ir presentation 11ye-analyst meeting...

Company PresentationFebruary 2012

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.

FORWARD LOOKING STATEMENT Disclaimer

2

AGENDA

Our 2011 Achievements

Appendix

Our 5-Year Aspirations

3

Zuma Restaurant at St. Regis Hotel, Bangkok

Our 2011 Achievements

Anantara Kihavah, Maldives

MINT HAS CONSISTENTLY DELIVERED SOLID NET PROFIT GROWTH OF OVER 15% HISTORICALLY. THE HICCUP DURING 2009-2010 WAS

ATTRIBUTABLE TO EXTERNAL FACTORS INCLUDING GLOBAL ECONOMIC CRISIS AND DOMESTIC POLITICAL UNREST. WE ARE NOW BACK ON

TRACK WITH OVER 50% GROWTH IN CORE NET PROFIT IN 2011.

PERFORMANCE TRACK RECORD Performance Recap

2,000

2,500

3,000

THB million

+18% +55%

+133%

5

-

500

1,000

1,500

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Net Profit One-Time Items*

+27% +27%+32% +16%

+78%

+49%

+21%

+26%

+18%

-26%-12%

+55%

* One-time items include gain from reclassification of investment in S&P, netted off with provision for investment in China

RESILIENCY OF THAILAND vs. MINT’S RESPONSIVE STRATEGIES Overcoming Challenges

SINCE 2000, THAILAND HAS GONE THROUGH SEVERAL CHALLENGES, DRIVEN BY BOTH DOMESTIC AND GLOBAL FACTORS. HOWEVER,

PRIVATE CONSUMPTION AND TOURIST ARRIVAL SAW POSITIVE GROWTH IN MOST YEARS. FOR SOME OF THE YEARS WITH NEGATIVE

GROWTH, STRONG AND RAPID REBOUND WAS SEEN WITHIN A YEAR. DIVERSIFICATION GEOGRAPHICALLY AND NEW INITIATIVES INCLUDING MIXED-USE DEVELOPMENT HAVE ALSO HELPED MINT MITIGATE THE RISKS AND THE COMPANY HAS ALL ALONG REPORTED PROFIT.

2000 – 2005

• Acquired Minor Food Group

• Launched own Pizza brand, The Pizza Company

• Entered into a JV to operate 3 hotels in the

Maldives

• Launched the first timeshare project in Asia with

Marriott

• Opened TPC and SZ in China

2006 – 2008

• Launched the first residential

project, the Estates Samui

• Invested in S&P Thailand,

Serendib Sri Lanka, Elewana

Africa, The Coffee Club Australia

and Thai Express Singapore

• Opened the first two purely

managed hotels in Bali and Abu

Dhabi

2009 – 2011

• Acquired Minor Corporation

• Opened TPC & SW franchised outlets in

South East Asia and India

• Invested in Kani Lanka Sri Lanka, Oaks Hotels

& Resorts and Ribs and Rumps Australia

• Launched Anantara Vacation Club, point-

based timeshare project, and the second

residential project, St. Regis Residence

Source: Office of The National Economic and Social Development Board and Bank of Thailand MINT’s Diversification Strategy6

(2,000)

(1,000)

-

1,000

2,000

3,000

4,000

-15%

0%

15%

30%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

MINT's NPAT % Change in Private Consumption % Change in Tourist Arrival

Pattaya Riot

AirportClosureSub-prime

Crisis

TsunamiRajprasong

RiotBangkok Coup

Flooding

SARS

2007 2008 2009 2010 2016F2011

GEOGRAPHICAL DIVERSIFICATION

GEOGRAPHICALLY DIVERSIFY THE GROUP’S REVENUE SOURCE AND REDUCE RISK AND THE VOLATILITY OF CASH FLOW STREAM

1,611 1,236 1,892 1,400

-14%

101%11% 1%

114%

-1%

89% 99%

51%

49%

Net Profit (THB million)

2007 2008 2009 2010 2016F2011

19,089

14,029 16,51517,244

96% 87% 82% 84%

4% 13% 18% 16% 60%

40%

Revenue (THB million)

Diversification

27,278*

75%

25%

1,919*

85%

15%

7Thailand Overseas

2007 2008 2009 2010 2016F2011

Number of Hotel Rooms

4,114

2,3632,700

3,553

87% 84% 71% 72%

13%16%

29%28%

Thailand Overseas

2007 2008 2009 2010 2016F2011

Number of Restaurant Outlets

676

1,148 1,043

1,112

7%

33% 34% 34%

93% 67% 66% 66%

43%

57%

25%

75%

2,188

9,821

33%

67% 1,257

34%

66%

12,673

*Excluding gain from reclassification of S&P investment* Excluding gain from reclassification of investment in S&P and provision

for investment in China

MINT’S 2011 CORE PERFORMANCE INCREASED BY 55%, PRIMARILY ATTRIBUTABLE TO BETTER PERFORMANCE OF THE HOTEL BUSINESS,

NAMELY THE RESIDENTIAL SALES AND ACQUISITION OF OAKS, AS WELL AS STRONG AND STEADY PERFORMANCE OF THE RESTAURANT

BUSINESS. RETAIL TRADING REPORTED NET LOSS OF THB 110 MILLION AS A RESULT OF IMPACT FROM THE FLOODS. IF THERE WERE NO

FLOODS, MINT WOULD HAVE REPORTED AN EVEN MORE SIGNIFICANT INCREASE FOR 2011 PERFORMANCE.

2011 RECAP: FINANCIAL PERFORMANCE Performance Recap

2,500

3,000

3,500

Net ProfitTHB million

+132%

+133% +133%

+172%

3,365

2,880

8

-

500

1,000

1,500

2,000

2010A Hotel & Mixed

Use

Food Retail Trading One-time

Items*

2011A Write-offs &

Additional

Expenses

Lost

Opportunity

2011E If There

Were No

Floods

+54%

+55% +55%

1,236

* One-time items include gain from reclassification of investment in S&P, netted off with provision for investment in China

Flood-Related

THROUGHOUT 2011, MINT CONTINUED TO BUILD FOUNDATIONS FOR THE FUTURE THROUGH ITS NEW INITIATIVES AND ACQUISITIONS.

ALTHOUGH 2011 CONTRIBUTIONS FROM MANY OF THESE TRANSACTIONS ARE NOT YET VISIBLE AS THEY CAME ONLINE SINCE JUNE 2011

ONWARDS, THE STRATEGIC MOVES WILL RESULT IN OVERALL HIGHER GROWTH OF MINT IN THE FUTURE.

2011 RECAP: BUILDING FOR THE FUTURE Performance Recap

26%

9%

22%

2%

Mar-Jun

Acquired 100%

of Ribs and

Rumps through

The Coffee Club

Increased

shareholding in S&P

from 26% to 31%

through voluntary

tender offer

Acquired additional

30% of Thai Express,

resulting in an

increase in

shareholding to 100%

9

Launch of AVANI

brand, with the first

two hotels in Sri

Lanka

Launch of

Anantara

Vacation Club

Opened the famous

contemporary

Japanese restaurant

at St. Regis

Dec 2010Mar-Jun

2011Sep 2011 Oct 2011 Dec 2011

Acquired

100% of

Oaks

MINT’S 2012 FINANCIAL IMPROVEMENTS WILL PRIMARILY BE DRIVEN BY HOTEL & MIXED-USE BUSINESS, NAMELY IMPROVED OCCUPANCY

OF HOTEL BUSINESS AND PROFITABILITY OF OWNED HOTELS OPENED IN 2011, ANANTARA VACATION CLUB AND FULL YEAR

CONSOLIDATION OF OAKS. RESTAURANT BUSINESS WILL CONTINUE TO SEE STRONG AND STEADY GROWTH FROM ORGANIC BUSINESSES

WHILE CONTRIBUTION FROM 2011 ACQUISITIONS WILL BECOME MORE VISIBLE IN 2012.

2012 GOALS 2012 Goals

2012 Net Profit Goals Expected Net Profit Contributions

2012F

Hotel & Mixed-Use

68%

Restaurant

29%Retail Trading

2%

10

2011A Hotel &

Mixed-Use

Food Retail

Trading

2012E

* 2011A excludes gain from reclassification of investment in S&P,

netted off with provision for investment in China

2011A*

Hotel & Mixed-Use

60%

Restaurant

46%Retail Trading

-6%

Our 5-Year Aspirations

11

Ribs and Rumps, Australia

MINT: 5-Year StrategyMINT’S FIVE-YEAR STRATEGY 2011-2016

MINT’S FIVE-YEAR STRATEGY WAS FORMULATED MAINLY BASED ON THE FOLLOWING THREE KEY PILLARS, WITH THE SUPPORT OF THE

COMPANY’S ROBUST SET OF ORGANIZATIONAL CAPABILITIES, OPERATIONAL EXCELLENCE AND SYNERGY, AS WELL AS LONG-TERM

SUSTAINABILITY PROGRAM

Develop a Profitable

Portfolio of Own

Brands

ROIC > 15%

GOALS

Continually Enhance

Asset Productivity

Expand

Internationally

Through Strategic

Investments &

Acquisitions

Franchising Management Contracts

Mixed-Use

ROIC > 15%

NPAT ~15-20% CAGR

12

Hotel: 5-Year StrategyHOTEL GROUP - FIVE-YEAR GROWTH DRIVERS

HOTEL GROUP’S REVENUE AND NET PROFIT GROWTH OVER THE NEXT FIVE YEARS WILL BE DELIVERED THROUGH BUILDING MULTI-BRAND

PORTFOLIO WITH THE FOLLOWING GROWTH LEVERS

Other

Mixed Use (e.g. Residential)

Other

Hotel Brands in the Portfolio

2011 2016E

13

5,454

6,339

5,8805,695

5,385

3,951 4,142

3,076 2,976

3,479

72%

65%

52% 52%

65%

40%

60%

80%

4,000

6,000

8,000

DESPITE THE FLOODS IN 4Q11, 2011 HOTEL PERFORMANCE SIGNIFICANTLY IMPROVED OVER THE PAST TWO YEARS AS MINT CONTINUES TO

EXPAND ITS HOTEL BUSINESS, BOTH ORGANICALLY ALONG SIDE IMPROVEMENT OF TOURISTS’ SENTIMENT, AND THROUGH THE

ACQUISITION OF OAKS, WHICH WAS COMPLETED IN JUNE 2011. MINT IS WELL-POSITIONED TO CONTINUE TO GROW INTO THE FUTURE.

MINT’S HOTEL STATISTICS

THB

Hotel: Existing Business

0%

20%

0

2,000

2007 2008 2009 2010 2011

14

RevparADR% Occupancy

* Note: Hotel Statistics include Oaks Hotel & Resort

No of rooms 2,361 2,709 3,139 3,682 9,389

MINT’S COMPOSITION OF HOTEL ROOMS ARE EXPECTED TO CHANGE OVER THE NEXT FIVE YEARS. MINT WILL FOCUS ON THE EXPANSION

OF OUR OWN BRANDS, ANANTARA AND OAKS, MORE EXPONENTIALLY THROUGH ASSET LIGHT MODEL (MANAGEMENT CONTRACTS), WITH

GEOGRAPHICAL FOCUS OUTSIDE OF THAILAND.

MINT’S HOTEL PORTFOLIO

No of Rooms

8,000

10,000

12,000

14,000

12,266

8%

45%8,000

10,000

12,000

14,000

No of Rooms

8,000

10,000

12,000

14,000

No of Rooms

By LocationBy OwnershipBy Brand

9,821

6%


12,266

9,821

12,266

9,821

-

2,000

4,000

6,000

8,000

2005 2011 2016F

Others Oaks

Avani Anantara

Four Seasons Marriott

2,169

55% 8% 5%

20%

24%

4%

19%

54%

38%

6%

2%

-

2,000

4,000

6,000

8,000

2005 2011 2016F

Managed

Joint Venture

Own Equity

92% 26% 23%

8%7%

7%

67% 70%

2,169

-

2,000

4,000

6,000

8,000

2005 3Q11 2016F

International

Outside Bangkok

Bangkok

36% 16% 13%56%

17% 12%8%

67% 75%

2,169

15

5%

1%

OaksAUSTRALIA’S MACRO & INDUSTRY ENVIRONMENT REMAINS CONDUCIVE

STRONG INVESTMENT AND EXPORTS, SUPPORTED BY THE MINING BOOM, TOGETHER WITH THE POSITIVE INCOME EFFECT OF HIGH TERMS

OF TRADE, SHOULD OFFSET THE NEGATIVE IMPACT ON ACTIVITY OF A PERSISTENTLY STRONG EXCHANGE RATE AND FISCAL

CONSOLIDATION. UNEMPLOYMENT IS EXPECTED TO REMAIN LOW AND UNDERLYING INFLATION CONTAINED.

3.4%

2.5%

4.7%

2.4%

1.5%

2.5%

1.8%

4.0%

3.2%

0.0%

2.5%

5.0%

2005 2006 2007 2008 2009 2010 2011 2012 2013

Real GDP Growth

Source: OECD Economic Outlook

E E E

Demand

Supply

Total

Serviced Apartments

3.9% 2.8%

8.1% 6.2%

CAGR 01-07

CAGR 01-10

Total

Serviced Apartments

1.5%

5.0%

N/A

N/A

3-YrForecast

3-4%

1-2%

Note: Demand was measured using number of room nights while supply was

measured using room stock

In general, supply is tight in Australia.

Economic and regulatory factors have

discouraged investment, together with a lack of available sites;

There appears little immediate prospect of

supply growth. Most forecasts indicate that a

supply response is likely beyond 2014. In the interim, occupancies will likely rise;

The outlook for domestic business travel,

which primarily tracks business confidence and GDP, appears generally positive

Accommodation demand will continue outstripping supply

16

OAKS’ STRONG PERFORMANCE Oaks

OAKS’ STRONG AND SIZABLE PERFORMANCE IS ONE OF THE SIGNIFICANT GROWTH DRIVERS OF MINT, ESPECIALLY IN 2011-2012, WITH ITS

CONSOLIDATION SINCE JUNE 2011.

Revenue

EBITDA

AUD Million70.9

74.0

19.1

21.7

Improved financial performance:

• Lower interest cost as loan has been refinanced

to long-term

• No burden of Dubai property rental as the

amount has been provisioned

Set for expansion:

• Credit line has been secured for additional MLR

acquisitions

1HFY11

ARR

Occupancy

RevPar

NPAT

17Note: Oaks FY ending 30 June

1HFY12

5.9

11.1

160 158

79.4% 79.3%

127 125

EBITDA

Margin 26.9% 29.3%

Net Profit

Margin 8.3% 15.0%

acquisitions

• Oaks is used as vehicle for expansion in the

region:

– Acquired 25% of Tidal Swell, the owner of

four properties currently managed by Oaks

– Acquired Grand Hotel in Gladstone, to be

transformed from a restaurant, pub and

casino into a 140-room hotel (to be

completed by 2013)

– Acquired additional MLR contracts in

Australia: Broom (140 rooms) and Monkomo

(56 rooms)

Anantara Vacation ClubANANTARA VACATION CLUB – STRONG BUSINESS MODEL

ANANTARA VACATION CLUB’S SOLID BUSINESS MODEL WILL NOT ONLY DRIVE REVENUE AND EARNINGS OF ITSELF BUT WILL ALSO

ENHANCE VALUE PROPOSITION OF THE HOTEL GROUP AS A WHOLE. THE SYNERGISTIC BENEFITS OBTAINED ARE EXPECTED TO BE MUCH

GREATER THAN SUM OF THE PARTS

Experienced

Management

Expansion of Footprint Alongside Anantara Hotels to Help Enhance Value Proposition of the Group as a Whole

Key Success FactorsTo Contribute to Revenue and Earnings Growth

Strong

“Anantara”

Brand

Affordability

for Consumers

vs. Pure

Property

Project

Synergistic

Opportunities

with MINT’s

Hospitality

Business

Return

Enhancement

Thailand

New Zealand

Bali

Sri Lanka

Middle East

Australia

China

Mauritius

Maldives

South Africa

18

Anantara Vacation ClubANANTARA VACATION CLUB – STRONGER MOMENTUM EXPECTED IN 2012-16

PERFORMANCE OF AVC IN ITS FIRST YEAR OF OPERATION WAS MUCH STRONGER THAN WHAT WAS BUDGETED. MOMENTUM IS EXPECTED

TO FURTHER PICK UP REMARKABLY IN 2012, WITH MORE INVENTORY COMING ON STREAM, SALES MORE THAN DOUBLING AND BOTTOM

LINE STARTING TO CONTRIBUTE STRONGLY TO THE GROUP’S PROFITABILITY

2011 Sales of THB 524 million over 50% above budget

100 purpose-built inventory in Phuket to be completed in 1Q13

Set up of an upgrade sale team to up-sell products to existing customers

Anantara Sathorn to capture more Thai customers

Effort to penetrate Chinese market through Telemarketing operation in Hong Kong

Inventory to rise from 25 units at end-2011 to 360 units at end-2016

Singapore,

24%

Malaysia,

13%

Hong

Kong, 10%

Thailand,

9%

Australia,

7%

China, 5%

UK, 4%UAE, 3%

Others,

25%

AVC Members

customers

0

100

200

300

1Q11 2Q11 3Q11 4Q11

THB Million

Quarterly sales showed improving momentum

2011 2012E 2013E 2014E 2015E2011

Annual sales growth is expected to pick up exponentially as more inventories in various destinations are coming on stream

UK, 4%UAE, 3%

19

ResidentialRESIDENTIAL PROPERTY DEVELOPMENT LEVERAGING ON HOTEL BRANDS

SALES OF ST. REGIS AND THE ESTATES SAMUI ARE EXPECTED TO CONTINUE THEIR IMPETUS IN 2012-13. MINT ALSO PLANS ADDITIONAL

RESIDENTIAL PROJECTS IN THE PIPELINE, THE SELLING ACTIVITIES OF WHICH IS EXPECTED TO TAKE PLACE IN 2014 . THE NEW PROJECTS WILL

ALSO LEVERAGE ON STRONG HOTEL BRANDS IN THE PORTFOLIO

Sold 57%

Inventory 43%

Sold 56%

Inventory 44%

MINT plans

2010 2011

St. Regis

Sold

Pending Transfer

2012

St. Regis

Potential

DepositCollected

2012

RemainingInventory

2012-132006 2007 2008 2009 2012

Estates

Samui

Sold

At end-2011, 49% of

the total sellable

area has been sold &

recognized

MINT plans

to launch

additional

residential

projects

between

2014-2016

At end-2011, 52% of the

total sellable area has

been sold & recognized

20

Restaurant: 5-Year StrategyRESTAURANT - FIVE-YEAR GROWTH DRIVERS

RESTAURANT BUSINESS’ REVENUE AND NET PROFIT GROWTH OVER THE NEXT FIVE YEARS WILL BE DELIVERED THROUGH EXPANDING

BUSINESS INSIDE AND OUTSIDE THAILAND, LEVERAGING EXISTING MULTIPLE BRANDS IN THE PORTFOLIO AND LOOKING OUT FOR

ACQUISITION OPPORTUNITY

Strategic Acquisition

International Franchise

Internationalize

Transform China

2011 2016E

Thailand Business

International Franchise

21

THE RECENT FLOODS HAVE NOT INTERRUPTED THE GROWTH MOMENTUM OF THE RESTAURANT BUSINESS IN 2011. MOST OF MINT’S OWN

BRANDS SEE IMPRESSIVE GROWTH.

MINT’S BRAND PERFORMANCE Restaurant: Existing Business

9.0%9.8%

19.1%

11.9%

9.8%

14.1%

5%

10%

15%

20%

Overall SSS & TSS

22

Same Store Sales Growth Total System Sales Growth

676 1,043 1,112 1,148No. of

Outlets1,257

-0.7%

3.9%

-2.7%

3.7%

-5%

0%

5%

2007 2008 2009 2010 2011

34%

66%

MINT EXPECTS TO DOUBLE ITS RESTAURANT OUTLETS, BOTH THROUGH FRANCHISED AND EQUITY-OWNED MODEL, AND BOTH

DOMESTICALLY AND OVERSEAS IN FIVE YEARS. THE PROPORTION OF OVERSEAS OUTLETS IS EXPECTED TO INCREASE TO MORE THAN 40%

OVER THE NEXT FIVE YEARS

MINT’S OUTLET EXPANSION

34%

66%7%

93%

43%

57%

1,148

558

2,762

Restaurant Outlets Breakdown by Geography

International

Thailand

Restaurant: Existing Business:

1,257

23

2005 2016F

40%

60%14%

86%

53%

47%

1,148

558

2,762

Restaurant Outlets Breakdown by Ownership

Franchised

Owned

2010

2005 2016F2010

2011

1,257

43%

57%

2011

4Q11 FOOD AND PAPER COSTS AS A PERCENTAGE OF SALES HAS COME DOWN TO ITS LOWEST LEVEL IN SEVERAL YEARS AS A RESULT OF

CONTINUED EFFECTIVE COST MANAGEMENT PROGRAM.

EFFECTIVE MANAGEMENT OF FOOD COSTS

35.9%

34.9% 35.2% 35.2%

34.5%35%

36%

% of Food & Paper Costs to Sales

Restaurant Update

24

34.1%

33.3%

33.0%

33.9%

33.2% 33.2%33.0%

34.0%

32.7%

31.8% 31.7%

31%

32%

33%

34%

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

Fixed Long-

Term Contract Prices

Menu-Mix Re-Engineering

Supply Chain Management

Maximization of FTA Benefit

Pro-Active

Inventory Management

Strategy

Note: Food and paper costs as a percentage of sales rose in first quarter of every year as a result of “Buy-one-get-one-free” promotional campaign launched in

March of every year to celebrate the anniversary of The Pizza Company

Thai ExpressThe Coffee Club

TRACKING INVESTMENTS: THE COFFEE CLUB AND THAI EXPRESS The Coffee Club & Thai Express

Strengths

� Australia's fastest growing and best known restaurant

franchisors

� Superior profitability due to its asset-light model

2011 Updates

• Opened 32 restaurants in 2011; of which, 10 were

international expansion

• Acquired Ribs and Rumps, a well-known steakhouse in

Australia

2012 Prospects

> 10% outlet expansion

Strengths

� Singapore’s largest chain of Thai restaurants, offering

quality Thai food at competitive prices

� Strong concept to expand overseas

2011 Updates

• MINT acquired the remaining 30% stake in Thai Express

• Opened new restaurants in China, Philippines and Korea

• 2011 profit was under pressure due to the start-up

expenses in new market, e.g. China and expenses relating

to the discontinued non-core brands

2012 Prospects

25

• > 10% outlet expansion

• Full-year contribution of Ribs and Rumps

2012 Prospects

• Improving same store sales of Xin Wang brand under new

management

• Continued growth momentum of core Thai Express brand

193215

294

345

# of outlets Total system sales

1.9

7.5

Net profit

47

7569

99

# of outlets Total system sales

8.98.3

Net profit

2008 2011

Restaurant Business: ChinaCHINA – IMPROVEMENT SEEN; MORE INITIATIVES TO EXPEDITE TURN-AROUND

CHINA OPERATION HAS SEEN IMPROVEMENT OVER THE PAST FEW YEARS WITH SAME STORE SALES GROWTH CLIMBING INTO POSITIVE TERRITORY

ALONGSIDE IMPROVING BRAND AWARENESS. PROFITABILITY HAS ALSO PICKED UP WITH SIZZLER REACHING BREAK-EVEN POINT AT THE STORE

CONTRIBUTION LEVEL AND THE PIZZA COMPANY ACHIEVING POSITIVE EBITDA AT STORE LEVEL IN 2011. FURTHER IMPROVEMENT WILL BE DRIVEN BY

THE FOLLOWING TURN-AROUND LEVERS

Drive Growth of Existing Brands

Contribution from

New Brand Introduction

Acquisition Cost Reduction &

Strong Internal Control

Strengthen

Operational

Excellence &

Human Resource Capability

Growth Drivers Enablers

Same-Store Sales Growth of Restaurants in China

-25%

-15%

-5%

5%

15%

25%

Jan

-06

Ma

r-0

6

Ma

y-0

6

Jul-

06

Se

p-0

6

No

v-0

6

Jan

-07

Ma

r-0

7

Ma

y-0

7

Jul-

07

Se

p-0

7

No

v-0

7

Jan

-08

Ma

r-0

8

Ma

y-0

8

Jul-

08

Se

p-0

8

No

v-0

8

Jan

-09

Ma

r-0

9

Ma

y-0

9

Jul-

09

Se

p-0

9

No

v-0

9

Jan

-10

Ma

r-1

0

Ma

y-1

0

Jul-

10

Se

p-1

0

No

v-1

0

Jan

-11

Ma

r-1

1

Ma

y-1

1

Jul-

11

Se

p-1

1

No

v-1

1

26

COMPARABLE SALES GROWTH AND TOTAL SALES GROWTH REMAINED STRONG FOR 2011, ALTHOUGH THE RETAIL TRADING BUSINESS WAS

HIT BY THE FLOODS IN 4Q11. THE BUSINESS UNIT CONTINUES TO FOCUS ON IMPROVING GROWTH OF SALES PER SQ.M. THROUGH

UPGRADES OF STORE CONCEPTS AND A MORE TARGETED PRODUCT OFFERING.

MINT’S RETAIL TRADING STATISTICS Retail Trading Update

THB

5.5%

14.4% 14.6%

9.0%

16.8%18.9%

0%

10%

20%

101,762

81,163

87,21592,960

80,000

120,000

27

Comparable Sales Growth Total Store Sales Growth

311No. of

Outlets292 311No. of

Outlets292

Fashion & Cosmetic Sales per Sq.m.

258 258247 247

-16.5%

-17.0%-20%

-10%

2008 2009 2010 2011

0

40,000

2008 2009 2010 2011

4.0

6.0

8.0

4,000

6,000

8,000

FINANCING CAPEX WITH FINANCIAL DISCIPLINE

DISCIPLINED ACQUISITION(S) ON THE BACK OF STRINGENT INVESTMENT POLICY PROVIDES UPSIDE FOR GROWTH

Committed CAPEX & Amount Set Aside for New Acquisition(s)

• Revenue % of Group Revenue

• Profit % of Group Profit

• IRR (WACC + Premium)

• ROIC in % within Certain Year

• Payback Period

Minimum Size

Minimum Return

Investment Criteria – Sample Measurement & Metrics

• Cash Flow % of Group Cash Flow

CAPEX

XTHB million

-

2.0

-

2,000

2011 2012F 2013F 2014F 2015F 2016F

28

• Profit Break-Even Point

• Cash Flow Break-Even Point

• Credit Ratios

• Brand Strength

• Quality of Management

• Potential to Expand Locally & Internationally

• Controlling Stake

Balance Sheet Strength

Performance

Strategic Position

Additional CAPEX (non-committed average per annum) for New Opportunity/Acquisition(s)

Restaurant Hotel & Mixed-use Retail trading

EBITDA coverage on committed CAPEX

1.25

1.33

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

BALANCE SHEET STRENGTH

LEVERAGE & COST OF CREDITS ARE UNDER CONTROL WHILE BACK-UP FUNDING FACILITIES HAVE BEEN SECURED. IN ADDITION, MINT HAS

MAINTAINED INVESTMENT GRADE CREDIT RATING OF “A” BY TRIS

Borrowing Cost

Internal Policy

Leverage RatiosX

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11

MINT's Effective Interest Rate MLR

Financial Discipline

0

10,000

20,000

30,000

Outstanding Borrowing &

Equity

Un-Utilized Facility

Interest Bearing Debt to Equity

Net Interest Bearing Debt to Equity

DebtDebt

Equity

Equity*

29* Incremental capital increase from MINT W-4 exercise, assuming 100% MINT-W4 Conversion

Borrowing Structure Back-up Financing

THB million

MINT's Effective Interest Rate MLR

50%

73% 72% 76%84%

64% 65% 67%

50%

27% 28% 24%16%

36% 35% 33%

0%

20%

40%

60%

80%

100%

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

Floating Rate Fixed Rate

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

� 22 hotels

� 676 restaurants

� 316 retail stores (14,524 Sqm)

2007

� > 140 hotels

� + residences

� > 300 timeshare units

� > 2,700 restaurants

� > 300 retail stores (23,877 Sqm)

2007

2016F

30

2011

2016F� 75 hotels

� 67 residences

� 25 timeshare units

� 1,257 restaurants

� 247 retail stores (17,579 Sqm)

2011

Appendix

31

-

5,000

10,000

15,000

20,000

25,000

30,000

Restaurant

Hotel & Mixed-Use

Retail Trading

Gain on Reclassification

6,000

8,000

10,000

4Q11 & 2011 Results2011 REVENUE INCREASE OF 48%

5,326

THB million

+39% YoY

6,686

MINT REPORTED 2011 REVENUE INCREASE OF 48% YoY, ATTRIBUTABLE TO GROWTH IN ALL EXISTING BUSINESSES, ADDITIONAL REVENUE

SOURCES FROM NEW INITIATIVES OF THE HOTEL AND MIXED-USE BUSINESS, AND GAIN ON RECLASSIFICATION OF INVESTMENT IN S&P.

6,278

19,089

28,332

+48% YoY

THB million

8,030

of Investment in S&P

7,345

-

2010 2011

-

2,000

4,000

6,000

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

Restaurant Hotel & Mixed-Use

Retail Trading Gain on Reclassification

32

5,326

4,0554,412

5,296

2011 revenue increased by 48% YoY, as a result of:

Improvement of hotel business, especially hotels outside

of Bangkok and overseas throughout the year;

Recognition of sales of real estates including St. Regis

Residences and Anantara Vacation Club;

Consolidation of Oaks Hotels & Resorts, Australia;

Strong performance of restaurant business, despite

the floods;

Gain on reclassification of investment in S&P;

Strong growth of retail trading business and resumption

of contract manufacturing orders in the first nine

months of 2011



-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Restaurant

Hotel & Mixed-Use

Retail Trading


1,200

1,600

2,000

2,400

2011 EBITDA INCREASE OF 71%

2011 EBITDA INCREASED BY 71% YoY PRIMARILY PROPELLED BY THE NEW INITIATIVES OF HOTEL AND MIXED-USE BUSINESS AND GAIN ON

RECLASSIFICATION OF INVESTMENT IN S&P, WHILE EBITDA MARGIN SLIGHTLY DECLINED, OWING MAINLY TO WRITE OFFS AND EXPENSES

RELATED TO FLOODS IN 4Q11 AND EXPENSES OF TWO NEW HOTELS AND ANANTARA VACATION CLUB.

THB million

1,270

1,056

1,506

1,072

+30% YoY

3,633

6,201

THB million

4Q11 & 2011 Results

2,253

+71% YoY incl gain on investment in S&P

+42% YoY excl gain on investment in S&P


1,369

-

2010 2011

-400

-

400

800

1,200

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11


Retail Trading Gain on Reclassification33

2011 EBITDA increased by 71% YoY, as a result of:

New sources of EBITDA from new initiatives - St.

Regis Residences and Oaks - helped increase the

hotel EBITDA despite increased expenses from two

new hotels, Anantara Kihavah and St. Regis Hotel;

Steady growth of restaurant business;


EBITDA of retail trading business was flat as it was

hit by write offs and expenses related to floods in

4Q11

22.6%EBITDA

Margin23.8% 15.2% 15.6% 19.9%

617690

1,056 1,072

EBITDA

Margin19.3% 18.2%*

17.1% 17.2%*

* Excludes gain on reclassification of investments in S&P

* Excludes gain on reclassification

of investments in S&P


18.6%

500

1,000

1,500

2,000

2,500

3,000

Restaurant

Hotel & Mixed-Use

Retail Trading


600

800

1,000

2011 NET PROFIT INCREASE OF 133%

THB million

2011 NET PROFIT, INCLUDING GAIN ON INVESTMENT IN S&P ROSE 133% YoY. EVEN EXCLUDING GAIN ON INVESTMENT RECLASSIFICATION

AND PROVISION FOR CHINA INVESTMENT, NET PROFIT EXPANDED 55%, AS PERFORMANCE OF HOTEL AND RESTAURANT BUSINESSES

IMPROVED, TOGETHER WITH CONTRIBUTION FROM NEW INITIATIVES UNDER THE MIXED-USE BUSINESS.

599

432

823

1,236

2,880

THB million

4Q11 & 2011 Results

1,306

+9% YoY

+133% YoY for reported net profit

+55% YoY for core profit (excl gain on

investment in S&P & provision for China)


472

-500

-

2010 2011

-200

-

200

400

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11


Retail Trading Gain on Reclassification34

2011 net profit increased by 133% YoY, as a result of:

Improvement in hotel and mixed-use net profit

primarily as a result of diversification into new

initiatives: St. Regis Residences sales and Oaks’

consolidation, despite higher expenses of the two newly

opened hotels;


Improvement in restaurant net profit (excluding

provision of investment in China) of 24%;

79 126

432

12.3%11.2% 1.9% 2.9% 8.2%Net

Margin

280

4.5%

Net Margin 5.8% 6.8%*

3.6%*

* Excludes gain on reclassification of investments in S&P

* Excludes gain on reclassification

of investments in S&P



6.4%

10,540

11,697

1,746 1,830

2011 REVENUE FROM THE RESTAURANT BUSINESS EXHIBITED STRONG GROWTH OF 11% WHILE 2011 NET PROFIT EXCLUDING PROVISION

FOR GOODWILL IN CHINA INVESTMENT IN 3Q11 GREW BY 24%

FINANCIAL PERFORMANCE - RESTAURANT

Revenue

THB million

2,765

2,519 2,551

2,704

2,963 2,901 2,880 2,954

492

Key Highlights

Most brands recorded strong

and positive same store sales

growth throughout the year

despite the floods in 4Q11, from

increase in both revenue per

customer and number of

customers;

Together with outlet expansion,

total system sales was as high as

14% in 2011;

Excluding impairment of

Restaurant Update

704 779

35

EBITDA

NPAT

EBITDA

Margin

Net

Margin

1Q111Q10 2Q10 3Q10 4Q10

471 438 388

449 467 483 389

492

17.0% 17.4% 15.2% 16.6% 15.8%

190 167 166 182 205 218

131

225

6.9% 6.6% 6.5% 6.7% 6.9%

Excluding impairment of

investment in China of THB 93

million in 3Q11, 2011 EBITDA

increased by 10% and 2011

EBITDA margin would be 16.3%;

The restaurant business

continued its international

expansion in 2011 with the

opening of its first equity Thai

Express restaurant in China and

first franchise outlets in many

countries including The Pizza

Company in Vietnam, Swensen’s

in the Philippines, Thai Express

in Korea, Xin Wang in the

Philippines and The Coffee Club

in China and New Caledonia.

16.6%

2Q11

7.5%

16.6% 15.6%

6.7% 6.7%

2010 2011

13.5%

3Q11

4.5%

4Q11

16.7%

7.6%

4.5%

-16.9%

-5.3%-1.6%

68.8%

38.4%

-1.0% 0.9%

-20%

0%

20%

40%

60%

80%

MINT ANNOUNCED THE ACQUSITION OF THE REMAINING 30% OF THAI EXPRESS IN DEC 2011 FOR SD 16.8 MILLION. AS A RESULT, MINT

NOW OWNS 100% OF THAI EXPRESS.

STAKE IN THAI EXPRESS INCREASED TO 100% IN DEC 2011

Same Store Sales Growth

Total System Sales Growth

Thai Express flagship brand has always exhibited positive same store sales growth

Thai Express reported net profit of SD 8

million in 2011 despite negative same

store sales growth as some of the brands

in the group are going through rationalization

Restaurant Update

Xin Wang Hong Kong Café, the second

biggest brand, experienced negative

same store sales growth in 2H11. The -16.9%-20%

2008 2009 2010 2011

0

20

40

60

80

100

2008* 2009 2010 2011

Revenue

Net Profit

SD million

36

No of

Outlets61 78 71 66

Thai Express continues to look to expand

outside of its home country:

• Beijing: Equity Thai Express outlet opened

in 4Q11

• Korea: Franchise Thai Express outlet

opened in 3Q11, with 2nd outlet already

opened in 4Q11

• The Philippines: Xin Wang outlet opened

in 4Q11

• Australia: Thai Express outlets to open in 2012 through The Coffee Club* 2008 financials are since 70% acquisition: May – Dec 2008

same store sales growth in 2H11. The

brand is being completely revamped with

a new management team. Significant

improvements are expected from 2Q12 onwards with new launch of menu

S&P OPERATES A CHAIN OF RESTAURANTS AND BAKERY SHOPS WITH OVER 350 OUTLETS IN 7 COUNTRIES PRODUCING AND DISTRIBUTING

FOOD AND BAKERY PRODUCTS UNDER THE S&P BRAND. GOING FORWARD, S&P’S PERFORMANCE WILL BE RECOGNIZED THROUGH EQUITY

ACCOUNTING METHOD

CONTINUED & STRENGTHENING PARTNERSHIP WITH S&P

Shareholding Structure

39% 39%

26% 31%

35% 30%

0%

20%

40%

60%

80%

100%

Pre-Tender Offer Post-Tender Offer

Others

MINT

Sila-on & Riva FamiliesRevenue

THB million

5%

Restaurant Update

4,437 4,764 5,340

812

3,804 4,277

37

MINT’s Investment in S&P

THB million

267562

487683 751 751

1,097

46

55

(131)

61

1,054

-

1,054

1,054

4.8%

19.0% 20.8%22.9%

26.3%26.3%

31.3%

-10%

0%

10%

20%

30%

40%

-500

0

500

1,000

1,500

2,000

2,500

3,000

2006 2007 2008 2009 2010 3Q11 4Q11

Investment Cost

Unrealized gain (loss)

Gain from investment reclassification

% shareholding

313

617 744

1,8051,805

Pre-Tender Offer Post-Tender Offer

EBITDA

NPAT

EBITDA

Margin

Net

Margin

2,151

356

617

20102008 2009

583 677

812

13.1% 14.2% 15.2%

225

293 382

5.1% 6.2% 7.2%

15.0% 15.4%

7.0% 6.9%

9M10 9M11

572 657

266 294

5,870

12,657

FINANCIAL PERFORMANCE – HOTEL & MIXED-USE Hotel Updates

Revenue

THB Million

1,866

962 1,189

1,853

2,876 2,598

3,308

3,875

975 1,050

2011 REVENUE AND PROFIT FROM THE HOTEL & MIXED-USE MORE THAN DOUBLED YoY WITH IMPROVED NET MARGIN AS A RESULT OF THE

HIGHER-MARGIN NATURE OF THE MIXED-USE BUSINESS.

3,313

Consolidation of Oaks’

performance since June 2011;

Momentum of the sale of real

estate business, both St. Regis

Residences and Anantara

Vacation Club, continued to be

strong throughout 2011;

Key Highlights

38

EBITDA

NPAT

EBITDA

Margin

Net

Margin

1Q111Q10 2Q10 3Q10 4Q10

761

156 265

553

975

533

755

1,050

40.8% 16.2% 22.3% 29.8% 33.9%

397

-88 -48

225

586

38 101

433

21.3% -9.2% -4.1% 12.1% 20.4%

20.5%

1.5%

2Q11

1,735

485

1,158

2010 2011

29.6% 26.2%

8.3% 9.1%

strong throughout 2011;

Hotel business outside of

Bangkok and overseas

continued to see occupancy

improvement, however

expenses of the two new

hotels resulted in decline in

EBITDA margin;

However, 2011 net margin

increased as a result of better

net margins contributed by the

real estate business, namely

the sale of St. Regis

Residences, and Oaks

22.8%

3.0%

3Q11 4Q11

27.1%

11.2%

0

50,000

100,000

150,000

200,000

250,000

300,000

2010 2011

44%

MINT CONTINUES TO SEE IMPROVEMENTS ACROSS ALL OF ITS FEEDER MARKETS, WITH A 29% YoY INCREASE IN 2011 OVERALL

ROOMNIGHTS COMPARED TO INCREASE IN THAILAND’S TOURIST ARRIVALS OF 20% YoY.

MINT’S FEEDER MARKETS

Number of Room Nights

China +98%

Hong Kong +32%

Japan +38%

Singapore +63%

Korea +58%

33%

55%

13%

29%

21%31%

-19%

India +25%

UAE +34%

MINT’s 2011 Feeder MarketsUK +12%

Russia +38%

Australia +30%

Hotel Updates

0

400,000

800,000

1,200,000

1,600,000

2,000,000

China Japan* Korea Russia India

2010 2011

0

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

MINT’s 2011 Feeder Markets Thailand’s Top 5 Feeder MarketsNumber of

Tourists

57%

13%26%

57% 21%

* Despite earthquake and Tsunami in March 2011

* Note: MINT’s feeder market excludes Oaks’

39

Thailand,

12%

East Asia,

28%

Europe,

32%

The

Americas,

11%

South Asia,

3%

Oceania,

5%

Middle

East, 8%

Africa &

Others, 2%

THAILAND HAS BEEN RESILIENT TO SEVERAL GLOBAL CRISIS OVER THE YEARS, AS EVIDENCED BY THE INCREASED EUROPEAN ARRIVALS.

THAILAND HOTEL RATES REMAIN COMPETITIVE COMPARED TO THE REGION.

EUROPE & US TOURISTS Hotel Updates

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000Europe US

Number of Tourists

Financial Crisis

40* Note: Rate of one night at Four Seasons on Sept 1, 2011 for a standard room

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

0

100

200

300

400

500

600

Hong Kong Tokyo Singapore Mumbai Sydney Shanghai Bangkok Jakarta

USD / Night

Dot com

bubble

911 SARS Tsunami London

bomb

Bangkok

Coup

Bird Flu

Airport

Closure

Pattaya

RiotRatchprasong

Riot

Number of tourists from

Europe still held up during the crisis

Thailand hotel rates

remain competitive in the region

HOTEL INDUSTRY OUTLOOK IS EXPECTED TO GRADUALLY RECOVER ON THE BACK OF INCREASING TOURIST ARRIVAL.

MillionTourists Arrival to Thailand – Yearly Trend

TOURIST ARRIVAL TO THAILAND

-10%

0%

10%

20%

30%

0

5

10

15

20

25

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012F

Hotel Updates

Source: Tourism Authority of Thailand and Bank of Thailand

Million Tourist Arrival to Thailand – Monthly Trend

41

Tourist Arrival % Change

-40%

-20%

0%

20%

40%

60%

80%

0.0

0.5

1.0

1.5

2.0

Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11

The 4Q11

tourist

sentiment,

especially in

Nov, was

impacted by

the flooding

situation in

Thailand

EXPANSION INTO MARKETS INSIDE AND OUTSIDE THAILAND WILL CONTRIBUTE WELL TO REVENUE & PROFIT IN COMING YEARS.

MINT’S HOTEL EXPANSION PLANS

Investment Hotel

2013

• Xishuangbanna, China (103 Rooms)

• Sanya, China (122 Rooms)

• Uluwatu, Bali (77 Rooms)

• Al Yamm, UAE (30 Rooms)

• Al Sahel, UAE (30 Rooms)

• Eastern Mangroves, UAE (222 Rooms)

Management Contract

2012• Masai Mara

Camp, Kenya

(16 Rooms)

• Amboseli

Camp, Kenya

(16 Rooms)

• Serengeti, • Grand Hotel,


• Sri Lanka • Chengdu, China (150 Rooms)

• Broome,

Australia

(140 Rooms)

• Monkomo,

Queensland

Australia

(56 Rooms)

42

2013

8 Hotels / 561 Rooms

• Al Akhdar, Oman (134 Rooms)

• Baoting, China (130 Rooms)

• Qiandao Lake, China (104 Rooms)

19 Hotels & Properties / 2,194 Rooms

2014

Total

• Serengeti,

Tanzania

(20 Rooms)

• Meru, Kenya

(16 Rooms)

• Grand Hotel,

Gladstone

Australia

(143 Rooms)

• Sri Lanka

Phase 1

(80 Rooms)

• Sri Lanka

Phase 2

(70 Rooms)

• Chengdu, China (150 Rooms)

• Chongqing, China (150 Rooms)

• Mahabalipuram, India (130 Rooms)

• Luang Prabang, Laos (105 Rooms)

• La Chaland, Mauritius (160 Rooms)

• Wayanad, India (95 Rooms)

• Al Baleed, Oman (136 Rooms)

• Al Madina, Oman (120 Rooms)

• Bangkok

(200 Rooms)

Hotel Updates

BANGKOK HAS SEEN NEW SUPPLY IN RECENT YEARS AND WILL SEE MORE ESPECIALLY IN 2012

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Number of Rooms

LUXURY HOTEL SUPPLY IN BANGKOK

Source: HVS Reseach

2011A No. of Rooms

Sofitel Bangkok, Sukhumvit 13

Crowne Plaza Sukhumvit

Hotel Okura Bangkok

W Hotel Bangkok

Le Meridien Suvarnabhumi Golf Resort and Spa

Hilton Sukhumvit Bangkok

DoubleTree by Hilton, Sukhumvit Bangkok

345

342

242

403

214

287

182

2012F

Aloft Bangkok Sukhumvit 11

Park Plaza Bangkok Asoke

Four Points by Sheraton, Sukhumvit

St Regis Bangkok

297

120

436

227

The Langham Sukhumvit Bangkok 230

No. of Rooms

2013F

43

INTRODUCING THE NEW “AVANI” BRAND

“Avani Bentota Resort & Spa”, Sri Lanka, was a

rebrand of “Serendib”. The resort is located some 64km south of the capital Colombo

“Avani Kalutara Resort”, Sri Lanka, was a rebrand

of “Kani Lanka”. The hotel is at the tip of the KaluGanga river mouth in Kalutara with 105 rooms

MINT expects to grow Avani beyond Sri Lanka and

MINT ANNOUNCED THE LAUNCH OF THE AVANI BRAND, WHICH WILL HELP THE COMPANY PENETRATE INTO ANOTHER MARKET SEGMENT, IN ADDITION TO THE EXISTING FIVE-STAR “ANANTARA” BRAND

Avani in Bangkok will be a part of the extension

of Anantara Bangkok Riverside Resort & Spa

2011

2014

Hotel Updates

MINT expects to grow Avani beyond Sri Lanka and

Bangkok with an aim of having approximately 6 Avani hotels in the next five years

Avani Kalutara, Sri Lanka

44

2011-2016

MINT COMPLETED 100% ACQUISITION OF OAKS IN JULY 2011. OAKS’ UNIQUE PORTFOLIO IS A VALUABLE ADDITION TO MINT’S

EXPANDING RESORT AND HOTEL PORTFOLIO, PROVIDING MINT WITH THE OPPORTUNITY TO EXPAND ITS EXTENSIVE HOTEL & SERVICED

SUITES FOOTPRINT TO THE AUSTRALIAN AND NEW ZEALAND MARKETS

OAKS HOTELS & RESORTS Hotel Updates

Oaks is one of Australia’s largest

hotel and resort operators;

operating in the 4-5 star

accommodation segment;

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;

Broome

Oaks Broome

Port Douglas

Oaks LagoonsTownsville

Oaks Gateway on Palmer

Oaks M on Palmer

AdelaideTea Gardens

Oaks Boathouse

Sunshine Coast

Oaks Seaforth Resort

Redcliffe

Oaks Mon Komo

Ipswich

Oaks Aspire Apartments

Brisbane

iStay River City

Oaks 212 Margaret

Oaks Aurora

Oaks Casino Towers

Oaks Charlotte Towers

Oaks Felix

Oaks Festival Towers

Oaks Lexicon Apartments

Goldcoast

Oaks Calypso Plaza

Australia

45

As at end of 2011, Oaks managed 38

properties with an inventory of over

5,000 rental units located

throughout Australia, New Zealand

and Dubai. Oaks property portfolio

includes CBD properties, resorts overlooking beaches and ski resorts;

MLR are rights that allow Oaks to

operate and rent residential

condominium units in a rental pool as a hotel/serviced suites;

Auckland

Oaks iStay Residences

Christchurch

Oaks iStay on CashelQueenstown

Oaks Club Resort

Oaks Shores

Glenelg

Oaks Liberty Towers

Oaks Plaza Pier

Melbourne

Oaks on Collins

Oaks on Lonsdale

Oaks on Market

Adelaide

Oaks Embassy

Oaks Horizons

Oaks Precinct

Sydney

Oaks Goldsbrough Apartments

Oaks Harmony

Oaks Hyde Park Plaza

Oaks Maestri Towers

Oaks Trafalgar

The Entrance

Oaks Waterfront Resort

Oaks Boathouse Oaks Lexicon Apartments

Dubai

Oaks Liwa Heights

New Zealand

Dubai

OAKS IS ONE OF AUSTRALIA’S LARGEST HOTEL AND RESORT OPERATORS Hotel Updates

Serviced Suites Brand Positioning Matrix Major Australian Serviced Suites Operators

OAKS SERVICES THE SHORT-TO-MEDIUM STAY CORPORATE AND LEISURE MARKETS. JUDGING BY THE NUMBER OF ROOMS, OAKS IS

CURRENTLY THE THIRD LARGEST SERVICED SUITES OPERATOR IN AUSTRALIA.

46

Source: CBRE Hotels As of August 2009, based on number of rooms

Sydney626 Rooms

Melbourne701 Rooms

Adelaide430 Rooms

Regional

Corporate 591 Rooms

Regional

Leisure 898 Rooms

New

Zealand419 Rooms

Dubai165 Rooms

Brisbane1,263 Rooms

OAKS’ SOURCES OF REVENUES ARE PRIMARILY MANAGEMENT LETTING FEE AND SERVICE CHARGES. OAK’S MAJOR CUSTOMERS ARE

DOMESTIC BUSINESS TRAVELORS RATHER THAN INBOUND TOURISTS.

OAKS HOTELS & RESORTS BUSINESS MODEL Hotel Updates

Revenue Contribution

International

Customer Mix of Major Australian Serviced Suites Operators

Letting feesAncillary guest

Other sale

revenue

16%

47

Source: CBRE Hotels

Letting fees

37%

Service charges

39%

Ancillary guest

services

8%

Source: Oaks’ financial statements; info as at FY2011 (ending June 2011)

152

2,680 2,923

Retail Trading Update

2011 REVENUE OF RETAIL TRADING & CONTRACT MANUFACTURING INCREASED BY 9% WHILE THE BUSINESS UNIT REPORTED NET LOSS

OF THB 110 MILLION IN 2011 AS A RESULT OF THE WRITE-OFF AND EXPENSES RELATED TO FLOODS IN 4Q11.

FINANCIAL PERFORMANCE – RETAIL TRADING & CONTRACT MANUFACTURING

Revenue

EBITDA

THB million

696 574

672 739

840 779 789

516

Key Highlights

Despite the floods in 4Q11,

2011 revenue from retail trading

increased by 9%, attributable to

higher same store sales growth

as a result of successful effort to

increase sales per sq.m;

2011 retail trading bottom line

was negative primarily because

of damaged inventory write-

offs;

47

-110

4

48

EBITDA

NPAT

EBITDA

Margin

Net

Margin1Q111Q10 2Q10 3Q10 4Q10

38 23 36 55 64 57 56

-173

5.5% 4.0% 5.4% 7.4% 7.6%

13 0.39 25 32 23 21

-186

1.8% 0.1% 1.3% 3.4% 3.8%

7.3%

2Q11

3.0%

5.7% 0.2%

2010

1.1%

2011

-3.8%

7.2%

2.6%

3Q11

offs;

2011 manufacturing bottom line

was also negative as the factory

in Navanakorn Industrial Estate

was temporarily shut down due

to severe flooding in the area;

In Nov 2011, retail trading group

launched thailsale.co.th, a new

on-line shopping club, offering

fashion products ranging from

mid-priced brands to luxury brands

-33.5%

4Q11

-36.2%

HOTEL PERFORMANCE

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

4Q11 4Q10 4Q11 %Chg 4Q11 %Chg

Marriott 65% 65% 4,029 4% 2,614 3%

Anantara 58% 53% 7,239 -9% 4,178 -1%

Four Seasons 42% 55% 9,970 22% 4,197 -7%

Others 44% 55% 5,302 34% 2,335 7%

Average 56% 58% 6,456 7% 3,602 3%

Oaks 79% n/a 4,880 n/a 3,856 n/a

Avg. Overall 68% 58% 5,483 -9% 3,737 7%

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Avg. Thailand 54% 58% 4,808 -5% 2,595 -11%

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

2011 2010 2011 %Chg 2011 %Chg

Marriott 67% 63% 3,643 -2% 2,450 5%

Anantara 52% 47% 6,829 -6% 3,526 5%

Four Seasons 50% 45% 8,660 4% 4,325 16%

Others 45% 44% 4,925 -3% 2,193 -3%

Average 65% 52% 5,772 1% 3,186 7%

Oaks 79% n/a 4,977 n/a 3,917 n/a

Avg. Overall 65% 52% 5,385 -5% 3,479 17%

Avg. Thailand 56% 54% 4,640 -2% 2,575 1%

RESTAURANT PERFORMANCE

BrandSSS (%) TSS (%)

4Q11 4Q10 4Q11 4Q10

The Pizza Company 11.3% 8.6% 18.2% 11.8%

Swensen’s -0.3% 1.7% 8.6% 6.0%

Sizzler 5.0% 4.3% 8.3% 12.0%

Dairy Queen 20.7% 11.7% 30.8% 16.0%

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Dairy Queen 20.7% 11.7% 30.8% 16.0%

Burger King 16.9% 1.4% 6.9% 4.5%

The Coffee Club 5.5% 9.8% 13.7% 17.9%

Thai Express -3.7% 1.6% -0.3% 1.4%

Average 6.5% 6.8% 12.7% 11.8%

Average Thailand 9.3% 5.9% 15.3% 10.4%

RESTAURANT PERFORMANCE

BrandSSS (%) TSS (%)

2011 2010 2011 2010

The Pizza Company 11.7% 4.0% 15.6% 5.9%

Swensen’s 3.6% 2.6% 11.8% 3.9%

Sizzler 11.8% 5.7% 14.5% 15.0%

Dairy Queen 16.7% 7.5% 23.8% 12.5%

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Dairy Queen 16.7% 7.5% 23.8% 12.5%

Burger King 21.8% 3.7% 17.1% 6.6%

The Coffee Club 8.8% 5.7% 15.8% 16.7%

Thai Express -1.6% -5.3% 0.9% -1.0%

Average 9.0% 3.7% 14.1% 9.8%

Average Thailand 11.8% 4.6% 16.9% 8.1%

RESTAURANT OUTLETS – 4Q11

BrandNo. of outlets No. of outlets

TotalEquity Franchise Thailand International

The Pizza Company 189 88 235 42 277

Swensen’s 118 149 246 21 267

Sizzler 45 - 39 6 45

Dairy Queen 237 26 263 - 263

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Dairy Queen 237 26 263 - 263

Burger King 27 - 27 - 27

The Coffee Club 26 268 6 288 294

Thai Express 54 15 - 69 69

Others 15 - 15 - 15

Total 711 546 831 426 1,257

ir presentation 11ye-analyst meeting...

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