Company Presentation – Feb 2015

Tivoli Cavoeiro, Portugal

2

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

Agenda

2014 Performance Recap & Recent Updates

Hotel & Mixed-Use Business

Restaurant Business

Other Important Information

Banana Island Resort Doha by Anantara, Qatar

2014 Performance Recap & Recent Updates

First Coffee Club Outlet in Abu Dhabi

5

CONTINUED GROWTH WITH DIVERSIFICATION

MINT reported 2014 net profit of THB 4.4 billion, a 7% increase y-y, thanks to MINT’s diversification and international expansion strategy, as strong performance of international operations mitigated the impact of political uncertainties in Thailand. Net profit growth was attributable primarily to hospitality business, followed by restaurant and retail trading businesses, together with the gain on fair value adjustment of investment in Serendib in Sri Lanka in 2Q14.

25,000

30,000

35,000

40,000

2013 Hotel & Mixed-Use Restaurant Retail Trading 2014

36,936

39,787

THB Million

2,500

3,000

3,500

4,000

4,500

2013 Hotel & Mixed-Use Restaurant Retail Trading 2014

THB Million

4,101

4,402

+7% y-y

+8% y-y

REVENUES

NET PROFIT

2014 Performance Recap

Excl one-time gain+6% y-y

6MINT’s Footprint

With solid diversification strategy, MINT’s presence was in 32 countries at the end of 2014 across its hospitality and restaurant businesses. By the end of February 2015 with the acquisition of Tivoli Hotels & Resorts and the opening of AVANI Seychelles Barbarons, MINT’s presence is in 35 countries.

REVENUE CONTRIBUTION

87%68% 65%

52%

13%32% 35%

48%

0%

25%

50%

75%

100%

2008 2013 2014 2019F

International

Thailand

Restaurant

Combination

Hotel & Spa

INTERNATIONAL PRESENCE

7

WHAT’S NEW IN 4Q14 TO DATE

MINT continues to invest in its future, poised for solid growth going forward.

HOTEL & MIXED-USE RESTAURANT

Launched first The Coffee Club equity outlet in Yas Mall, Abu Dhabi, UAE, through the joint venture with Al Nasser Holdings

Invested in convertible bond of Bangkok Living Ltd (‘BLL’), which owns and operates two Thai restaurants in London under the Grab brand name in the UK. • Initial investment amount is GBP 600,000, with maximum

facility limit of GBP 1,100,000. • This marks our initiation to explore the high potential Thai

food market in Europe with minimal investment and limited risk.

Recent Development

• Completed the acquisition of 6 hotels with over 1,000 rooms in Namibia, Botswana, Zambia and Lesotho from Sun International in Dec 2014.* Note: the 40.5% investment in Royal Swazi Spa Valley and

Ezuwini Sun (Lugogo Sun), Swaziland is pending the fulfillment of conditions precedent.

Essque Zalu Zanzibar (to be rebranded to Per AQUUM)

• Through Elewana, acquired Serengiti Pioneer Camp, which is already being managed by Elewana.

AVANI Seychelles Barbarons

Banana Island Resort Doha by Anantara

• Announced the collaboration agreement with Destination Resorts & Hotels (DRH), which was established by the Malaysian Khazanah Group, to develop an Anantara resort in Malaysia.

Hotel Investments

Management Contracts

Thai Food in Europe

The Coffee Club in UAE

8

WHAT’S NEW IN 4Q14 TO DATE – STRATEGIC MOVE INTO EUROPE AND SOUTH AMERICA

MINT continues to invest in its future, poised for solid growth going forward.

HOTEL INVESTMENT – TIVOLI HOTELS & RESORTS

Recent Development

Euro 168 million (THB 6.6 billion)

Investment Size

Over 1,600 keys hotel portfolio, consisting of:

• Two hotels, an operating platform and the Tivoli Hotels & Resorts brand in Brazil, and

• Four hotel properties in Portugal (being leased and operated under Tivoli brand)

The Acquisition

Investment Rationales

The transaction has been closed in January 2015

• Strategic move into new territories – Europe and South America – to become a more global company, and in line with MINT’s diversification strategy

• The acquisition of Tivoli brand in Brazil will strengthen MINT’s hotel brand portfolio

• Immediate revenue and earnings contribution

Closing

Going Forward

• The Brazilian portfolio will serve as platforms for potential expansion of MINT’s Tivoli brand together with other brands and businesses into South America;

• The Portugal hotels will be MINT’s entry point to build a strong business in Europe.

Offers basic standard of service and comfort

Brand Positioning

More luxurious brand that offers more specialized service and more sophisticated lifestyle to guests

Revenue Size Comparison

2014 2019F

100%MINT’s hotel &

mixed-use revenues*

10% Tivoli 11% Tivoli5% Sun Intl 5% Sun Intl1% Rani 1% Rani

16% ofMINT’s hotel & mixed-use

revenues

17% ofMINT’s hotel & mixed-use

revenues

100%MINT’s hotel &

mixed-use revenues*

The three recent acquisitions immediately contribute to MINT’s revenues and earnings, and will remain a meaningful contribution to hotel & mixed-use business going forward

* Notes: (1) MINT’s hotel & mixed-use revenues exclude revenues of the three recent acquisitions(2) Contribution from Tivoli is based on six acquired properties and does not take into

account potential expansion opportunities going forward(3) Rani properties’ contribution is in the form of share of profit under equity method.

Hence, their profit contribution is much larger than revenue contribution above

9

WHAT’S NEW IN 4Q14 TO DATE – STRATEGIC MOVE INTO EUROPE AND SOUTH AMERICA

MINT continues to invest in its future, poised for solid growth going forward.

HOTEL INVESTMENT – TIVOLI HOTELS & RESORTS – CONT’D

Recent Development

Tivoli EcoresortPraia Do Forte (287 Rooms)

Portugal

Tivoli Lisboa(306 Rooms)

Lisbon

Algarve

Tivoli Marina Portimao(196 Rooms)

Tivoli Carvoeiro(293 Rooms)

Tivoli Marina Vilamoura(383 Rooms)

Portugal

Lisbon, the capital city of Portugal, is one of the major economic centers in Europe, with a growing financial sector and one of the largest container ports on Europe's Atlantic coast.

Algarve is the most popular tourist destination in Portugal, and one of the most popular in Europe. In addition to the natural beauties and beaches, Algarve is also well-known as one of the Europe's leading golf destinations.

Brazil

Sao Paulo, is the largest metropolis in South America. The city is the regional economic powerhouse, housing many South American headquarters of multinational corporations and financial institutions. It accommodates the largest stock exchange in Latin America.

Bahia, or Salvador da Bahia was the first capital of Brazil when the Portuguese seat of royal administration was placed there. Located on a small, roughly triangular peninsula that separates the Todosos Santos Bay (‘All Saints Bay’) from the open waters of the Atlantic Ocean, the city of Salvador is Brazil’s main tourist destination after Rio de Janeiro.

Tivoli Sao Paulo – Mofarrej(220 Rooms)

BrazilBahia

Sao Paulo

AVANI Seychelles Barbarons

Hotel & Mixed-Use Business

11

FINANCIAL PERFORMANCE – HOTEL & MIXED-USE

2014 revenue of hotel & mixed-use business grew by 8%, primarily as a result of growth of management contract, Oaks, owned hotels and Anantara Vacation Club. 2014 EBITDA and net profit increased by the same rate, with slightly higher EBITDA and net profit margins over prior year.

Owned hotels: 41% of 2014 hotel and mixed-use revenues – saw revenue growth of 3% although system-wide 2014 RevPar dropped by 5% y-y (organic RevPar -3%);

Oaks: 29% of 2014 hotel and mixed-use revenues – reported 2014 revenue growth of 16% while RevPar declined by 2% in THB terms;

Management contracts: 7% of 2014 hotel and mixed-use revenues – reported increase in 2014 revenue by 143%, from the outstanding performance of the Maldives and Middle East hotels and the ramping up of the new hotels, with system-wide 2014 RevPar increase of 16% (organic RevPar increase of 12%);

Real estate: 18% of 2014 hotel and mixed-use revenues – declined by 14% y-y because of lower residential sales, while Anantara Vacation Club continued to exhibit strong revenue growth of 15%;

EBITDA and Net profit grew at the same rate of revenues, with slightly higher margins over previous year.

Key Highlights

Hotel Updates

Revenue

EBITDA

NPAT

EBITDA Margin

NetMargin

THB million4,794

3,690 4,312

5,181 5,322

4,083 4,505

5,418

1,727

665 967

1,847 1,761

892 1,130

1,865

945

98 354

1,053 1,003

229 382

1,054

1Q13

19.7%

36.0% 18.0%

2Q13

2.7%

22.4%

8.2%

3Q13

35.7%

20.3%

4Q13

+5% y-y

+1% y-y

Flat y-y

1Q14

33.1%

18.8%

21.8%

2Q14

5.6%

+8% y-y

17,97719,328

+8% y-y

5,2065,647

29.0% 29.2%

2,4492,669

+9% y-y

2013

13.6%

2014

13.8%

25.1%

3Q14

8.5%

34.4%

19.5%

4Q14

12

HOTEL REVENUE BREAKDOWN BY TYPE

MINT continues to drive higher-margin room revenue as reflected by the largest and rising contribution of room revenue as a % of total hotel revenue over the past five years. At the same time, MINT has been strengthening its culinary effort to driveF&B revenue to grow alongside its hotel expansion

Hotel Updates

TOTAL HOTEL REVENUE* ROOM REVENUE*

F&B REVENUE* OTHER REVENUE*

THB million

-

6,000

12,000

18,000

2010 2011 2012 2013 20141,000

6,000

11,000

2010 2011 2012 2013 2014

52%

37%12%

53%

35%

12%

53%

35%

12%

55%

34%

12%

56%

31%

12%

THB million

+29%

+46%+19%

+37%

1,000

3,000

5,000

7,000

2010 2011 2012 2013 2014

THB million

+22%

+40%+14%

+24%

500

1,500

2,500

3,500

2010 2011 2012 2013 2014

THB million

+27%+46%

+14%

+40%

Room Revenue

F&B Revenue

Other Revenue

* Note: Based on total system revenue

13Hotel Updates

Hubs

In recent years, MINT has implemented a solid diversification strategy. As at year end 2014, MINT operates hotels and spas under a combination of investment, joint-venture and management business models in 22 countries. By February 2015, MINT’s hospitality operation expanded to 25 countries, with another 7 countries in the pipeline over the next three years.

HOTEL & MIXED-USE - INTERNATIONAL PRESENCE

REVENUE CONTRIBUTION

94%

60% 56%44%

6%

40% 44%56%

0%

25%

50%

75%

100%

2008 2013 2014 2019F

International

Thailand

Management

Combination

Investment

New Destinations in Pipeline

14

SYSTEM-WIDE HOTEL OPERATIONS

2014 system-wide RevPar was at its highest level in five years, despite the domestic political events and global economic slowdown. Although 2014 occupancy fell by 4%, primarily because of the political uncertainties’ impact on Bangkok hotels, theADR increase of 10% has resulted in 2014 system-wide RePar increase of 3%. Thanks to its diversification strategy, overseas hotels’ RevPar growth of 25% has mitigated the impact of decline in RevPar of Bangkok hotels.

THB

Hotel Updates

NUMBER OF HOTEL ROOMS ADR

OCCUPANCY REVPAR

+15% y-yNo of Rooms

* Note: Hotel Statistics include Oaks Hotel & Resort; and excludes Sun International hotels

Organic excl FX Impact+3% y-y

0

3,000

6,000

9,000

12,000

15,000

2010 2011 2012 2013 2014

MLR

Managed

Joint-venture

Owned

12,80014,721

4,114

9,575 10,348

52%

65%69% 70%

66%

40%

50%

60%

70%

80%

2010 2011 2012 2013 2014

5,6955,385 5,589 5,573

6,110

2,000

4,000

6,000

2010 2011 2012 2013 2014

2,976

3,4793,871 3,901 4,024

1,000

2,000

3,000

4,000

5,000

2010 2011 2012 2013 2014

+10% y-y

-4% y-y

Organic-1% y-y THB

+3% y-y

Organic excl FX Impact+2% y-y

15

OWNED-HOTELS OPERATIONS

Owned hotels remained the major revenue contributor for the hospitality business in 2014 with 41% contribution. 2014 RevPar of owned hotels declined by 5%, primarily because of the domestic political events which put pressure on Bangkok hotels’ occupancy. Partly due to the opening of Anantara PhuketLayan since the beginning of the year, 2014 revenues of owned hotels increased by 3%.

THB

THB

41%Owned-hotels

2014 HOSPITALITY REVENUE CONTRIBUTION

Hotel Updates

NUMBER OF HOTEL ROOMS ADR

OCCUPANCY REVPAR

THB

+16% y-yNo of Rooms

2,2582,554

2,3352,676

3,112

0

1,000

2,000

3,000

2010 2011 2012 2013 2014

57% 58%

66%68%

59%

40%

50%

60%

70%

80%

2010 2011 2012 2013 2014

4,735

5,377

6,035

6,385

7,028

4,000

5,000

6,000

7,000

2010 2011 2012 2013 2014

2,6913,133

3,9774,372

4,168

2,000

3,000

4,000

5,000

2010 2011 2012 2013 2014

Organic excl FX Impact+9% y-y

+10% y-y

-9% y-y

Organic-8% y-y

-5% y-y

Organic excl FX Impact-4% y-y

16

OWNED-HOTELS PERFORMANCE BY GEOGRAPHY – BANGKOK VS. OTHERSAccounting for 11% of 2014 hospitality revenues (5% of total MINT revenues), Bangkok hotels portfolio exhibited RevPar growth for the first time in 4Q14, with the recovery of the tourism industry in Thailand, in particular in the month of December. Thailand provincial hotels saw a slight RevPar decline in 2014, primarily from the renovation of Anantara Hua Hin in the second half of the year. RevPar of the overseas portfolio increased by 8% because of Maldives hotels, together with the better performance of relatively newer hotels, Anantara Hoi An and Anantara Angkor.

THB

THB

Hotel Updates

THAILAND PROVINCES

BANGKOK OVERSEAS

THB

14,676

10,0408,340

11,746

15,289

10,981 8,98712,56210,396

5,356 5,3807,145

11,058

5,989 5,108

7,703

71%

53%

65% 61% 72%

55% 57%61%

0

4,000

8,000

12,000

16,000

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14

THB

4,7724,501 4,423 4,917 4,814

4,4074,681

5,191

3,8002,795

3,064 3,458

2,280 1,7962,236

3,56880%

62%69% 70%

47% 41%48%

69%

0

1,000

2,000

3,000

4,000

5,000

6,000

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14

RevPar Growth (y-y) -40% -36% -27% +3%

7,873

5,5355,433

7,3678,490

6,030 5,438

7,4026,190

3,451 3,438

5,160

6,403

3,472 3,301

5,02479%

62% 63%

70% 75%

58% 61%68%

0

2,000

4,000

6,000

8,000

10,000

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14

RevParADR% Occupancy

MONTHLY 2014 REVPAR GROWTH TREND

RevPar Growth (y-y) +3% +1% -4% -3%

RevPar Growth (y-y) +6% +12% -5% +8%

-60%

-40%

-20%

0%

20%

40%

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

Bangkok

ThailandProvinces

Overseas

Martial Law & Coup

11%Bangkok hotels

2014 HOSPITALITY REVENUE CONTRIBUTION

17

OAKS’ OPERATIONS

Oaks’ serviced-suites operation is the second largest segment in the hotel and mixed-use business, with 29% revenue contribution in 2014. Oaks provides the hotel and mixed-use business with stable performance throughout the year, compared to hotel business which is more seasonal. Although Oaks’ RevPar was flattish in 2014 partly because of the new properties, Oaks’ revenues increased by 16% as a result of additional MLRs, yielding 6% room increase y-y.

THB

+6% y-yNo of Rooms

AUD

NUMBER OF MANAGED ROOMS ADR

OCCUPANCY REVPAR

Hotel Updates

THB AUD

29%Oaks

2014 HOSPITALITY REVENUE CONTRIBUTION

5,040 5,180

5,8976,223

3,000

4,000

5,000

6,000

2011 2012 2013 2014

79%77%

78%76%

60%

70%

80%

90%

2011 2012 2013 2014

3,917 3,9623,730 3,643

124 123126 124

110

120

130

140

150

0

1,000

2,000

3,000

4,000

5,000

2011 2012 2013 2014

4,977 5,1604,788 4,795

157160

162164

150

160

170

180

0

2,000

4,000

6,000

2011 2012 2013 2014

-2% y-y

THBFlat y-y

AUD+2% y-y

THB-2% y-y

AUD-1% y-y

18

MANAGED-HOTELS OPERATIONSIn 2014, contribution of managed hotels increased to 7% of hotel and mixed-use revenues from 3% in 2013. System-wide RevPar of managed hotels portfolio increased by 16% in 2014, primarily from the ramping up of the relatively new overseas hotels, in particular in the UAE, China and Bali, together with the stable performance of hotels in the Maldives and Thailand provincial hotels, Sikao and Samui. Together with the increase in number of rooms by 6%, 2014 revenue from management service increased by 143% y-y.

THB

Hotel Updates

NUMBER OF HOTEL ROOMS ADR

OCCUPANCY REVPAR

THB

1,1231,257

2,023

3,2543,453

0

1,000

2,000

3,000

4,000

2010 2011 2012 2013 2014

6,583

4,831 5,0475,594

6,748

3,000

4,000

5,000

6,000

7,000

8,000

2010 2011 2012 2013 2014

39%

49%

54%58%

55%

30%

40%

50%

60%

70%

80%

2010 2011 2012 2013 2014

2,5452,375

2,748

3,227

3,737

2,000

2,500

3,000

3,500

4,000

2010 2011 2012 2013 2014

7%Management Contracts

2014 HOSPITALITY REVENUE CONTRIBUTION

No of Rooms +6% y-y

-3% y-y

21% y-y

+16% y-y

Organic excl FX ImpactFlat y-y

Organic+6% y-y

Organic excl FX Impact+11% y-y

19

HOTEL EXPANSION PIPELINE

Expansion inside and outside Thailand will contribute to revenue & profit in coming years.

Hotel Updates

Total

* Note: Joint-ventured properties

Others

2015F

2016F

• Sanya, China (122 rms)

• Carlyle (79 rms)

• Radius (80 rms)

• Milton (185 rms)

• Jimbaran, Indonesia (180 rms)

• Bazaruto Island, Mozambique* Phase 2 (75 rms)

• Kalutara, Sri Lanka (143 rms)

21 Hotels / 3,850 Rooms 24 Hotels / 3,897 Rooms

• Barbarons,

Seychelles

(124 rms)

• Royal Livingstone, Zambia* (173 rms)

• Gaborone, Botswana (196 rms)

• Windhoek, Namibia (173 rms)

• Victoria Falls, Zambia* (212 rms)

• Lesotho, Lesotho* (158 rms)

• Maseru, Lesotho* (105 rms)

• Royal Swazi, Swaziland* (149 rms)

• Ezulwini, Swaziland* (202 rms)

• Bangkok, Thailand (249 rms)

• Niyama, Maldives* Phase 2 (48 rms) (Per AQUUM)

• Serengeti Pioneer Camp, Kenya* (12 rms) (Elewana)

• Tangalle, Sri Lanka* (150 rms)

• Banana Island Doha, Qatar (117 rms)

• Guiyang, China (218 rms)

• Jabal Al Akhdar, Oman (115 rms)

• Al Baleed, Oman (136 rms)

2017F• Chiang Mai,

Thailand (80 rms)

• Luang Prabang, Laos (101 rms)

• Qiandao Lake, China (120 rms)

• Dongguan, China (131 rms)

• Shanghai , China (260 rms)

• Mahabalipuram, India (130 rms)

• Sifah, Oman (198 rms)

• Le Chaland, Mauritius (160 rms)

• Tozeur, Tunisia (93 rms)

• Tivoli Sao Paulo Mofarrej, Brazil (220rms)

• Tivoli Ecoresort Praia do Forte, Brazil (287 rms)

• Tivoli Lisboa, Portugal (306 rms)

• Tivoli Marina Vilamoura, Portugal (383 rms)

• Tivoli Marina Portimao, Portugal (196 rms)

• Tivoli Carvoeiro, Portugal (293 rms)

• Abu Dhabi, UAE (99 rms)

• Nusa Dua, Bali, Indonesia (529 rms)

HOTEL INVESTMENT MANAGEMENT CONTRACTS

• Dubai Creek, UAE (290 rms)

• Al Madina A’Zarqua, Oman (120 rms)

• Tangier, Morocco (230 rms)

• Malaysia (120 rms)

2018F

20

HOTEL EXPANSION PIPELINE

MINT continues to implement “Asset Right” strategy, which is a combination of “Asset Heavy” (owned & JV) and “Asset Light” (management contracts & MLRs), depending on the circumstances and opportunities. The below figures are based on current signed pipeline while the finalization of on-going due-diligence and new opportunities that come along in the future will certainly add to the below growth figures.

Hotel Updates

OWNED HOTELS MANAGED HOTELS

OAKSJOINT VENTURE

2,753

5,056> 5,199 > 5,319

2,000

3,000

4,000

5,000

6,000

2014 2015F 2016F 2017F

+84%

No of Rooms

6,223

6,855 > 6,855 > 6,855

4,000

5,000

6,000

7,000

2014 2015F 2016F 2017F

No of Rooms +10%

3,453

4,153

> 5,974 > 6,054

2,000

3,000

4,000

5,000

6,000

7,000

2014 2015F 2016F 2017F

No of Rooms +20%

1,275

2,484 > 2,559 > 2,559

0

1,000

2,000

3,000

2014 2015F 2016F 2017F

No of Rooms +95%

21

TOTAL NUMBER OF MEMBERS MEMBERS PRIMARILY IN ASIA

INVENTORY TO ACCOMMODATE GROWING MEMBERS GROWTH TREND OF MEMBERS IN TOP THREE MARKETS

Part of the real estate business, Anantara Vacation Club is growing to become another significant contributor to the hotel and mixed-use business. Number of members have seen impressive growth trajectory over the past three years, primarily driven by the three main markets – China, Thailand and Singapore. The five-year plan calls for a total of 700 units of inventory across at least 10 destinations to accommodate the members’ growth. In 2014, AVC sales grew by 15% y-y.

REAL ESTATE BUSINESS – ANANTARA VACATION CLUB

Real Estates Updates

China33%

Thailand14%

Singapore12%

Hong Kong10%

Malaysia9%

Australia3%

Japan2%

Indonesia2%

UAE1%

UK1% Others

13%

As at Dec 2014

22 25 46106 119

700

0

200

400

600

800

2010 2011 2012 2013 2014 2019F

No. of Units10 Destinations

18%Real Estates

2014 HOSPITALITY REVENUE CONTRIBUTION

751

2,309

3,857

5,431

0

2,000

4,000

6,000

2011 2012 2013 2014

No. of Members

0

1,000

2,000

3,000

2011 2012 2013 2014

No. of Members

322

1,156

2,061

3,194

+107% +36% +12%+596%

+23%+19%+428%

+300%

+111%

China

Thailand

Singapore

Growth (y-y) +207% +67% +41%

6 Destinations: Queenstown

BaliSanyaSamuiPhuket

Bangkok

22

REAL ESTATE BUSINESS - RESIDENTIAL

To ensure the revenue stream from residential sales, MINT has prepared residential projects in the pipeline, to be launched in 2015 in Phuket and Chiang Mai. The residential projects will be selectively considered in various hotel destinations in order to increase returns of the overall project.

Sold 94%

Inventory*6%

Sold 79%

Inventory 21%

THE RESIDENCES BY ANANTARA, LAYAN, PHUKET

Real Estates Updates

18%Real Estates

2014 HOSPITALITY REVENUE CONTRIBUTION

ANANTARA CHIANG MAI SERVICED SUITES

15 uniquely designed pool villas

1,313 to 2,317 sq.m. of built-up area

Due to be launched in 2015

Up to 8 bedrooms, each with 21 metre private infinity pool

Situated on Layan beach on the preferred west coast of Phuket, each of the 15 individually designed residences benefits from one of Phuket’s most picturesque bays, and represents the most significant new luxury development in Phuket.

A 50% joint-venture with Natural Park Pcl., the project is in the city center of Chiang Mai, across from AnantaraChiang Mai Resort & Spa, near Chiang Mai Night Bazaar and iconic Ping River.

44 units in 7-storey condominium building

65 to 162 sq.m. (one to three bedrooms)

Completion expected in 2016

ST. REGIS RESIDENCES

THE ESTATES SAMUI

* Note: Remaining inventory has been sold in Jan-Feb 2015

Restaurant Business

24

Key Highlights

FINANCIAL PERFORMANCE - RESTAURANT

1Q13 2Q13 3Q13

NetMargin

THB million

4Q13

Restaurants Updates

1Q14 2Q14 2013 20143Q14

3,878

3,725 3,742

3,997

4,307 4,230

4,024

4,199

+5% y-y

15,34316,760

+9% y-y

Revenue

EBITDA

NPAT

716 634 648

761 708 725

622

762

18.5% 17.0% 17.3%EBITDA Margin

Flat y-y

19.0% 16.4% 17.1%

2,759 2,817

+2% y-y

18.0% 16.8%15.5% 18.1%

409

308 323

461

363 379 326

482

10.5% 8.3% 8.6%

+5% y-y

11.5% 8.4% 9.0%

1,501 1,550

+3% y-y

9.8% 9.2%8.1% 11.5%

4Q14

2014 revenues of the restaurant business increased by 9% y-y, mainly attributable to the outlet expansion of 11%. 2014 net profit grew by 3% y-y, a smaller magnitude than revenue increase primarily from an industry-wide slowdown in domestic consumption, resulting in lower operating leverage in 1Q14 in Thailand and 2H14 in Singapore.

2014 total-system-sales continued to grow by 13.1%, mainly attributable to the outlet expansion of 11% y-y;

Of all brands, Riverside, Ribs & Rumps, Burger King, Dairy Queen and The Coffee Club reported impressive total-system-sales growths in the range of 15% - 25% in 2014;

2014 same-store-sales was flat y-y as Thailand and Singapore Hubs experienced industry-wide softening consumption in 1Q14 and 2H14, respectively. However, Thailand Hub saw a turnaround since 2Q14 and Singapore Hub’s same-store-sales started to see a sign of rebound in 4Q14;

Australia hub continued to demonstrate consistency in brand performance throughout the year;

China Hub reported strongest total-system-sales growth of 22% in 2014, driven primarily by the continued expansion of Riverside outlets;

EBITDA & net profit margins declined y-y in 2014, attributable to lower operating leverage resulting from negative same-store-sales growth, in particular for Thailand Hub in 1Q14 and Singapore Hub in 2H14.

25

RESTAURANT INTERNATIONAL FOOTPRINT

Franchised

Combination

Owned

REVENUE CONTRIBUTION

Restaurants Updates

Hub

81% 70% 67%51%

19% 30% 33%49%

0%

25%

50%

75%

100%

2008 2013 2014 2019F

International

Thailand

MINT operates four restaurant hubs: Thailand, Singapore, Australia and China. MINT’s restaurant presence is now in 21 countries across the region, operating owned, franchised and a combination of both business models. MINT continues to look for opportunities to expand, especially in these existing markets that MINT operates.

26

RESTAURANT PERFORMANCE

Same-Store-Sales Growth Total-System-Sales Growth 53%82%

59%

Franchised

Owned

50%

International

Thailand

SSS & TSS GROWTH

Restaurants Updates

RESTAURANT OUTLETS BY GEOGRAPHY

RESTAURANT OUTLETS BY OWNERSHIP

3.7%

9.0%

5.5%

1.5%0.4%

9.8%

14.1%

15.1%

13.8%13.1%

0%

5%

10%

15%

20%

2010 2011 2012 2013 2014

No. ofOutlets 1,148 1,257 1,381 1,544 1,708

2014 total-system-sales of the restaurant business maintained its y-y growth momentum at 13.1%, although 2014 same-store-sales grew marginally by 0.4% y-y as a result of same-store-sales decline in Singapore and China. During the year, number of outlets increased y-y by 11%, with a majority of expansion in Thailand, Australia and China.

2007 2013 2014 2019F

35%

65%7%93%

49%

51%676

3,365

1,5441,708

+11% y-y

37%

63%

2007 2013 2014 2019F

47%

53%18%

82%

41%

59%

1,708

676

3,365

1,544

50%

50%

+11% y-y

27

THAILAND HUB

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

THAILAND’S SSS & TSS GROWTH

Restaurants Updates

POISED FOR GROWTH

67%Thailand

2014 RESTAURANT REVENUE CONTRIBUTION Revenues from domestic operations still accounted for approximately two-thirds of total restaurant

revenues in 2014. Same-store-sales growth showed a sign of y-y improvement. The recovery, together with solid outlet expansion, led to the y-y expansion of total-system-sales by 12% in 2014.

0%

5%

10%

15%

20%

2010 2011 2012 2013 2014

Same-store-sales growth showed a sign of recovery throughout the year after the decline in 1Q14, attributable to successful product innovation, proven marketing and technological initiatives, in the midst of continued recovery in macro-economic outlook.

Strong domestic franchising business resulted in new outlet openings and total-system-sales growth of 12% in 4Q14.

MINT continued to introduce innovative products, enhance customer convenience through new store concepts and the utilization of technological advantages.

• The Pizza Company: Maximized the utilization of IT investment and received over one-third of 4Q14 delivery sales from online ordering platform.

• Swensen’s: Successfully launched the first-ever Durian ice-cream and achieved highest docket growth in 5 years with 16.4 million dockets in 2014.

• Sizzler: Piloted mobile Q-Happy platform to enhance customer convenience, while improving operational efficiency.

• Dairy Queen: Expanded coverage in Thailand and surpassed THB 2-billion in sales, serving close to 50 million customers in 2014.

• Burger King: Successfully introduced the first drive-through Burger King store in Thailand with sales almost doubling the pre-opening forecast.

28

SINGAPORE’S SSS & TSS GROWTH PROFITABILITY TO BE SUPPORTED BY:

SINGAPORE HUB

Restaurants Updates

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

17%Singapore

2014 RESTAURANT REVENUE CONTRIBUTION Singapore Hub remains the second largest revenue and net profit contributor of the restaurant business in

2014. In the midst of challenging consumption environment and increased competition in Singapore, same-store-sales of Singapore Hub was negative in 2014. However, same-store-sales growth trend improved q-q in 4Q14 with the strengthening of core brands, the launch of new concept and improved marketing initiatives.

-15%

-10%

-5%

0%

5%

10%

15%

20%

2010 2011 2012 2013 2014

Although same-store-sales growth was still negative in 4Q14 but it showed a sign of rebound compared to the previous quarter. Singapore Hub has become more selective in its new-store development. As a result, total-system-sales grew only by 1.8% in 2014.

Strengthen ThaiExpress brand as the World’s largest chain of modern Thai restaurants by selective store relocation to increase visibility and introduce new exquisite menu.

Minor Food Group Singapore is taking the opportunity of economic slowdown to do major renovation on décor and design of ThaiExpress’s existing outlets, with the objective of enhancing customers’ dining experience and attract more traffic.

Reinforce the concept of comfort food for Xin Wang as well as increase different dayparts and traffics from healthy breakfast to late-night meal at 2am.

In addition to the restored growth in Singapore, ThaiExpress will continue to selectively expand the Thai cuisine concept in Malaysia and other international markets.

29

AUSTRALIA’S SSS & TSS GROWTH EXPANSION INTACT

AUSTRALIA HUB

Restaurants Updates

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

Thailand

1%

2014 RESTAURANT REVENUE CONTRIBUTION

Australia

Although Australia Hub contributes only 1% to the restaurant business’s revenues in 2014, its contribution to net profit is much higher as the Australia Hub’s performance is recognized as share of profit from investments in joint venture under equity accounting. Australia Hub is therefore the third largest profit contributor to the restaurant business.

0%

10%

20%

30%

2010 2011 2012 2013 2014

Australia Hub has delivered satisfactory same-store-sales and total-system-sales growths of 1.7% and 15.8% in 2014, respectively.

Australia hub continued to demonstrate consistency in brand performance throughout 2014, primarily on the back of established Coffee Club brand and its strong franchise system in Australia.

Total-system-sales of 15.8% in 2014 was partly attributable to the contribution from three new brands, i.e. Veneziano, Groove Train and Coffee Hit, which were acquired in 3Q14.

The Coffee Club in Middle East and North Africa (“MENA”) opened its first outlet in Abu Dhabi, United Arab Emirates in December 2014. The second outlet is planned for the upcoming Wasl Vita Mall in Dubai.

30

CHINA’S SSS & TSS GROWTH GROWTH PLANS IN PLACE

CHINA HUB

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

Restaurants Updates

13%China

2014 RESTAURANT REVENUE CONTRIBUTION After achieving break-even point in 2013, China Hub continued to show improvement in its performance.

With the extensive progress in existing operations as well as aggressive outlet expansion of Riverside, China Hub reported net profit in 2014. MINT still projects its China hub to yield a meaningful contribution in the future.

Total-system-sales of China operations reported a strong growth of 22% in 2014. Active outlet expansion of the Riverside brand since MINT’s acquisition at the end of 2012 more than offset negative same-store-sales growth effect.

-50%

0%

50%

100%

150%

200%

250%

300%

350%

2010 2011 2012 2013 2014

Acquisition of Riverside

MFG China hub opened a total of 15 outlets (a 32% growth y-y), while closing down 1 outlet in 2014. The majority of new outlets was attributable to the expansion under Riverside brand, which continued to establish its footprint in Beijing, Shanghai and surrounding cities.

Apart from the expansion of Riverside, ThaiExpress also successfully re-launched two of its stores in Beijing.

Existing Cities prior to 2014 New Cities in 2014

Riverside Expansion in 2014

Other Important Information

32

FINANCIAL PERFORMANCE – RETAIL TRADING & CONTRACT MANUFACTURING

1Q13 2Q13 3Q13

Key Highlights

Revenue

EBITDA

NPAT

EBITDA Margin

NetMargin

THB million

Retail Trading Updates

4Q13 1Q14 2Q14 2013 20143Q14

965 836 900 915

1,001

810 889

999

9% y-y

3,616 3,699

2% y-y

107

64 76 90

107

50

82

146

11.1% 7.7% 8.5%

+62% y-y

9.8% 10.6% 6.2%

338

14% y-y

9.3% 10.4%9.2% 14.6%

384

56

23 30 43

54

8

38

83

5.8% 2.8% 3.3%

+92% y-y

4.7% 5.4% 1.0%

151

183

21% y-y

4.2% 4.9%8.3%4.3%

4Q14

2014 revenue from retail trading increased by 6% y-y, despite the softening of domestic consumption which affected industry-wide discretionary spending. The revenue increase was primarily attributable to the expansion of points of sale by 8% y-y;

2014 revenue from contract manufacturing decreased by 5% y-y, from delayed orders from NMT’s key customers amidst consumption slowdown. However, contract manufacturing business started to see a recovery from partial re-ordering from some key customers in 4Q14;

EBITDA and EBITDA margin, together with net profit and net profit margin, increased in 2014 because of the faster increase of the retail trading business which had higher margin in nature and saw cost efficiency improvement, as well as the recovery of the contract manufacturing business in 4Q14.

2014 revenue of retail trading & contract manufacturing increased by 2% y-y because of increased revenue from fashion business, especially Charles & Keith, Tumi, Henckels and Pedro. Net profit grew by a larger degree of 21% y-y from higher growth of the higher-operating leverage retail trading business, together with its effective cost-saving measures.

33

RETAIL TRADING & CONTRACT MANUFACTURING

Same-Store-Sales Growth Total-System-Sales Growth Fashion & Cosmetic Sales per Sq.m.

SSS & TSS GROWTH SALES PER SQ. M.

Retail Trading Updates

14.4% 14.6%

-2.1%

0.3%-8.1%

16.8%18.9%

14.6%12.0%

3.8%

-10%

0%

10%

20%

30%

2010 2011 2012 2013 2014

No. ofShops

258 246 235

Note: No. of shops include Laneige, Smashbox and Bloom which were closed in 1Q12, 3Q12 and 4Q12 respectively

THB

88,390

94,002

102,333

94,860

105,248

70,000

80,000

90,000

100,000

110,000

120,000

2010 2011 2012 2013 2014

No. ofShops

276 297 258 246 235 276 297

2014 total-system-sales of retail trading grew by 4% y-y, as a result of outlet expansion of 8% y-y. Same-store-sales growth wasnegative throughout 2014, as sales of discretionary goods have been impacted by the industry-wide slowdown.

34

BACK-UP FINANCING

CAPEX & BALANCE SHEET STRENGTH

X

0.4

0.6

0.8

1.0

1.2

1.4

2010 2011 2012 2013 2014

Interest Bearing Debt to Equity

Net Interest Bearing Debt to Equity

Internal Policy

X

THB million

THB million

CAPEX PLANS – COMMITTED & NEW OPPORTUNITIES LEVERAGE RATIOS

CAPEX & Balance Sheet Strength

0.96x

1.14x

-

1.0

2.0

3.0

4.0

5.0

6.0

-

4,000

8,000

12,000

16,000

2013 2014 2015F 2016F 2017F 2018F 2019F

Restaurant Hotel & Mixed-use Retail Trading

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

EBITDA coverage on committed CAPEX

* Incremental capital increase from MINT-W5 exercise, assuming 100% MINT-W5 conversion

0

20,000

40,000

60,000

Outstanding Borrowing & Equity Un-Utilized Facility

Debt21,794

Debt34,059

Shareholders’ Equity30,024

Equity*

8,003

In addition to committed CAPEX, MINT also set aside additional CAPEX for future acquisitions and new initiatives. Even with recent acquisitions, leverage ratio remains below the internal policy. With its solid balance sheet, MINT will be able to primarily use its internal cash flow and debt financing to fund its CAPEX requirements going forward. In addition, in April 2014, TRIS rating has upgraded MINT and its senior debenture rating to “A+”, from “A”.

* 2015 committed CAPEX includes Tivoli acquisition which was completed in Jan 2015

Note: Cash on hand as at end of 2014 is THB 5,372 million

35FX Impact

THB64%

SGD7%

AUD15%

RMB6%

USD6%

Others2%

6% of MINT’s Revenue

US Dollar

6% of MINT’s Revenue

Renminbi

15% of MINT’s Revenue

Australian Dollar

7% of MINT’s Revenue

Singapore Dollar

IMPACT FROM FOREIGN EXCHANGE RATE

24.6 25.6

2013 2014

+4%

29.7 29.3

2013 2014

-1%

5.0 5.3

2013 2014

+5%

30.7 32.5

2013 2014

+6%

As MINT’s effort is to implement natural hedge where possible, the impact from foreign exchange rate is primarily the translation impact on its P&L. The major currencies for MINT are AUD, SGD, RMB and USD.

2014 MINT’S REVENUE BREAKDOWN BY CURRENCY

AUD/THB

SGD/THB

RMB/THB

USD/THB

36Going Forward

FIVE-YEAR ASPIRATIONS

2019F

2014

> 190 hotels

> 400 residences built to date

> 700 timeshare units

> 3,300 restaurants

> 360 retail shops & POS

(> 37,000 Sqm)

NPAT(THB) 1.4bn

2009

4.4bn 2019F

2014

119 hotels

67 residences built to date

119 timeshare units

1,708 restaurants

297 retail shops & POS

(22,538 Sqm)

2009

30 hotels

1,112 restaurants

292 retail shops & POS

(14,275 Sqm)

37

Five-year strategy consists of the following three key pillars, with clear goals and measurements.

Summary of Five-Year Plan

MINT’S FIVE-YEAR STRATEGY 2015-2019

NPAT growth of 15-20% CAGR ROIC of >15%

Growth Pillars

Measure-ments

Drive a Portfolio of Own Brands, With Additional

Contribution From Selected International Brands

Maximize Asset Value and Productivity

Expand Through Strategic Investments & Acquisitions

Asset-light

Model

Mixed-use

Initiatives

Total-system-sales growth of over 15%

Revenues growth of over 10%

Improvement of margins

Revenues from overseas of over 40%

Net profit from overseas of 50%

2019 Goals