ST. REGIS MEETS BANGKOKST. REGIS MEETS BANGKOK

Company PresentationMay 2011

AGENDA

1Q11 Results Review

Business Updates & Outlook

Appendix

2

Anantara Kihavah, Maldives

1Q11 Results Review

3

The St. Regis Bangkok

6,000

8,000

1Q11 ResultsRECORD QUARTERLY REVENUE

5,326

4,412

5,296

THB Million +26% YoY+26% QoQ

6,686

MINT REPORTED RECORD QUARTERLY REVENUES IN 1Q11, AN INCREASE OF 26% YoY, ATTRIBUTABLE TO GROWTH IN ALL BUSINESSES, IN

PARTICULAR THE HOTEL AND MIXED-USE BUSINESS

Restaurant

44%

Hotel &

Mixed

Retail

Trading

13%

% Revenue Contribution

-

2,000

4,000

1Q10 2Q10 3Q10 4Q10 1Q11

Restaurant Hotel & Mixed Use Retail Trading

4

4,0554,412 Mixed

Use

43%

Revenue increased by 26% YoY, as a result of:

Gradual recovery of hotel business, partly supported

by the improvement in the tourism industry;

Recognition of sales of St. Regis residential units;

Commencement of sales of Anantara Vacation Club;

Strong growth of restaurant business;

Impressive same store sales growth of existing retail

trading brands, together with increased contribution

from GAP;

Resumption of contract manufacturing orders

1Q11 ResultsRECORD QUARTERLY EBITDA

+19% YoY+43% QoQ

EBITDA INCREASED BY 19% YoY PRIMARILY PROPELLED BY THE HOTEL AND MIXED-USE BUSINESS, WHILE EBITDA MARGIN DECLINED

SLIGHTLY YoY OWING MAINLY TO PRE-OPENING EXPENSES OF TWO NEW HOTELS AND ANANTARA VACATION CLUB

800

1,200

1,600

THB Million

Restaurant

31%

Hotel &

Mixed Use

65%

Retail

Trading

4%

EBITDA Contribution

1,270

1,056

1,506

5

EBITDA increased by 19% YoY, as a result of:

Recovery of occupancy of existing hotels

(excluding newly-opened hotels), although the

pre-opening expenses of two new hotels

mitigated such positive effect;

Recognition of sale of St. Regis residential units

Better performance of the retail trading and

contract manufacturing businesses from higher

operating efficiency and operating leverage

-

400

800

1Q10 2Q10 3Q10 4Q10 1Q11

Restaurant Hotel & Mixed Use Retail Trading

22.5%EBITDA

Margin23.8% 15.2% 15.6% 19.9%

617690

1Q11 ResultsRECORD QUARTERLY NET PROFIT

THB Million +37% YoY+90% QoQ

MINT REPORTED RECORD QUARTERLY NET PROFIT IN 1Q11, WHICH ROSE 37% YoY, WHILE NET PROFIT MARGIN ALSO EXPANDED TO

12.3%, HELPED BY IMPROVED PERFORMANCE OF ALL THREE BUSINESS UNITS, TOGETHER WITH LOWER EFFECTIVE TAX RATE

600

800

1,000

600

433

823

Restaurant

26%

Hotel &

Mixed

Use

Retail

Trading

4%

Net Profit Contribution

6

Net profit increased by 37% YoY, as a result of:

Improvement in hotel and mixed use net profit of

over 40%

Steady improvement in restaurant net profit of 8%

Net profit of retail trading and contract

manufacturing business more than doubled in

1Q11

Lower effective tax rate as MINT did not have to pay

taxes on subsidiaries with net losses, namely the two

new hotels & Anantara Vacation Club

-200

-

200

400

1Q10 2Q10 3Q10 4Q10 1Q11

Restaurant Hotel & Mixed Use Retail Trading

80 127

12.3%11.3% 2.0% 2.9% 8.2%Net

Margin

Use

70%

7

Business Updates & Outlook Anantara Vacation Club, Bophut, Koh Samui

FINANCIAL PERFORMANCE – HOTEL & MIXED USE Hotel Updates

Revenue

THB Million

1,866

1,010 1,222

1,853

2,883

975

Recognition of sale of real estates - St. Regis

Residences was a major revenue contributor

to the hotel and mixed-use business in 1Q11;

Key Highlights

REVENUE AND PROFIT FROM THE HOTEL & MIXED-USE BUSINESS EXHIBITED IMPRESSIVE GROWTH OF 50% YoY WITH NET MARGIN

REMAINING STABLE. STRIPPING OUT PRE-OPENING EXPENSES OF TWO NEW HOTELS AND ANANTARA VACATION CLUB, NET MARGIN

WOULD HAVE IMPROVED SIGNIFICANTLY

Although contribution is still not

significant, Anantara Vacation Club started to

recognize revenues from sale of points for

right-to-use in time share resort after it was

successfully launched in December 2010

8

EBITDA

NPAT

EBITDA

Margin

Net

Margin

1Q111Q10 2Q10 3Q10 4Q10

761

204 298

553

975

40.8% 20.2% 24.4% 29.8% 33.8%

389

-49 -24

216

577

20.9% -4.8% -2.0% 11.7% 20.0%

Anantara Kihavah, MINT’s first wholly-owned

hotel outside of Thailand, was opened in Feb

2011, along with Anantara Rasananda, a

managed hotel under Anantara brand;

St. Regis Hotel Bangkok was opened in April 2011

Hotel business saw a gradual recovery as

evidenced by improvement in organic occupancy

The company made initial investment in Oaks

Hotels & Resorts Limited (OAK ASX) in Australia

in March 2011

successfully launched in December 2010

Share of profit from the three Maldives hotels

(Anantara Veli, Anantara Dhigu and Naladhu)

almost doubled in 1Q11, compared to 1Q10

RESIDENTIAL PROPERTY DEVELOPMENT Hotel Outlook

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

1Q11. BOTH ST. REGIS RESIDENCES AND THE ESTATES SAMUI STILL HAVE INVENTORIES AVAILABLE FOR SALE FOR THE NEXT FEW YEARS

Sold 50%

Inventory 50%

Sold 32%

Inventory 68%

THE ESTATES SAMUI

While sales have been recognized for the 7

units during 2006-2008, The Estates Samui

has seven units in the inventory to be sold

over the next few years

ST. REGIS RESIDENCES

Although 32% of the total sellable area of St. Regis Residences have been

sold to date, a total of 22% have been booked as revenues in 4Q10 and

1Q11. The remaining 10% will be booked as the properties are transferred.

More revenue will be recognized as more inventories are sold

9

2006 2007 2008 2009 2010 1Q11 2011F 2011F 2011F 2012F 2013F

Sold

pending

transfer

Potential;

deposit

collected

Inventory

2011F

Inventory Inventory

ANANTARA VACATION CLUB Hotel Outlook

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

1Q11. ALTHOUGH THE AMOUNT IS STILL NOT SIGNIFICANT, IT HAS EXCEEDED MINT’S INTERNAL TARGET. MINT EXPECTS SELLING

MOMENTUM TO ACCELERATE OVER THE NEXT FEW YEARS

Inventories

Anantara Vacation Club is in the process of

accumulating its own purpose-built

properties:

� Samui

The 20 units of exclusive suites and villas

have been completed in Dec 2010 and

are now available

Sales & Marketing

Sales and marketing offices have been

launched in Samui and Phuket

As at 1Q11, over 130 memberships

have been sold, with Asians currently

the biggest market

10

Singapore

15%

Germany

8%

Hong Kong

8%

Malaysia

8%Japan

5%Australia

5%

UK

5%

Others

46%

AVC Membersare now available

� Phuket

Two villas at Anantara Phuket Resort &

Spa have been rented as immediate

inventory

30 rais of land has been purchased to

build 100 units of Anantara Vacation Club

properties, to be available by end of

2012

Other destinations, which are being actively

pursued, include Bangkok and Bali

Sample of AVC Brochure

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

By November 2011, Bangkok Marriott Resort

and Spa will be rebranded to Anantara

Bangkok Riverside

Lease term has been extended from the

remaining 8 years to 38 years

REJUVENATION OF EXISTING ASSETS

Anantara Bangkok Riverside

Hotel Outlook

11

The 413-room hotel will be upgraded through

development of a convention center and

shopping plaza, with additional guest rooms on

upper floors

Manorah Cruises will also be rebranded to

Anantara Cruises in July 2011

The Anantara brand reinforces our commitment

to leverage on our own intellectual properties

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 BOTH YoY AND QoQ TO 64% WHILE ADR IMPROVED QoQ WHILE REMAINED

STABLE YoY AT THB 6,866 IN 1Q11

MINT’S HOTEL STATISTICS Hotel Outlook

6,960

4,940 4,590

6,237

6,877

4,234

3,571

4,048

61%

41%

48%

57% 59%

40%

60%

80%

4,000

6,000

8,000

THB

61%

48%

57% 59%

64%

60%

4,000

5,000

Number of Rooms

+436 rooms Anantara Sathorn

+44 rooms Anantara Rasananda+78 rooms Anantara Kihavah

12

2,018 2,211

3,57141%

0%

20%

40%

0

2,000

4,000

1Q10 2Q10 3Q10 4Q10 1Q11

RevparADR % Occupancy

3,142 3,142 3,142 3,142 3,687

41%

0%

20%

40%

0

1,000

2,000

3,000

1Q10 2Q10 3Q10 4Q10 1Q11

Overall Occupancy

Organic Occupancy

Number of Hotel Rooms

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

MINT CONTINUES TO SEE IMPROVEMENTS ACROSS ALL OF ITS FEEDER MARKETS, WITH A 10% YoY INCREASE IN OVERALL ROOMNIGHTS

COMPARED TO INCREASE IN THAILAND’S TOURIST ARRIVALS OF 14% YoY

MINT’S FEEDER MARKETS Hotel Outlook

0

20,000

40,000

60,000

80,000

1Q10 1Q11

Number of Room Nights

China +53%

Korea +62%

13%

11%

4%

2%

34%13%

56%

-22%

India +45%

UAE +70%

MINT’s 1Q11 Feeder Markets

13

0

Thailand East Asia Europe The Americas South Asia Oceania Middle East Africa & Others

Thailand

11%East Asia

20%

Europe

41%

The Americas

11% South Asia

3%

Oceania

4%

Middle East

8%

Africa &

Others

2%

MINT’s 1Q11 Feeder Markets

0

100,000

200,000

300,000

400,000

500,000

China Japan Russia Korea United

Kingdom

1Q10 1Q11

Thailand’s Top 5 Feeder MarketsNumber of

Tourists

30%

5%43%

18%1%

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 Outlook

Investment Hotel

• Anantara Kihavah, Maldives - 78 Rooms (Opened)

• St. Regis Hotel, Bangkok - 227 Rooms (Opened)

• Anantara Pa-Ngan - 44 Rooms (Opened)

• Anantara Mui Ne, Vietnam - 89 Rooms

• Anantara Flamingo Villas, UAE - 30 Rooms

• Anantara Savannah Villas, UAE - 30 Rooms

• Anantara Xishuangbanna, China - 103 Rooms

• Anantara Uluwatu, Bali - 77 Rooms

• Anantara Blue City, Oman - 122 Rooms

Hotel Pipeline Management Contract

2011

• Masai Mara Camp, Kenya - 16 Rooms

14

2012

7 Hotels / 498 Rooms

• Anantara Sanya, China - 122 Rooms

• Anantara Chongqing, China - 150 Rooms

• Anantara E-Mei, Chengdu, China - 150 Rooms

• Anantara Chennai, India - 130 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

16 Hotels / 1,707 Rooms

2013

Total

• Amboseli Camp, Kenya - 16 Rooms

• Anantara Sri Lanka - 125 Rooms

• Serengeti Migration Camp Explorer, Tanzania -

20 Rooms

• Meru, Kenya - 16 Rooms

OAKS’ UNIQUE APARTMENT PORTFOLIO IS A VALUABLE ADDITION TO MINT’S EXPANDING RESORT AND HOTEL PORTFOLIO, PROVIDING

MINT WITH THE OPPORTUNITY TO EXPAND ITS EXTENSIVE HOTEL FOOTPRINT TO THE AUSTRALIAN MARKET

ACQUISITION OF OAKS HOTELS & RESORTS Hotel Update

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

MLR are rights that allow Oaks to operate and rent residential condominium

units participated in the rental pool as a hotel/service apartment. The

company entered into an agreement with individual unit owners to operate

and rent their units in exchange for a fixed percentage of top-line revenue and associated charges;

MINT currently has a 54.3% relevant interest in Oaks;

15

The company currently manages 37 properties with an inventory of more

than 4,000 rental units located throughout Australia, New Zealand and

Dubai. Oaks property portfolio includes CBD apartments

properties, resorts overlooking coastal beaches and villas set amongst acres of tropical landscaping and lagoons

117 127 126

70

0

50

100

150

2008 2009 2010 1H11

RevenueAUDmn

33 33

2519

0

10

20

30

40

2008 2009 2010 1H11

EBITDAAUDmn

14.7

9.8

3.96.0

0

5

10

15

20

2008 2009 2010 1H11

NPATAUDmn

Source: Oak’s Annual Reports

REVENUE AND PROFIT FROM THE RESTAURANT BUSINESS EXHIBITED STRONG GROWTH OF OVER 7% FROM THE PRIOR YEAR WITH

NET MARGIN REMAINING STABLE YoY AND QoQ

FINANCIAL PERFORMANCE - RESTAURANT

Revenue

THB Million

2,765

2,471 2,519

2,704

2,963

Key Highlights

All brands recorded positive sales growth in 1Q11;

The Pizza Company and Sizzler, which

made up more than 40% of

consolidated food group revenue, led

the pact, having recorded double-

digit same sales growth and total sales growth;

Restaurant Update

16

EBITDA

NPAT

EBITDA

Margin

Net

Margin

1Q111Q10 2Q10 3Q10 4Q10

471 390 356

449 467

17.0% 15.8% 14.1% 16.6% 15.8%

198 128 143

191 213

7.2% 5.2% 5.7% 7.1% 7.2%

Share of profit from The Coffee

Club, in which MINT holds a 50%

stake, increased significantly on the

back of strong same store sales

growth and continued outlet expansion through franchise model

Apart from strong same store sales

growth, the increase in the number of

franchised outlets (by 43 outlets from

end-1Q10 and by 8 outlets from end-

2010) also helped contributing to a

24.6% increase in franchise income YoY in 1Q11;

RESTAURANT SAME STORE SALES GROWTH MOMENTUM CONTINUED TO IMPROVE IN 1Q11 , OWING TO STRONG DOMESTIC DEMAND AND

MINT’S SUCCESSFUL PROMOTIONAL EFFORTS. TOTAL STORE SALES GROWTH WAS ALSO PROPELED BY CONTINUED OUTLET EXPANSION

MINT’S RESTAURANT STATISTICS

6.8%

7.8%

9.5%

7.2%

10.6%

11.8% 11.9%

10%

15%

34%

66%

34%

66%

49%

51%

1,148 1,157

2,188

Restaurant Outlets Breakdown by Geography

International

Thailand

Restaurant Update

17

Same Store Sales Growth Total Store Sales Growth

0.9%1.4%

5.7%

0%

5%

1Q10 2Q10 3Q10 4Q10 1Q11

1,117 1,123 1,133 1,148No. of

Outlets

17

1,157

2010 1Q11 2015F

40%

60%

41%

59%

63%

37%

2010 1Q11 2015F

1,148 1,157

2,188

Restaurant Outlets Breakdown by Ownership

Franchised

Owned

FOOD AND PAPER COSTS ROSE IN 1Q11 PRIMARILY AS A RESULT OF SEASONAL “BUY ONE GET ONE FREE” CAMPAIGN, LAUNCHED EVERY

YEAR IN MARCH TO CELEBRATE THE ANNIVERSARY OF THE PIZZA COMPANY. STRIPPING THAT OUT, FOOD AND PAPER COSTS IN 1Q11

WOULD HAVE REMAINED STABLE AND WERE WELL CONTAINED

FOOD COSTS

35.9%

34.9% 35.2%35.2%

35%

36%

% of Food & Paper Costs to Sales

Restaurant Update

18

34.1%

33.3%

33.0%

33.9%

34.5%

33.2% 33.2%33.0%

34.0%

32%

33%

34%

35%

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11

Fixed Long-

Term Contract Prices

Menu-Mix Re-Engineering

Supply Chain Management

Maximization of FTA Benefit

Pro-Active

Inventory Management

Strategy

Retail Trading Update

REVENUE OF RETAIL TRADING & CONTRACT MANUFACTURING INCREASED BY 21% WHILE PROFIT MORE THAN DOUBLED YoY, RESULTING

IN INCREASE IN NET MARGIN BOTH YoY AND QoQ

FINANCIAL PERFORMANCE – RETAIL TRADING & CONTRACT MANUFACTURING

Revenue

THB Million

696 574

672 739

840

Key Highlights

Contribution from GAP increased from

A modification of pricing and

distribution strategies for some fashion brands led to higher sales volume;

1Q11 also saw higher sales volume

from end-of-season sales event in

January compared with the same period the prior year

19

EBITDA

NPAT

EBITDA

Margin

Net

Margin

1Q111Q10 2Q10 3Q10 4Q10

38 23

36 55 64

5.5% 4.0% 5.4% 7.4% 7.6%

13 0.5

9

26 32

1.8% 0.1% 1.3% 3.5% 3.8%

Contribution from GAP increased from

that generated from one outlet in

March 2010 to that generated from

three outlets in the entire quarter of 2011;

Revenue from contract manufacturing

rose significantly on the back of

additional orders from existing

customers;

Additional manufacturing contracts

have been signed with new

customers, production is expected to begin in a few months

COMPARABLE SALES GROWTH AND TOTAL SALES GROWTH REMAINED STRONG. SALES PER SPACE CONTINUED TO IMPROVE DESPITE THE

REDUCTION IN THE NUMBER OF OUTLETS AND SPACE AS A RESULT OF UPGRADES OF STORE CONCEPTS AND A MORE TARGETED PRODUCT

OFFERING

MINT’S RETAIL TRADING STATISTICS Retail Trading Update

14.5%

16.5% 17.0%

25.6%

27.8%

21.0%20%

30%

24,590

18,37820,171

27,544

30,262

20,000

30,000

40,000

20

Comparable Sales Growth Total Store Sales Growth

10.4%

7.3%

12.0%

0.0%0%

10%

1Q10 2Q10 3Q10 4Q10 1Q11

277 267 267 258No. of

Outlets233

18,378

0

10,000

1Q10 2Q10 3Q10 4Q10 1Q11

277 267 267 258No. of

Outlets233

Fashion & Cosmetic Sales per Sqm.

GROWTH OF ALL BUSINESS UNITS ARE ON TRACK 5-Year Targets

� 22 hotels

� 676 restaurants

� 316 retail stores (14,524 Sqm)

2007

� > 75 hotels

� > 0 residence

� > 200 timeshare units

� > 2,100 restaurants

� > 300 retail stores (21,600 Sqm)

2007

2015F

21

1Q11

2015F� 35 hotels

� 67 residences

� 22 timeshare units

� 1,157 restaurants

� 233 retail stores (14,599 Sqm)

1Q11

LONG-TERM INVESTMENT RATIONALES Investment Rationales

SOLID FOUNDATION FOR FURTHER GROWTH & HIGHER SHAREHOLDER VALUE

International

Player

New

Initiatives &

Acquisition

Portfolio

Balance

Building to be an International Player

Adding Growth through

New Initiatives and Disciplined Acquisition

Balancing a Mix of

Business Portfolio to

Mitigate Risk & Volatility

22

MINT

Intellectual

Property

Partnership

w/ Global

Players

Financial

Discipline

Enhancing Value through

Increasingly Stronger Intellectual Property

Leveraging Off Partnership with Reputable Global Players

Maintaining Solid

Balance Sheet & Cash

Flows through Financial Discipline

APPENDIX

23

HOTEL PERFORMANCE

HotelOccupancy Rate (%) ADR (Bt/night) RevPar (Bt/night)

1Q11 1Q10 1Q11 %Chg 1Q11 %Chg

Marriott 79% 77% 4,243 -7% 3,344 -5%

Anantara 47% 48% 8,552 -4% 4,027 -6%

Four Seasons 59% 63% 9,678 3% 5,699 -4%

Others 35% 34% 12,328 6% 4,350 12%

Average 59% 61% 6,877 -1% 4,048 -4%

Avg. Thailand 61% 66% 5,572 -4% 3,388 -12%

24

RESTAURANT PERFORMANCE

BrandSSS (%) TSS (%)

1Q11 1Q10 1Q11 1Q10

The Pizza Company 10.8 -0.5 13.4 0.8

Swensen’s -2.5 6.9 2.6 7.0

Sizzler 10.5 5.1 12.5 18.7

Dairy Queen 5.2 4.0 8.9 10.8

25

Dairy Queen 5.2 4.0 8.9 10.8

Burger King 9.8 9.4 11.5 18.9

The Coffee Club 11.1 2.1 16.9 17.5

Thai Express -2.0 -16.2 2.0 -2.8

Average 7.8 0.9 11.9 9.5

Average Thailand 7.2 4.2 10.9 8.7

RESTAURANT OUTLETS

BrandNo. of outlets No. of outlets

Equity Franchise Thailand International

The Pizza Company 170 78 210 38

Swensen’s 113 133 232 14

Sizzler 44 - 38 6

Dairy Queen 244 3 247 -

26

Dairy Queen 244 3 247 -

Burger King 27 - 27 -

The Coffee Club 18 247 5 260

Thai Express 58 10 - 68

Others 12 - 12 -

Total 686 471 771 386