9-Month Revenue Breakdown (%)

3Q09 Investor/ Analyst Presentation

The Stock Exchange of Thailand17 November 2009

Pratana Mongkolkul, Group CFOPrapharat Tangkawattana, Senior Finance Director

Minor International

Food 61%Hotel 29%

Others 10%

0

5,000

10,000

15,000

20,000

2004 2005 2006 2007 2008 2009

Sales Revenue (Btm)

Today’s Agenda

I. Recent Developments

II. Financial Results

III. MINT’s Strategic Growth

IV. Pipeline Expansion & Financial Outlook

I. Recent Developments

Key Business Developments in 3Q09

‣ Successful placement of Bt 2,000m debentures in July; 4-year term with coupon rate of 4.65%. It is MINT’s first debenture issued to retail investors

‣ MINT’s total food outlets reached 1,097 with current international coverage in 14 countries

‣ Opened purely-managed hotels, Anantara Qasr Al Sarab - Abu Dhabi and Anantara Lawana - Koh Samui , in late October 2009. MINT currently operates 30 hotels in 8 countries

‣ Completed an extension of 12 pool villas at Four Seasons Hotel in Chiang Mai & opened 2 new spa under management contracts in Turkey and China

‣ Signed an agreement with GAP Inc. as the exclusive distributor in Thailand. First stores in Bangkok to be opened in 1Q10

4

MINT’s Revenue Breakdown by Business

Share of Profit1%

Retail Trading14%

Plaza & Entertain3%

Share of Profit1%

Retail Trading6%

Plaza & Entertain3%

‣ Strategically, MINT’s revenue structure is balanced with 50% from food and 40% from hotel, while the remaining comes from other complimentary businesses

Food57%

Hotel & Spa24%

Food61%

Hotel & Spa29%

3rd Quarter 2009: Bt 4,152 m 9 Months 2009: Bt 12,184 m

5

Food Business in This Quarter

‣ Facing challenges from the outbreak of H1N1 flu since July

‣ Cautious consumer spending driving marketing strategies; variety and value promotion

‣ Strengthening profitability from successful implementation of Supply Chain Management Business

‣ SSS growth declined in-line with GDP and Consumer Confidence, however, TSS grew due to shop expansion

‣ Strong improvement in Thai franchised outlets due to expansion in under-penetrated markets especially in upcountry

‣ Business synergy with local bank to strengthen domestic franchising business6

Improvement of Consumer Confidence

7

70

75

80

85

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

Pressure from Global Economic Downturn and Intensified

Political Tension

‣ We have seen the gradual improvement in consumer sentiment in the past few months which we believe has driven private consumption and manufacturing orders and we expected that this will strengthen our domestic QSR business

Thailand’s Modern Trade Growth in Late 2009

8

‣ Economic slowdown forced a slower growth in hypermarkets in Thailand in the first half of 2009

‣ Pent-up demand expected to accelerate domestic hypermarkets in the latter of the year

‣ Industry experts indicated 5% growth on average in 2010. This will be one of key drivers for the new openings especially for those under-penetrated markets

Expected Growth of Hypermarkets

Existing Store New Store

0

30

60

90

Tesco Lotus Big C Carrefour

Source: Public News Based on Management Interview

+5

+3

+7

Promising Growth of Delivery Business & Upcountry Franchising

9

‣ Delivery dockets for local TPC franchised stores grew 5% y-y, especially in under-penetrated markets

‣ Local SW franchised outlets reported the docket growth of 21% y-y, thanks to value promotions

‣ Newly opened stores of TCC achieved higher sales/ store compared to the existing ones

0

111

222

TPC SW TCC

3Q08 3Q09

Capturing Under-penetrated MarketNumber of Franchised Outlets

Food Business: Key Performance - 3Q09

BrandSSS (%) TSS (%)

3Q09 3Q08 3Q09 3Q08

The Pizza Company -8.9 5.1 0.5 15.9

Swensen’s 3.4 3.6 8.8 18.9

Sizzler -3.3 15.3 10.9 14.6

Dairy Queen -9.7 13.0 -6.3 25.3

Burger King -7.0 -0.8 4.1 19.4

The Coffee Club 0.2 1.2 19.6 15.2

Thai Express -17.7 3.6 33.0 71.7

Average -4.2 4.2 9.9 19.5

10

Food Business: Key Performance -- 9M09

BrandSSS (%) TSS (%)

9M09 9M08 9M09 9M08

The Pizza Company -4.6 2.1 7.0 10.4

Swensen’s -1.5 0.9 8.1 12.8

Sizzler -0.3 18.9 11.3 17.4

Dairy Queen 0.1 5.7 3.8 15.8

Burger King -9.1 0.9 5.9 16.9

The Coffee Club 1.6 2.7 18.3 19.1

Thai Express -14.9 6.7 50.4 62.1

Average -2.5 4.1 12.9 17.7

11

Key Issues in Hospitality Business

‣ Despite H1N1 challenge at the beginning of 3Q, hotel business poor sentiment has shown the occupancy rate bottom-out in June

‣ Overall room rate remained an issue giving a modest rebound of tourist arrivals compared to strong growth last year

‣ International tourist arrivals to Thailand posted a significant y-y decline, however, a strong improvement is seen in the South beach provinces and oversea markets. September was the first month to report number of tourist arrivals climbing back at the same level of normal years.

‣ Continuous introduction of premium properties; Anantara Kihavah, Maldives and St. Regis Hotel & Residence, Bangkok

12

Thai Tourism Sentiments in Past 18 Months

13

The industry was severely hit in late 2008 by political unrest and further in 2009 due to the slowdown of the global economy and the H1N1 virus outbreak

The government has launched several tourism recovery programs including massive budget and policy measures in order to restore business and consumer confidence

0

1.25

2.50

3.75

5.00

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

Number of Tourist

68

55 5350

53

4247

Occupancy (%)

(Million Persons)

Foreign Tourists & Thai hotels Occupancy

Source: BOT

Regional Occupancy Rate

Market (YTD Jul 2009) Occupancy % Change in Occupancy % Change in ADR % Change in RevPar

Hong Kong - 5 Star (HKD) 56% (24%) (16%) (36%)Hong Kong - 4 Star (HKD) 74% (10%) (20%) (28%)Bangkok - 5 Star (THB) 47% (32%) (11%) (40%)Bangkok - 4 Star (THB) 51% (29%) (12%) (37%)Singapore - 5 Star (SGD) 65% (12%) (21%) (30%)Singapore - 4 Star (SGD) 72% (12%) (23%) (32%)

Manila - City (PHP) 68% (10%) (2%) (12%)Phuket - City (THB) 59% (16%) (13%) (27%)

Maldives - City (USD) 60% (21%) 8% (15%)Bali - City (USD) 70% (9%) 3% (6%)

Jakarta - City (USD) 61% (11%) (7%) (17%)Hanoi - City (USD) 54% (16%) (17%) (31%)

Ho Chi Minh - City (USD) 53% (27%) (10%) (35%)Source: The Brief (Oct 2009)STR Global 2009, Jones Lang LaSalle Hotels 14

Feeder Markets to Thailand vs. MINT’s

Thailand MINT Hotels - 9M09

Source: 9M09 Office of Tourism Development, MINT

Others3%

Oceania5%

South Asia6%

South East Asia28%

East Asia22%

The Americas6%

EU28%

Thailand12%

Others7%

Oceania4%

South East Asia6%

East Asia21% The Americas

12%

EU38%

15

Change in % Share of Total Tourist Arrivals (y-y)Europe 2% East Asia (5%) The Americas -

South East Asia 2% South Asia 1% Oceania and Others -

(Million)

0

0.5

1.0

1.5

2.0

Jan-08

Feb-08

Mar-08

Apr-08

May-08

Jun-08 Jul-

08Aug

-08Sep

-08Oct-0

8Nov-

08Dec-0

8Jan

-09Feb

-09Mar-0

9Apr

-09May-

09Jun

-09 Jul-09

Aug-09

Sep-09

Oct-09

No. of Foreign Visitors (Pending info of Oct-09)

79%85%

81%

66% 66%60%

72%75%

49%

61% 60%

43%

60%67%

56%50%

43%39%

48%

56%

48%

63%

MINT’s Thai Hotels’ Average Occupancy (%)

Airport Closure

MINT’s Hotel Occupancy Hit Bottom in Jun 09

April Riot

H1N1 Outbreak

First 8 months 2008 were outstanding period for MINT’s hotel business

16

17

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

1,401

1,806 1,7401,997

2,175 2,158 2,151

2,555

3,023

3,339

3,9514,156

3,200

(Baht/Night)

911 SARS

Tsunami,Bird Flu

London Bomb

BKK Bomb,Coup

Sub-primeCrisis

Airport Closure

FinancialCrisis 5-Yr CAGR 14%

MINT’s RevPar from Past to Present

Global Economic crisis

Political TurmoilH1N1 Outbreak

‣ In our opinion, the excess supply was not a major concern compared to demand situation

‣ MINT’s hotel RevPar is about to show a decline for the first time in 5 year mainly caused by global economic turmoil

c. 3,200

Hotel Supply Situation

0

5,000

10,000

15,000

2008 2009E 2010F 2011F

Source: HVS Asia Pacific Hotel Watch 2009, MINT 18

Upscale Hotel Rooms in Bangkok Upscale Hotel Rooms in Phuket

0

1,750

3,500

5,250

7,000

2008 2009E 2010F 2011F

Upscale Hotel Rooms in Samui

0

500

1,000

1,500

2,000

2008 2009E 2010F 2011F0

6,000

12,000

18,000

24,000

2008 2009E 2010F 2011F

Upscale Hotel Rooms in Maldives

Existing Supply Additional Supply

Hotel Business: Key Performance - 3Q09

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

3Q09 3Q08 3Q09 %Chg 3Q09 %Chg

Four Seasons 45% 54% 7,157 -22% 3,215 -35%

Anantara 47% 64% 6,247 -9% 2,915 -34%

Marriott 60% 71% 2,948 -21% 1,761 -34%

Others 28% 37% 7,139 15% 1,985 -14%

Average-Thai 51% 66% 3,906 -19% 1,975 -38

Average 51% 64% 4,765 -13% 2,429 -31%

19

Hotel Business: Key Performance - 9M09

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

9M09 9M08 9M09 %Chg 9M09 %Chg

Four Seasons 43% 58% 8,399 -11% 3,583 -35%

Anantara 44% 67% 7,715 1% 3,372 -34%

Marriott 61% 78% 3,778 -14% 2,300 -32%

Others 30% 46% 8,725 15% 2,623 -24%

Average-Thai 51% 70% 4,768 -12% 2,425 -37%

Average 50% 69% 5,783 -5% 2,907 -31%

20

Performance Comparison of Core Business

Food: EBITDA vs Revenue Growth Hotel: EBITDA vs Revenue GrowthRevenue Growth

0%

5%

10%

15%

20%

2006 2007 2008 9M090%

10%

20%

30%

40%

2006 2007 2008 9M09

25%

6%

29%

16%

10%

22%

1%

-27%

‣ MINT’s EBITDA margins demonstrated the pro-active response to changing environments. Hotel & Spa profitability relatively held up despite significant drop in sales revenue in 9M09

21

Revenue Growth

II. 3Q09 Financial Results

Key Issues on MINT’s Core Business Financials

‣ Food: Sustained sales growth and high profitability driven by operating efficiency & resilient demand

‣ Hotel & Spa: Room rate pressures, offset by an increased occupancy rate

‣ Residential Properties: Absence of new residential sales and revenues recognition

‣ Corporate: Earnings diversification and strategic fundings for future growth & new opportunities

23

(Bt Million) 3Q09 % 3Q08 % % y-y ChgFood 2,373 57% 2,268 55% 5%Hotel & Spa 1,013 24% 1,389 34% -27%Mixed-Use 5 0% 322 8% -99%Plaza & Entertainment 116 3% 139 3% -17%Retail Trading 600 14% - 0% n.a.Share of Profit 45 1% -4 0% n.a.Total Revenue 4,152 100% 4,114 100% 1%Operating Expenses 1,516 37% 1,414 34% 7%SG&A Expenses 1,917 46% 1,741 42% 10%EBITDA 720 17% 959 23% -25%Net Profit 152 4% 376 9% -60%Net Profit Before Extra-item 175 4% 376 9% -53%EPS (Bt) Before Extra-item 0.0574 n.a. 0.1098 n.a. -48%

Third Quarter Performance

24

(Bt Million) 3Q09 %Food 2,373 57%Hotel & Spa 1,013 24%Mixed-Use 5 0%Plaza & Entertainment 116 3%Retail Trading 600 14%Share of Profit 45 1.1%Total Revenue 4,152 100%Operating Expenses 1,516 37%SG&A Expenses 1,917 46%EBITDA 720 17%Depreciation & Amortization 399 10%EBIT 321 8%Interest Expenses 115 3%Tax 44 1%Minority 11 0%Net Profit 152 4%

Share of Profit6%

Retail Trading5%

Plaza & Entertain10%

Hotel & Spa32%

Food47%

Net Profit Contribution (Btm) 3Q09 %

Food 121 80%

Hotel & Spa & Mixed-Use -23 -15%

Plaza & Entertainment 44 29%

Retail Trading 10 7%

Consolidated Net Profit 152 100%

EBITDA Contribution

Third Quarter: Breakdown Performance

25

(Bt Million) 9M09 % 9M08 % % y-y ChgFood 7,429 61% 6,388 52% 16%Hotel & Spa 3,509 29% 4,803 39% -27%Mixed-Use 20 0% 610 5% -97%Plaza & Entertainment 402 3% 450 4% -11%Retail Trading 716 6% - 0% n.a.Share of Profit 109 1% 75 0.6% 46%Total Revenue 12,184 100% 12,326 100% -1%Operating Expenses 4,074 33% 4,070 33% 0%SG&A Expenses 5,556 46% 5,027 41% 11%EBITDA 2,554 21% 3,229 26% -21%Net Profit 782 6% 1,477 12% -47%Net Profit Before Extra-item 805 7% 1,477 12% -46%EPS (Bt) Before Extra-item 0.2444 n.a. 0.4370 n.a. -44%

First Nine Months of 2009 Performance

26

(Bt Million) 9M09 %Food 7,429 61%Hotel & Spa 3,509 29%Mixed-Use 20 0%Plaza & Entertainment 402 3%Retail Trading 716 6%Share of Profit 109 1%Total Revenue 12,184 100%Operating Expenses 4,074 33%SG&A Expenses 5,556 46%EBITDA 2,554 21%Depreciation & Amortization 1,163 10%Net Profit 782 6%

Share of Profit4%

Retail Trading2%

Plaza & Entertainment10%

Hotel & Spa40%

Food 43%

Net Profit Contribution (Bt m) 9M09 %

Food 353 45%

Hotel & Spa & Mixed-Use 229 29%

Plaza & Entertainment 173 22%

Retail Trading 27 4%

Consolidated Net Profit 782 100%

EBITDA Contribution

First Nine Months of 2009: Breakdown Performance

27

III. MINT’s Strategic Growth

28

MINT’s Asset-Light: Then and Now

29

353 Food Outlets9 Hotels

1,097 Food Outlets30 Hotels

Asset-Heavy..THEN NOW..Expansion with Asset-Light

Prior to 2003, MINT’s business portfolio was 100% assets

MINT initiated its food franchise business of The Pizza Company brand and the hotel management employing Anantara brand. Total revenues grew by 29% CAGR since 2003

Continuing the Transformation

The Future of MINT’s Intellectual Properties

2002 2006 YTD 09 2013E

703

425100

4 853672531350

Investment Franchised

2002 2006 YTD 09 2013E

2,270

664

3,1842,8622,2792,055

Investment Purely Managed

(No of Outlets)

(No of Rooms)

30

Contributions from The Asset-Light Business

31

0

100

200

300

2004 2005 2006 2007 2008

Food Franchise Fee Income (Btm)

0

150

300

450

600

2004 2005 2006 2007 2008

Management Fee Income (Btm)

Strong and steady growth of fee-based income from both hotel & food businesses

Food franchising business can expand at a faster rate, given short lead times

The growth rate of hotel management fee is attractive, it takes approximately 3 years for a management contract to take effect

21% CAGR

91% CAGR

Timeshare development and other one-off fees

Food QSR Business

Food Key Strategic Directions

Continued expansion of strong concepts in ThailandAggressive franchising in strong retail consumption growth markets such as SE Asia & Middle East

Solid Organic Growth

Enhancing growth through the franchising platform esp. in high potential markets in China & India

Potential Markets

Strategic Acquisition

Continued acquisition of successful food concepts ???

33

Food Outlets Expansion Plan

34

0

500

1,000

1,500

2009 2012

Number of Outlets, by OwnershipNumber of Outlets, by Brands

0

500

1,000

1,500

2009 2012

Number of Outlets, by Location

Equity

Franchise

Equity

Franchise

Thailand

Overseas

Thailand

Overseas

12% CAGR

6% CAGR

16% CAGR

4% CAGR

Sep-09 2012E

244 362

229 272

40 52

226 274

24 31

77 115

237 290

MINT’s Food Asset-Light Portfolio Outlook

35

Own100%

2000

Franchised39%Own

61%

2Q09

Franchised46%

Own54%

2014

Note: Based on number of outlets from internal budgets under pipeline expansion, MINT

Food Business 5-Year Pipeline Growth

26%

9M09

37%

2014

Overseas Revenues Contribution

Aiming to be a global integrated operator of multiple food brands

Under the pipeline plan, MINT’s food total-system-sales target to grow 16.6% p.a. for the next five years

The strategy is to increase franchising penetration in both existing and especially in emerging markets

With further catalyst from strategic acquisition of new food concepts

Minor Food Total-System-Sales

012.525.037.550.0

2009 2014

(Bt b

n)

36

17% CAGR

MINT’s Hospitality Business

Hotel Key Strategic Directions

Leader in Thailand

Strengthening Brand Recognition

New Opportunities Amidst Crisis

4 Four Seasons Hotels4 Marriott & JW Marriott Hotels7 Anantara Hotels

12 existing Anantara hotels in Thailand, Maldives, Bali and Abu DhabiAdditional 11 Aanantara hotels under the pipeline; 1 owned and 10 purely-managed

Stronger balance sheetLower cost of borrowingExcess capital from food/ mixed-use projects

38

The Pipeline Expansion

Journey into

the spirit of Arabia

Enjoy life at a slower

rhythm on unspoilt

Maldivian shores

Investment Hotel:1. Anantara Kihavah, Maldives (82 rooms) 2Q102. ST. Regis Hotel & Residences (220 rooms/53 condo units for sale) 4Q10

Extension: Anantara Koh Samui (20 rooms) 2011

Hotel Management:1. Anantara Lawana Resort & Spa, Samui (122 rooms & villas) November 2009*2. Anantara Al Madina A’Zarqua, Oman (122 rooms) 2Q103. Anantara Sanya, China (148 rooms) 20104. Anantara Marrakech, Morocco (109 rooms) 20115. Anantara Magador, Morocco (75 rooms) 20116. Anantara Mahabaliburam, India (126 rooms) 2011 7. Anantara Uluwatu, Bali (93 rooms) 20118. Anantara Jumeirah Lake, Dubai (473 rooms) 20129. Anantara Estrella, Cape Verde (200 rooms) 201210. Anantara Santiago, Cape Verde (200 rooms) 201211. Aequalis Santiago, Cape Verde (60 rooms) 2012Anantara Qasr Al Sarab, Abu Dhabi

Anantara Baa Atoll, Maldives

39

MINT’s Hospitality Asset-Light Portfolio

40

Own100%

2000

Managed11%

JV22%Own

67%

2Q09

Managed40%

JV13%

Own46%

2014

Note: Based on number of hotel rooms from internal budgets under pipeline expansion, MINT

MINT Hospitality 5-Year Intact Growth

Aiming to be a regional leader in Hospitality & leisure

During 2009-12, at least 10 additional hotels will be managed by Anantara

Drive growth in Anantara brand

Continued expansion into other hospitality-related businesses

Acquisitions of properties and new hotel brands accelerate growth of profits faster than top-line revenues

8%

9M09

15%

2014

Overseas Revenues Contribution

MINT’s Hospitality & Leisure Revenues

05

101520

2009 2014

(Bt b

n)

41

19% CAGR

MINT’s Owned Hotels Progress

42

Four Seasons Chiang Mai, Extension

Project: Hotel 12 pool villas

Completion: 3Q 2009

Anantara Kihavah , Maldives

Project: 82 villas

Completion: 2Q 2010

St. Regis Hotel & Residence, Bangkok

Project: 220 rooms, 53 Residence

Completion: 4Q 2010

IV. Pipeline Expansion & Financial Outlook

Management’s Guidance for 2009-10

Food Hotel Residential MINT-Consolidated

2009E(2-3%) SSS;

12-15% TSS50-55% Occupancy;

(5-10%) ADR 2-5 units of St. Regis

Modest revenue growth;

20-25% decline in operating profits

2010F+3-5% SSS;

15% TSS65% Occupancy;

+5% ADR

8-12 units sales of St. Regis;

1-2 villas of The Estate Samui

Significant improvement on top & bottom-line from

low base comparison

44

‣ We anticipated a near-term improvement with a tourism fully recovered by year-end 2010

How We Grow Business in the Next 5-Year?

45

Food Business1,600 outlets

Hospitality40 hotels

Retail & Trading

• Revenues > $700m• Achieve 50:50 mix of

equity: franchise outlets

• Organic revenues > $500m • With strategic acquisition,

total revenues should grow 31% per annum

• Revenues > $130m• Exclusive agreement with

Gap Inc.

Note: Based on the internal budgets, MINT

50% 40% 10%Annualized Topline Contributions

With Well-Diversified Sources of Income

46

Sales Revenues Net Profit

Others15%

Hotel & Mixed Use40%

Food45%

Others5%

Hotel & Mixed Use65%

Food30%

Note: Contributions estimated from internal budgets under pipeline expansion, MINT

‣ Food and hotel remain balanced key businesses offering reciprocal advantages

With Higher Contributions from Overseas

0

10,000

20,000

30,000

40,000

2009 2014

Sales Revenues Net Profit (2009 - 2014)

Thailand64%

Overseas36%

Thailand

Overseas

19%

24%

Note: Total Sales revenues & net profit calculated from internal budget, MINT47

‣ Gradually shifting away from single-country orientation

Thank YouFor further information, please visit

www.minornet.com

Investor Relations Office:Ririnda Tangtatswas + 66(0) 2365 7637

Punnee Ruangwaewmanee + 66 (0) 23657636