.4 20.9 8.2 16.5 2.8 2006 4Q06

MINT’s QSR Performance

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 31

QSR Franchising Revenues

76 28 30 30 115 81 6 6 8 6 26 28 20 40 60 80 100 120 140 160 180 2005 1Q06 2Q06 3Q06 4Q06 2006 (Bt m)

Local Franchising Fee International Franchising Fee

• Local franchise fee increased over

50% y-y

• International franchise fee reduced

as there was non-recurring territory fee of Bt56m in 2005

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 32

4Q06 Hotel Performance

10% 4,410 86% 10% 43%

• 13%

Rev Par (%Chg) 5,340 7,024 8,275 ARR (Bt) 75% 64% 57% Occupancy (%) Total

Note: Calculations based on 13 hotel properties including 4 Anantara, 3 Four Seasons, 3 Marriott, 1 JW Marriott, Bodu Huraa in Maldives, and Harbour View in Vietnam

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 33

2006 Hotel Performance

9% 3,893 83% 10% 29%

• 3%

Rev Par (%Chg) 4,627 5,282 7,530 ARR (Bt) 72% 63% 55% Occupancy (%) Total

Note: Calculations based on 13 hotel properties including 4 Anantara, 3 Four Seasons, 3 Marriott, 1 JW Marriott, Bodu Huraa in Maldives, and Harbour View in Vietnam

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 34

Spa Business Performance

79 67 71 57 22 23 29 92 261 69 286 20 50 100 150 200 250 300 350 400 2005 1Q06 2Q06 3Q06 4Q06 2006 (Bt m)

20% y-y Revenue Growth Local International

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 35

Retail Properties & Entertainment

375 103 100 100 103 406 88 24 24 24 23 95 100 200 300 400 500 600 2005 1Q06 2Q06 3Q06 4Q06 2006 (Bt m)

Retail Property Entertainment

9 % y

• y

R e v e n u e G r

• w

t h

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 36

2006 Consolidated Performance

n.a. 0% 1% 97 Property 10% 4% 3% 17% 11% 28% 40% 32% 100% 1% 1% 3% 4% 42% 49%

%

280 2% 262 Interest Expenses 419 3% 419 Tax & Minority 4,188 41% 5,073 SG&A Expenses 12% 2,913 26% 3,271 EBITDA 1,153 11% 1,310 Depreciation & Amortization 11% 1,760 16% 1,961 EBIT 9% 389 3% 423 Retail Property 9% 4,396 39% 4,812 Hotel Services 25% 5,155 52% 6,442 Food Services 82% 97 1% 177 Share of profit 9% 88 1% 95 Entertainment 20% 318 3% 382 Spa 10% 33% 100%

%

1,280 4,085 12,430

2006

21% 1,061 Net Profit 3,342 Operating Expenses 19% 10,443 Total Revenue

% Growth 2005 (Bt Million)

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 37

2006 Breakdown Performance

1% 97 Property 10% 1,280 Net Profit 3% 419 Tax & Minority 2% 262 Interest Expenses 16% 1,961 EBIT 11% 1,310 Depreciation & Amortization 26% 3,271 EBITDA 41% 5,073 SG&A Expenses 33% 4,085 Operating Expenses 100% 12,430 Total Revenue 1% 177 Share of profit 1% 95 Entertainment 3% 382 Spa 3% 423 Retail Property 39% 4,812 Hotel Services 52% 6,442 Food Services % 2006 (Bt Million)

EBITDA Contribution

72% 28% 1,280 Consolidated Net Profit 922 Hospitality & Leisure 358 Food Services*

Net Profit Contribution

Hotel 49% Retail 9% Entertain 2% Spa 3% Share of Profit 4% Property 1% Food 31% *Note: MFG’s net profit (net of goodwill & interest payment)

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 38

Profitability Ratio

13% 12% 8% 10% 8% 6% 11% 13% 100 200 300 400 500 600 1Q05 1Q06 2Q05 2Q06 3Q05 3Q06 4Q05 4Q06 (Bt m) 0% 4% 8% 12% 16% Net Profit Net Profit Margin 0.12 0.15 0.08 0.09 0.08 0.05 0.15 0.14 0.00 0.02 0.04 0.06 0.08 0.10 0.12 0.14 0.16 0.18 1Q05 1Q06 2Q05 2Q06 3Q05 3Q06 4Q05 4Q06 (Bt/share)

Net Profit EPS

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 39

Efficiency Ratio

8.0% 8.3% 8.5% 8.3% 7.7% 5,000 10,000 15,000 20,000 4Q05 1Q06 2Q06 3Q06 4Q06 (Bt m) 0% 2% 4% 6% 8% 10% Total Assets Adjusted Return on Assets 18.2% 19.6% 21.4% 22.0% 21.9% 2,000 4,000 6,000 8,000 4Q05 1Q06 2Q06 3Q06 4Q06 (Bt m) 0% 5% 10% 15% 20% 25% Total Parent's Shareholders' Equity Adjusted Return on 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

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 40

1.21 0.85 0.82 0.85 0.87 3,000 6,000 9,000 12,000 15,000 18,000 4Q05 1Q06 2Q06 3Q06 4Q06 (Bt m) 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 (x) Equity Interest Bearing Debt Other Liabilities Interest Bearing Debt-to-Equity (RHS)

Balance Sheet

Assets 17,786 MB Assets 16,088 MB Assets 15,439 MB Assets 15,682 MB Assets 16,299 MB

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

Interest Bearing DE

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 41

12.47 12.01 11.57 11.05 10.42 200 400 600 800 1,000 4Q05 1Q06 2Q06 3Q06 4Q06 (Bt m) 6 8 10 12 14 (x) EBITDA Interest Expense Interest Coverage Ratio (RHS)

Interest Coverage Ratio

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

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 42

What’s Next?

MINT’s Expansion Plan Pipeline Opening The Pursuit of Asset Management Projected Cashflow Capex Requirement

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 43

MINT’s Expansion –

Transitional Years to Asset-Light

Quick Service Restaurant Business Hospitality & Residential Business Expansion around 70-80 outlets per annum in major brands ie The Pizza Company, Swensen’s, Sizzler in Thailand, China, Middle East and South East Asia. Target to raise franchise store to 40% from currently 15%. Possibility of new brand acquisition Increase number of rooms by 500 per annum by having own equity hotels that yield returns >17% IRR with accelerated returns through Mixed-use development together with aggressive expansion of hotel management contract business through Anantara brand.

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 44

Food Outlet Pipeline Opening

631

• 21

2 16

• 16
• 189

37 53 109 45 143

2006

• 21

21 25 23 Equity Franchise

703

2 14

• 20
• 203

37 75 116 61 152

2007 827

10 18

• 22
• 207

4 45 100 123 107 166

2008 980

22 24

• 25
• 217

10 50 129 128 175 179

2009

34

• 20

158 246 32 Equity Franchise 27 Equity Franchise 56 Equity Franchise 227 Equity Franchise 133 Equity Franchise 193 Equity Franchise

1,147 2010 Total Outlets (Number of outlets)

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 45

Expansion Target

1,147 980 827 703 631

Total Total

142 95 54 25 13

ME Asia ME Asia

54 41 23 12 6

SE Asia SE Asia

194 122 68 33 34

China China

757 722 682 633 578

Thailand Thailand 2010 2009 2008 2007 2006

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 46

2010 2009 2008 2007

Naladhu Maldives Four Seasons Tent Camp Anantara Maldives

3 hotels 3 hotels

Anantara Phuket Anantara Seminyak Bali

4 hotels

Anantara Jumeirah Lake Dubai Palm Jumeirah Dubai Anantara Hoi An 5 Luxury Hotels in Dubai Rajadamri Hotel & Residence

6 hotels

Hotel Pipeline Opening

Four Seasons Samui

2006

Thailand 3 Dubai 2 Other ME 4 India 3 Vietnam 4 Bali 3 Sri Lanka 3 Indian Ocean 4 China 3

Owned, Owned & Managed Partial Owned & managed Pure Management Bodu Huraa Maldives

07/03/50MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 47

1,025 1,292 1,292 1,306 1,403 1,403 1,403 177 287 602 602 902 902 59 1,444 1,660 1,826 144 144 291 291 363 363

1,025

771 760 700 700

Growth by Type of Assets

19% CAGR (No of Rooms)

2005 2006 2007F 2008F

Owned & 3rd Party Managed Pure Managed

2009F 2010F

Owned & Managed Partial Ownership & Managed Residence

2,313 2,423 3,018 4,511 5,353 5,519

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 48

The Pursuit of Asset Management

• As an owner & operator of 15 hotels,

MINT is moving towards a business model focused on managing other assets using our own brands or brands specifically created to other

• wners/investors
• MINT’s rapid expansion allows without

large capital investment

• Ability to target particular markets or

properties

• Ability to create new brands to pursue

specific opportunities or partnerships

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 49

Hotel Management Contract Expansion

2006 2010

Current properties in Hua Hin, Chaing Rai, Samui, and Maldives Expand through JV and pure hotel management contract in Sri Lanka, Bali, Vietnam, Dubai & Middle East countries, India and China 4 Hotels 30+ Hotels

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 50

MINT’s Management Contract Business

MINT offers consultancy from pre-

development until post opening, management services for high-end resorts and spa under Anantara, and other brands.

Scope of services from inception include:

During development: Technical services, Project

management services

Pre-opening & Post opening services

Management fee scheme: Revenue &

Incentive bases

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 51

Projected Cashflow 2007-10

5 10 15 20 EBITDA CAPEX Tax & Finance New Equity FCF (Bt Billion) (9.8) (4.1) 1.5 6.6 19.0

250m warrants to be exercised by Feb-08

Free cash for new

• pportunities

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 52

Breakdown Capex – Revised

(Bt Million)

1,000 2,000 3,000 4,000 5,000 6,000 2007 2008 2009 2010

Food Hospitality New Opportunities

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 53

Conclusion

MINT’s Asset-Light strategy has proven

strategically successful

2006 results have been exceptional China food business performance started to

show an improvement despite a negative result

Continuing growth opportunities are substantial

especially residential business in 2007

MINT’s Investor Day 6th March 2007 The Stock Exchange of Thailand 54

2007 Financial Ambition

Top-line growth of 15% Food business SSS >5%, TSS >15% Hotel RevPar growth +8-10% Net profit margin +100 bsp ROIC increase to 17%

55

Thank You