Company Presentation – Feb 2016

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

Agenda2015 Performance Recap & Recent Updates

Minor Hotel

Minor Food

Minor Retail

Corporate Information

2015 Performance Recap & Recent Updates

The Milton Brisbane

5

CONTINUED GROWTH WITH DIVERSIFICATION

MINT reported 2015 net profit of THB 7.0 billion, a 60% increase, primarily from the robust performance of hospitality business,together with gains from revaluation of investments in a total of THB 2,335 million relating to the acquisitions of Sun International hotels in Africa, Oaks Elan Darwin and Minor DKL in Australia in 2015. Excluding such gains, 2015 core net profit increased by 9%.

20,000

30,000

40,000

50,000

2014 Hotel & Mixed-Use Restaurant Retail Trading 2015

39,787

48,149

THB million

0

2,000

4,000

6,000

8,000

2014 Hotel & Mixed-Use Restaurant Retail Trading 2015

THB million

4,402

7,040

+60% y-y

+21% y-y

REVENUES

NET PROFIT

2015 Performance Recap

Excl extra gains+15% y-y

Excl extra gains+9% y-y

6MINT’s Footprint

With solid diversification strategy, MINT’s presence was in 32 countries at the end of 2015 across its hospitality and restaurant businesses.

Restaurant

Combination

Hotel & Spa

INTERNATIONAL PRESENCE

REVENUE CONTRIBUTION

87%

57% 56% 50%

13%

43% 44% 50%

0%

25%

50%

75%

100%

2008 2014 2015 2020F

International

Thailand

* Excludes special gains

7

COMPLETION OF THE FINAL STAGE OF TIVOLI HOTELS & RESORTS ACQUISITION

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

Recent Development

• The investment:

‐ Euro 294.2 million (THB 11.5 billion) for the entire portfolio of 14 hotels; the largest-ever hospitality transaction in Portugal

‐ Total of 14 hotels, of which 12 are in Portugal and 2 are in Brazil, totaling 2,982 rooms

‐ Hotel operating platform and Tivoli Hotels & Resorts brand for both Portugal and Brazil

• Size & valuation (entire portfolio):

‐ 9.6x EV/EBITDA multiple, a highly attractive valuation for well-located assets in a strong European market

‐ Revenue of Euro 121 million and normalized EBITDA of Euro 31 million in 2015, which will further strengthen MINT’s earnings growth and diversification

• Plans going forward:

‐ The brand, with its heritage of over 80 years, will be kept

‐ MINT will invest further in the Tivoli hotel assets to further enhance the positioning of the brand across its markets

‐ Tivoli will be used as platform for further expansion in the regions

Name Country Stars Rooms

Acquired in 2015

1. Tivoli Sao Paulo Sao Paulo, Brazil 5 220

2. Tivoli Ecoresort Praia do Forte Bahia, Brazil 5 287

3. Tivoli Lisboa Lisbon, Portugal 5 306

4. Tivoli Marina Vilamoura Algarve, Portugal 5 383

5. Tivoli Marina Portimão Algarve, Portugal 4 196

6. Tivoli Carvoeiro Algarve, Portugal 4 293

7. Tivoli Oriente Lisbon, Portugal 4 279

No. of rooms acquired in 2015 1,964

Acquired in February 2016

8. Tivoli Victoria Algarve, Portugal 5 280

9. Tivoli Palácio de Seteais Lisbon, Portugal 5 30

10. Tivoli Jardim Lisbon, Portugal 4 119

11. Tivoli Lagos Algarve, Portugal 4 324

12. Tivoli Sintra Lisbon, Portugal 4 77

13. Tivoli Coimbra Coimbra, Portugal 4 100

14. The Residences at Victoria Golf Club (managed) Algarve, Portugal 5 88

No. of rooms acquired in 2016 1,018

Total Portfolio 2,982

8

COMPLETION OF THE FINAL STAGE OF TIVOLI HOTELS & RESORTS ACQUISITION (Cont’d)

Sao Paulo

Bahia

Acquired in 2016Acquired in 2015

Recent Development

Tivoli Sao Paulo - Mofarrej(220 Rooms)

Tivoli EcoresortPraia do Forte (287 Rooms)

Brazil

Coimbra

Lisbon

Algarve

Tivoli Sintra(77 Rooms)

Portugal

Tivoli Palácio de Seteais(30 Rooms)

Tivoli Jardim(119 Rooms)

Tivoli Lisboa(306 Rooms)

Tivoli Oriente(279 Rooms)

Tivoli Lagos(324 Rooms)

Tivoli Marina Portimão(196 Rooms)

The Residences at Victoria Golf Club (88 Rooms)

Tivoli Marina Vilamoura(383 Rooms)

Tivoli Coimbra(100 Rooms)

Tivoli Carvoeiro(293 Rooms)

Tivoli Victoria (280 Rooms)

In the first stage post-acquisition, MINT plans to renovate four Tivoli hotels to further enhance the positioning of the brand: Tivoli Oriente, Tivoli Lisboa and Tivoli Marina Vilamoura in Portugal and Tivoli Sao Paulo – Mofarrej in Brazil.

9

KEY DRIVERS OF 2016 AND BEYOND – MINOR HOTEL

2016 and Beyond

Integration of Tivoli Brand and Operating Platform

• Earnings enhancement through consolidation of entire Tivoli portfolio

• Leverage on Tivoli footprints to expand MINT’s operations in Europe and South America

• Look for opportunity to expand Tivoli brand elsewhere in the world

Renovations Completed & Ready for 2016

• Anantara Siam Bangkok (1st phase)

• Anantara Hua Hin

• Anantara Dhigu Maldives

Key Additions in 2016

• AVANI Riverside Bangkok: 249 rooms in 2Q16

• Anantara Kalutara, Sri Lanka: 141 rooms in mid-2016

The Residences by Anantara, Layan, Phuket

• Construction of 8 units completed; all 15 to be done within 2016

• 3 units sold in 2015

Anantara Chiang Mai Serviced Suites

• Completion in 2016

• 30 units presold

• Transfer expected to start in 2Q16

Torres Rani Mixed-Use Project in Maputo

• Completion in 2Q16

• 2 residential units presold

Pipeline Beyond 2016

• Anantara Desaru, Malaysia

• Anantara Ubud, Indonesia

Building Stronger Pipeline of New Properties

• Adding over 30% of new inventories:

- Anantara Mai Khao

- Anantara Chiang Mai Service Suites

- AVANI Riverside Bangkok

• Build /acquire more villas in key locations (e.g. Samui, Bali, China, etc)

Building Sustainable & Profitable Platform

• Pricing scheme restructuring resulted in:

- shortened installment period

- higher cash position

- Lower bad debts in longer term

• Diversify customer base through more active marketing efforts

Leverage MINT’s Expertise to Enhance Growth

• MINT’s platform and capability to help enhance potential contribution from:

- Sun International

- Elewana Collection

- Mozambique

Tivoli Integration

Renovation &New Rooms

Residential Projects

Anantara Vacation Club

African Portfolio

Capitalize on Oaks’ Solid Brand and Platform

• Further improve sales & marketing platform (i.e. reservation /call center) to enhance customer experience

• Explore asset investment opportunities both within home base and overseas

Oaks

10

Thailand Recovery

2016 and Beyond

Minor DKL Consolidation

• Additional revenues and profits from consolidation of Minor DKL’s financials

• Enhance growth by leveraging on MINT’s operating platform and international capabilities

Further Enhance Global Supply Chain through Vertical Integration

• Vertical integration of Veneziano’scoffee roasting capability across MINT’s global supply chain to drive sales and margins

Ramp-up Renovation of Thai Express

• Extension of renovation plan from 7 key Thai Express outlets to over 15 outlets in total

• The renovation, expected to complete in 2016, to be ready to capitalize on consumption recovery

Renovation for Other Concepts

• 3 Poulet outlets to be renovated in 2016

Business Streamlining

• Enhance operational excellence and productivity to reduce operating cost

• Streamline business to focus on core brands

• Consider closing non-performing outlets

Outlet Expansion & Product Improvement

• Market remains attractive in the long-term despite the recent economic slowdown

• Continue to expand outlets, although at a slower pace

• Further strengthen product and service to increase table turns and traffic

• Focus on improving profitability

Operation Integration

• Completed back-office integration to streamline costs, increase efficiency and support outlet expansion

Ramp-up Expansion of Restaurant Outlets in the UK

• Patara Fine Thai Cuisine, in partnership with S&P, successfully launched in Dec-15

• More active expansion plan in place for 2016

AustraliaIntegration

Singapore OverhaulProject

China Expansion

Global Thai Concept

Capturing Consumption Recovery in Thailand

• Sustain growth momentum of new product offerings

• Ramp-up Burger King’s outlet expansion efforts

• Build on BreadTalk’straction with active outlet expansion

Leadership & Expertise in Airport Operations

• 13 outlets opened at Don Muang Airport Terminal 2 at the end of 2015, with over 8 more to be opened in 1H16

• Continue to look for opportunities in both domestic and overseas airports

India Operations Gaining Strong Traction

• Swensen’s operation in India is gaining strong traction, posting consistent double digit same-store-sales growth

• India contribution to continue to ramp-up in 2016 and beyond

India Operations

KEY DRIVERS OF 2016 AND BEYOND – MINOR FOOD

11

Thailand Recovery

2016 and Beyond

Minor DKL Consolidation

• Additional revenues and profits from consolidation of Minor DKL’s financials

• Enhance growth by leveraging on MINT’s operating platform and international capabilities

Further Enhance Global Supply Chain through Vertical Integration

• Vertical integration of Veneziano’scoffee roasting capability across MINT’s global supply chain to drive sales and margins

Ramp-up Renovation of Thai Express

• Extension of renovation plan from 7 key Thai Express outlets to over 15 outlets in total

• The renovation, expected to complete in 2016, to be ready to capitalize on consumption recovery

Renovation for Other Concepts

• 3 Poulet outlets to be renovated in 2016

Business Streamlining

• Enhance operational excellence and productivity to reduce operating cost

• Streamline business to focus on core brands

• Consider closing non-performing outlets

Outlet Expansion & Product Improvement

• Market remains attractive in the long-term despite the recent economic slowdown

• Continue to expand outlets, although at a slower pace

• Further strengthen product and service to increase table turns and traffic

• Focus on improving profitability

Operation Integration

• Completed back-office integration to streamline costs, increase efficiency and support outlet expansion

Ramp-up Expansion of Restaurant Outlets in the UK

• Patara Fine Thai Cuisine, in partnership with S&P, successfully launched in Dec-15

• More active expansion plan in place for 2016

AustraliaIntegration

Singapore OverhaulProject

China Expansion

Global Thai Concept

Capturing Consumption Recovery in Thailand

• Sustain growth momentum of new product offerings

• Ramp-up Burger King’s outlet expansion efforts

• Build on BreadTalk’straction with active outlet expansion

Leadership & Expertise in Airport Operations

• 13 outlets opened at Don Muang Airport Terminal 2 at the end of 2015, with over 8 more to be opened in 1H16

• Continue to look for opportunities in both domestic and overseas airports

India Operations Gaining Strong Traction

• Swensen’s operation in India is gaining strong traction, posting consistent double digit same-store-sales growth

• India contribution to continue to ramp-up in 2016 and beyond

India Operations

KEY DRIVERS OF 2016 AND BEYOND – RESTAURANT

Minor Hotel

Souq Waqif Doha by AVANI

12

FINANCIAL PERFORMANCE – MINOR HOTEL

2015 core revenues of hotel & mixed-use business (excluding special gains) grew by 23%, as a result of growth of owned hotels operations, addition of newly acquired hotels, and sale of residential development villas. 2015 core EBITDA and net profit increased by 11% and 16% respectively, lower than the revenue growth, attributable to the decline of the higher-margin hotel management business, addition of lower-margin newly acquired hotels and decline in profitability of Anantara Vacation Club.

Owned hotels

49%of 2015 hospitality revenues

Key Highlights

Minor Hotel

Revenue

EBITDA

NPAT

THB million

* Excludes special gains from revaluation of investments in Oaks Elan Darwin of THB 20 million and Sun International hotels of THB 650 million in 2015, and Serendib of THB 87 million (before tax) in 2014

+38% y-y

+16% y-y*

12,657

16,390 17,977

19,330

24,304

3,313 4,535 5,206 5,647

6,816

1,158 1,940

2,449 2,669 3,679

Revenue grew by 47% y-y, as a result of system-wide 2015 RevPar increase of 5% y-y (organic RevPar +14%), together with the addition of newly acquired hotels.

Oaks

23% of 2015 hospitality revenues

Management contracts

4%of 2015 hospitality revenues

Real estate

19% of 2015 hospitality revenues

Revenue declined by 2% while RevPardeclined by 11% in THB term (2015 revenue increased by 10% while RevPar increased by 2% in AUD term).

Revenue decreased by 22%, to more normalized level as 1Q14 was an exceptional quarter for Maldives hotels, with the VIP guests. System-wide 2015 RevPar increased by 18% (organic RevPar +10%);

Revenue increased by 30% y-y primarily because of sales of The Residences by Anantara, Layan, Phuket, together with the increase in revenues of Anantara Vacation Club.

+26% y-y

+23% y-y*

+21% y-y

+11% y-y*

EBITDA Margin

26.0%*29.0% 28.0%26.2% 27.7% 29.2%

28.9%*

NetMargin

20152011 2013

13.6% 15.1%9.1%

2012

11.8%

2014

13.8%12.7%*13.5%*

13

Hubs

In recent years, MINT has implemented a solid diversification strategy. At the end of 2015, MINT operates hotels and spas under a combination of investment, joint-venture and management business models in 24 countries, with another 6 countries in the pipeline over the next three years.

MINOR HOTEL - INTERNATIONAL PRESENCE

REVENUE CONTRIBUTION

94%

40% 41% 34%

6%

60% 59% 66%

0%

25%

50%

75%

100%

2008 2014 2015 2020F

International

Thailand

Management

Combination

Investment

New Destinations in Pipeline

* Excludes special gains

Minor Hotel

14

SYSTEM-WIDE HOTEL OPERATIONS

2015 system-wide RevPar decreased by 2% y-y. Occupancy increased mainly from hotels in Thailand as a result of the recovery of tourism since the political unrest in 2014. ADR declined primarily because of the addition of new AVANI hotels in Africa which commanded ADRs that were lower than average, together with the decline of Oaks’ ADR in THB term because of the weakening of AUD. Excluding new hotels and foreign exchange impact, organic RevPar of the entire portfolio increased by 4% in 2015.

THB

NUMBER OF HOTEL ROOMS ADR

OCCUPANCY REVPAR

No of Rooms Organic excl FX Impact-2% y-y

-5% y-y

THB

-2% y-y

Organic excl FX Impact+4% y-y

+20% y-y

+2% y-y

Organic+4% y-y

0

5,000

10,000

15,000

20,000

2011 2012 2013 2014 2015

MLR

Managed

Joint-venture

Owned

65%69% 70%

66% 68%

40%

50%

60%

70%

80%

2011 2012 2013 2014 2015

5,385 5,589 5,5736,110 5,830

2,000

4,000

6,000

2011 2012 2013 2014 2015

3,4793,871 3,901 4,024 3,964

1,000

2,000

3,000

4,000

5,000

2011 2012 2013 2014 2015

12,80014,721

9,575 10,348

17,714

Minor Hotel

15

OWNED-HOTELS OPERATIONS

Owned hotels contribute about half of hotel & mixed-use revenues in 2015, an increase from the same period last year, from improving operations of existing owned hotels and additional revenues of newly acquired hotels. 2015 RevPar of owned hotels was up 5%, primarily from the occupancy increase on the back of the recovery of Thailand hotels, particularly in Bangkok. ADR declined because of the new hotels in Africa, which commanded lower rates. 2015 organic RevPar excluding foreign exchange impact improved by 13%.

THB

THB

49%Owned-hotels

2015 HOSPITALITY REVENUE CONTRIBUTION

NUMBER OF HOTEL ROOMS ADR

OCCUPANCY REVPAR

+73% y-y

No of Rooms

+5% y-y

Organic excl FX Impact+13% y-y

Organic excl FX Impact-2% y-y

-6% y-y

+7% y-y

Organic+9% y-y

2,5542,335

2,6763,112

5,387

0

2,000

4,000

6,000

2011 2012 2013 2014 2015

58%

66%68%

59%

67%

40%

50%

60%

70%

80%

2011 2012 2013 2014 2015

5,377

6,0356,385

7,0286,583

4,000

5,000

6,000

7,000

2011 2012 2013 2014 2015

3,133

3,9774,372

4,1684,393

2,000

3,000

4,000

5,000

2011 2012 2013 2014 2015

Minor Hotel

16

OWNED-HOTELS PERFORMANCE BY GEOGRAPHY

THB

THB

THAILAND PROVINCES

BANGKOK OVERSEAS

THB

8,793

17,436

11,15112,177

7,437

6,143

12,246

6,903 7,452

4,499

70% 70% 62% 61% 60%

0

4,000

8,000

12,000

16,000

2011 2012 2013 2014 2015

THB

4,435 4,589 4,662 4,830 4,943

2,138

2,9013,278

2,4733,473

48%

63%70%

51%70%

0

2,000

4,000

6,000

2011 2012 2013 2014 2015

RevPar Growth (y-y) +2% +36% +13% -25% +40%

5,369 5,8406,686 6,937 7,060

3,404 3,944 4,5994,526

4,974

63%68% 69%

65% 70%

0

2,000

4,000

6,000

8,000

2011 2012 2013 2014 2015

RevParADR% Occupancy

2015 KEY HIGHLIGHTS

12%Bangkok hotels

2015 HOSPITALITY REVENUE CONTRIBUTION

RevPar Growth (y-y) +568% +99% -44% +8% -40%

RevPar Growth (y-y) +11% +16% +17% -2% +10% • Bangkok: robust recovery in 2015, with RevPar increasing to the

level that is already higher than in 2013

• Thailand provinces: resilient performance throughout the five years, demonstrating the strength of Thailand tourism industry, together with Minor Hotel Group’s strong products and marketing efforts

• Overseas: decline in system-wide owned RevPar, largely because of the addition of new hotels with RevPar that are lower than the portfolio’s average. Organic owned RevPar increased by 2%

Contribution of Bangkok hotels in 2015 remained at around 12% of total hotel & mixed-use revenues (6% of total MINT revenues). The strong recovery of RevPar of hotels in Thailand, especially in Bangkok helped offset the decline in RevPar of overseas hotels. 2015 RevPar of system-wide owned hotels increased by 5% in 2015.

Minor Hotel

17

OAKS’ OPERATIONS

Oaks’ serviced-suites operation is the second largest segment in the hotel and mixed-use business, with 23% revenue contribution in 2015. Oaks continues to provide the hotel & mixed-use business with stable performance throughout the year, compared to hotel operations which is more seasonal. With RevParincrease of 2% in AUD term, Oaks’ 2015 revenues in AUD increased by 10% y-y.

THB

Flat y-yNo of Rooms

NUMBER OF MANAGED ROOMS ADR

OCCUPANCY REVPAR

THB AUD

23%Oaks

2015 HOSPITALITY REVENUE CONTRIBUTION

THB-11% y-y

AUD+2% y-y

Flat y-yAUD

THB-11% y-y

AUD+2% y-y

5,040 5,180

5,8976,223 6,232

3,000

4,000

5,000

6,000

2011 2012 2013 2014 2015

79%77%

78%76% 76%

60%

70%

80%

90%

2011 2012 2013 2014 2015

3,917 3,962 3,7303,643 3,258

124 123126 124

127

110

120

130

140

150

0

1,000

2,000

3,000

4,000

5,000

2011 2012 2013 2014 2015

4,977 5,160 4,788 4,7954,271

157160

162164

168

150

160

170

180

0

2,000

4,000

6,000

2011 2012 2013 2014 2015

Minor Hotel

18

MANAGED-HOTELS OPERATIONS

In 2015, managed hotels contributed 4% of hotel & mixed-use revenues. System-wide RevPar of managed hotels portfolio increased by 18% y-y in 2015, primarily from the ramping up of the relatively new hotels in China and UAE, good performance of hotels in Thailand and the new Banana Island Resort Doha by Anantara, which has exceptionally high ADR . However, 2015 revenue from management service declined by 22% y-y, as 2014 had a remarkably high base from hotels in the Maldives with VIP guests.

THB

NUMBER OF HOTEL ROOMS ADR

OCCUPANCY REVPAR

THB

4%Management Contracts

2015 HOSPITALITY REVENUE CONTRIBUTION

No of Rooms

Organic excl FX Impact-6% y-y

+4% y-y

+7% y-y

Organic+9% y-y

+18% y-y

Organic excl FX Impact+8% y-y

+13% y-y

1,257

2,023

3,254 3,453

3,910

0

1,000

2,000

3,000

4,000

2011 2012 2013 2014 2015

4,8315,047

5,594

6,7487,038

3,000

5,000

7,000

9,000

2011 2012 2013 2014 2015

49%

54%58%

55%

63%

40%

50%

60%

70%

80%

2011 2012 2013 2014 2015

2,3752,748

3,227

3,737

4,400

1,000

2,000

3,000

4,000

5,000

2011 2012 2013 2014 2015

Minor Hotel

19

HOTEL EXPANSION PIPELINE

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

* Note: Joint-ventured properties

Total

2016F• Kalutara, Sri Lanka

(141 rms)

13 Hotels / 2,511 Rooms 27 Hotels / 4,440 Rooms

2017F

• JabalDhannah, UAE (230 rms)

• Queensland, Australia (219 rms)

• Busan, Korea (404 rms)

HOTEL INVESTMENT

• Oman (198 rms)

• Dubai Creek, UAE (290 rms)

• Durrat Al Bahrain, Bahrain (220 rms)

• Jabal Dhannah, UAE (60 rms)

• Desaru, Malaysia (103 rms)2018F

• Luang Prabang, Laos (101 rms)

• Qiandao Lake, China (120 rms)

• Shanghai, China (260 rms)

• Tozeur, Tunisia (93 rms)

• Le Chaland, Mauritius (176 rms)

• Torres Rani, Maputo, Mozambique* (181 rms)

• Riverside Bangkok, Thailand (249 rms)

• Nusa Dua, Bali, Indonesia (96 rms)

• Neemrana, Rajasthan, India (116 rms)

• Guiyang, China (218 rms)

• Jabal Al Akhdar, Oman (115 rms)

• Salalah, Oman (136 rms)

• Al Houara Tangier, Morocco (150 rms)

• LoisabaTented Camp, Kenya (12 rms)

• KibokoStar Beds, Kenya (4 rms)

• Radius, Australia (80 rms)

• Ubud, Bali, Indonesia* (80 rms)

• Ras Al Khaimah, UAE (300 rms)

• Zanzibar, Tanzania (150 rms)

2019F

• Tivoli Victoria Vilamoura, Portugal (280 rms)

• Tivoli Palacio de Seteais, Portugal (30 rms)

• Tivoli Jardim, Portugal (119 rms)

• Tivoli Lagos, Portugal (324 rms)

• Tivoli Sintra, Portugal (77 rms)

• Tivoli Coimbra, Portugal (100 rms)

MANAGEMENT CONTRACTS

• The Residences at Victoria Golf Club, Portugal (88 rms)

• Doha, Qatar (101 rms)

• Nusa Dua, Bali, Indonesia (433 rms)

• Chiang Mai, Thailand (70 rms)

• Khao Lak (327 rms)

• DeiraIslands, Dubai, UAE* (500 rms)

Minor Hotel

20

TOTAL NUMBER OF MEMBERS MEMBERS PRIMARILY IN ASIA

INVENTORY TO ACCOMMODATE GROWING MEMBERS GROWTH DRIVEN BY FOUR 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 four main markets – China, Thailand, Hong Kong and Singapore. The five-year plan calls for a total of 450 units of inventory across 10 destinations to accommodate the members’ growth. AVC sales grew by 7% y-y in 2015, while margins were temporarily under pressure because of the change in pricing scheme to accelerate cash flows and reduce cancellation rate.

REAL ESTATE BUSINESS – ANANTARA VACATION CLUB

As at Dec 2015

No. of Units 10 Destinations

19%Real Estates

2015 HOSPITALITY REVENUE CONTRIBUTION

751

2,309

3,857

5,431

6,928

0

2,000

4,000

6,000

2011 2012 2013 2014 2015

No. of Members

0

1,000

2,000

3,000

4,000

5,000

2011 2012 2013 2014 2015

No. of Members

407

1,444

2,460

3,731

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

+23% +19%+428%

+300%

+111%

China

Thailand

Singapore

Growth (y-y) +207% +67% +41% +28%

6 Destinations: Queenstown

BaliSanyaSamuiPhuket

Bangkok

4,896

+10%

+5%

+48%

China, 38%

Thailand, 11%

Hong Kong, 11%

Singapore, 10%

Malaysia, 9%

Australia, 3%

Japan, 3%

Indonesia, 1%

US, 1% UAE, 1%Korea, 1%

Others, 11%

25 46

106119 137

450

0

100

200

300

400

500

2011 2012 2013 2014 2015 2020F

+239%+39%

+35% +38%

Hong Kong

Minor Hotel

21

REAL ESTATE BUSINESS - RESIDENTIAL

MINT launched The Residences by Anantara, Layan, Phuket in 2H15, with three units sold and revenues recognized in 4Q15. To ensure the revenue stream from residential sales in the coming years, MINT has additional residential projects in the pipeline, including in Chiang Mai of Thailand, Maputo of Mozambique, Desaru of Malaysia and Ubud of Indonesia. Other residential projects will be selectively considered in various hotel destinations in order to increase returns of the overall project.

Sold 79%

Inventory 21%

THE RESIDENCES BY ANANTARA, LAYAN, PHUKET

19%Real Estates

2015 HOSPITALITY REVENUE CONTRIBUTION

ANANTARA CHIANG MAI SERVICED SUITES

15 uniquely designed pool villas

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

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

The project is situated on Layan beach, one of the most picturesque bays on west coast of Phuket.

A 50% joint-venture with U City Pcl. (formerly Natural Park) , the project is in the city center of Chiang Mai, across from AnantaraChiang Mai Resort & Spa.

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

Above a secluded cove of powder-white sands and crystal-blue waters, The Estates Samuiprovide complete privacy and spectacular panoramic views with its own stretch of beach.

TORRES RANI, MAPUTO

A 49% joint-venture with Rani Investment, the project is 5 minutes from Maputo CBD.

187-key, 18-storey residential tower

20,926 sq.m., 21-storey office tower

The project will be completed in 2016

Sold 21%

Inventory 79%

Construction of 8 units completed

Minor Hotel

Minor Food

23

Key Highlights

FINANCIAL PERFORMANCE – MINOR FOOD

NetMargin

THB million

Minor Food

+21% y-y

Revenue

EBITDA

NPAT

EBITDA Margin

+70% y-y

+109% y-y

2015 core revenues of the restaurant business (excluding special gains) increased by 11%, attributable to outlet expansion of 8%. 2015 core net profit increased by 1%, at a lower rate than the increase in revenues, as margins of Singapore hub continued to beunder pressure, with key Thai Express outlets temporarily closed for renovation.

12,751 13,192 15,343 16,754

20,339

2,884 2,238

2,759 2,817

4,792

1,833 1,180 1,501 1,550

3,237

18.0% 23.6%

9.8% 15.9%

22.6%

14.4%

17.0%

8.9%

16.8%

9.3%

20152012 2013 20142011

Total-system-salesgrowth of

11.2%In 2015

Brands that reported impressive double-digit total-system-sales growth in 2015 are Burger King, Riverside, The Coffee Club and The Pizza Company.

Outlet expansion of

8%in 2015

In 2015, Burger King, Riverside, BreadTalk, SSP and The Pizza Company saw the fastest outlet expansion (in terms of percentage growth).

Positive same-store-sales growths of The Pizza Company, Sizzler, Burger King and Dairy Queen were offset by the soft performance of Swensen’s and Ribs and Rumps, while Thai Express was facing challenging macro economic environment in Singapore, and Riverside comp growth was impacted by its active outlet expansion. Nonetheless, geographical and multi-brand diversification made MINT more resilient than smaller players.

* Excluding gain on reclassification of investment in S&P of THB 1,054 million, netted off with impairment charge of China business of THB 93 million in 2011 and gain on fair value adjustment of change in status of investments in Minor DKL, MINT’s Australian restaurant hub of THB 1,665 million in 2015.

+11% y-y*

+11% y-y*

16.4%* 16.7%*

+1% y-y*

7.5%* 8.4%*

Same-store-salesgrowth of

-0.2%in 2015

24

Franchised

Combination

Owned

REVENUE CONTRIBUTION

Hub

81%67% 66% 58%

19%33% 34% 42%

0%

25%

50%

75%

100%

2008 2014 2015 2020F

International

Thailand

MINT operates four restaurant hubs: Thailand, Singapore, Australia and China. MINT’s restaurant presence is now in 19 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.

Minor Food

MINOR FOOD - INTERNATIONAL PRESENCE

25

MINOR FOOD – OPERATIONAL PERFORMANCE

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

59%

Franchised

Owned

50%

International

Thailand

SSS & TSS GROWTH RESTAURANT OUTLETS BY GEOGRAPHY

RESTAURANT OUTLETS BY OWNERSHIP

2015 total-system-sales of the restaurant business grew 11.2% y-y, primarily from the outlet expansion of 8%, mostly in Thailandand China. Same-store-sales growth was flat in 2015. Thailand’s positive same-store-sales growth was offset by Singapore’s negative same-store-sales growth in 2015.

2008 2014 2015 2020F

37%

63%67%

33%

39%

61%1,043

3,139

1,8511,708

+8% y-y

36%

64%

2008 2014 2015 2020F

38%

62%

50%

50%

3,139

48%

52%

+8% y-y

1,043

1,8511,708

50%

50%

9.0%

5.5%

1.5%

0.4%-0.2%

14.1%15.1%

13.8%13.1%

11.2%

-5%

0%

5%

10%

15%

20%

2011 2012 2013 2014 2015

1,8511,257 1,381 1,544 1,708No. ofOutlets

Minor Food

26

THAILAND HUB

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

THAILAND’S SSS & TSS GROWTH RESILIENT OPERATIONS

66%

Thailand

2015 RESTAURANT REVENUE CONTRIBUTION Revenues from domestic operations still accounted for about two-thirds of total restaurant revenues in

2015. The Pizza Company, Sizzler and Burger King reported strong same-store-sales growth, demonstrating Thailand hub’s ability to stay ahead of competition amidst the slowdown of the macro backdrop.

Thailand hub’s same-store-sales growth was 2.1% in 2015, improving from 2013 and 2014 despite the sluggish domestic consumption in 2015. The resiliency was attributable to successful new strategies, continued product innovations, together with effective marketing and promotional campaigns.

With consistent outlet expansion, Thailand hub saw total-system-sales growth of 11% in 2015.

Constant innovation of menus with the launch of 48 new items for dine-in restaurants.

Creative new ice cream flavors to address the changing taste of consumers.

Successful marketing initiatives through social media, with over one million likes achieved on Sizzler Thailand page by mid-February 2016

Attractive product offering resulting in traffic increase of almost 10% y-y in 4Q15.

Continued focus on domestic market with new store openings including drive-thru format.

0%

5%

10%

15%

20%

2011 2012 2013 2014 2015

Minor Food

27

SINGAPORE’S SSS & TSS GROWTH DOMINANCE IN THAI CUISINE SEGMENT

SINGAPORE HUB

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

15%Singapore

2015 RESTAURANT REVENUE CONTRIBUTION

-15%

-10%

-5%

0%

5%

10%

15%

20%

2011 2012 2013 2014 2015

Like many other F&B operators in the market, our Singapore hub has been affected by the economic slowdown and increased competition throughout 2015. The hub took the opportunity to renovate some of the key outlets and gradually overhaul the customer journey to revive the brand image as well as maintain its leadership position as one of the largest and most trusted Thai restaurant chains in Singapore .

Same-store-sales growth of Singapore hub remained negative in 2015 mainly due to both key brands - Thai Express and Xin Wang Hong Kong Café.

Total-system-sales growth continued to be negative because of the pause in outlet expansion and temporary closure of some key Thai Express outlets for renovation.

Thai Express’s refurbishment program has expanded from the original 7 outlets to over 15. The program is expected to yield satisfactory results later in the year.

As part of its aspiration to dominate Thai cuisine segment in Singapore, Minor Food Group further extended its collaboration with BreadTalk Singapore with the plan to launch Thai Express in Food Republic, BreadTalk’s food atrium concept.

The hub is launching China-based Riverside’s Sichuan barbecue fish in Singapore, which should well satisfy the palate of Asians outside China.

Apart from Singapore, Thai Express also gains increasing recognition in Vietnam under its franchise operations. The 15 outlets registered significantly strong total sales and comparable sales growths in 4Q15.

Minor Food

28

AUSTRALIA’S SSS & TSS GROWTH SUCCESSFUL VERTICAL INTEGRATION

AUSTRALIA HUB

Total-System-Sales Growth

3%

2015 RESTAURANT REVENUE CONTRIBUTION

Australia

In 2016, Australia hub’s contribution to total restaurant business will significantly increase as MINT started to consolidate the Australian performance, as opposed to the recognition of equity income in previous years, because of the increased shareholding from 50% to 70% since November 2015.

Australia hub remained resilient, reporting flat same-store-sales growth in 2015 in the midst of soft economy in Australia.

Total-system-sales continued to grow by 14% because of outlet expansion, together with the addition of Veneziano Group acquired in September 2014.

Same-Store-Sales Growth

-5%

0%

5%

10%

15%

20%

25%

2011 2012 2013 2014 2015

MINT’s Australia hub has successfully completed the full vertical integration of Veneziano into the Group, where all The Coffee Club outlets are now supplied with the award-winning Venezianocoffee. The integration is expected to drive sales volume of both The Coffee Club and Veneziano, as well as enhance profitability going forward.

With increased shareholding and consolidation of financial results of Minor DKL since November 2015, MINT targets to drive both the outlet expansion and comparable sales growth of Australia hub going forward given the relatively stabilized economic environment in Australia.

Minor Food

29

CHINA’S SSS & TSS GROWTH DRIVING GROWTH AND PRODUCTIVITY

CHINA HUB

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

14%China

2015 RESTAURANT REVENUE CONTRIBUTION China hub continued to show improvement in its total sales growth since the acquisition of Riverside at the

end of 2012. MINT remains confident in the growing middle class in China and sees the long term potential in the country. With its focus on increasing the scale, while instilling productivity and efficiency in the everyday operations of all brands, MINT expects its China hub to yield a meaningful contribution in the future.

Same-store-sales of China operations gradually improved in 2015, as the expansion of Riverside outlets become more stabilized and Sizzler reported strong performance.

Total-system-sales growth in 2015 was still robust at 24%, from continued active expansion of the Riverside outlets (+20% y-y)

-20%

-10%

0%

10%

20%

30%

2011 2012 2013 2014 2015

Acquisition of Riverside

300%

Since the acquisition of Riverside in 2012, MINT has actively expanded number of Riverside outlets to strengthen the brand awareness and coverage in key cities.

In 2015, MINT successfully integrated the operations and back-of-house support functions of Riverside with the existing China hub’s corporate office.

In 2016, MINT will focus on driving organic sales growth, improving productivity, applying renowned Minor Food Group’s operational excellence to the newly integrated platform, and optimizing overhead and administrative cost structure. Examples of the initiatives include the implementation of Ready-to-Use sauces and seasoning as well as Quality Assurance process to ensure the consistency of taste and quality across all brands in China.

Minor Food

Minor Retail

31

FINANCIAL PERFORMANCE – MINOR RETAIL

Key Highlights

Revenue

EBITDA

NPAT

NetMargin

THB million

Minor Retail

-5% y-y

-22% y-y

-32% y-y

2015 revenue from retail trading decreased by 5%, because of the weak domestic consumption which continued to affect industry-wide discretionary spending, and the Bangkok bombing incident in August which temporarily impacted the high-traffic outlets in the area;

2015 revenues of retail trading & contract manufacturing business declined by 5% y-y from soft performance of both fashion and manufacturing businesses as a result of the slowdown of the domestic economy. Net profit declined by 32%, at a higher rate than the decline in revenues, because of the lower operating leverage and promotional discounts.

-110

123 151 183

124

20152011

4.2% 3.5%

2012

-3.8%

2,923

3,412 3,616 3,703 3,505

4

289 338

384 300

3.6%

2013

4.9%

2014

Retail trading

70%of 2015 retail revenues

Contract manufacturing

30% of 2015 retail revenues

2015 revenue from contract manufacturing decreased by 6%, from delayed orders from NMT’s key customers.

EBITDA Margin

9.3% 8.6%0.2% 8.5% 10.4%

32

MINOR RETAIL – OPERATIONAL PERFORMANCE

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

SSS & TSS GROWTH SALES PER SQ. M.

THB

2015 total-system-sales of retail trading declined by 3.3% y-y, while same-store-sales declined by 6.3% because of soft domesticconsumption, together with the impact of the Bangkok bombing on the surrounding high-traffic outlets. In 2015, number of outlets increased by 3.3% y-y primarily from the increase of Bossini and Gap outlets, together with the launch of the new brand, Banana Republic.

14.6%

-2.1%

0.3%

-8.1%

-6.3%

18.9%

14.6%12.0%

3.8%

-3.3%

-10%

0%

10%

20%

30%

2011 2012 2013 2014 2015

No. ofShops

307246 235

94,002

102,333

94,860

105,248

119,163

60,000

80,000

100,000

120,000

140,000

2011 2012 2013 2014 2015

No. ofShops

276 297 307246 235 276 297

Minor Retail

Corporate Information

Elephant Pepper Camp Masai Mara, Cheli Peacock

34

BACK-UP FINANCING

CAPEX & BALANCE SHEET STRENGTH

Interest Bearing Debt to Equity

Net Interest Bearing Debt to Equity

THB million

THB million

CAPEX PLANS – COMMITTED & NEW OPPORTUNITIES LEVERAGE RATIOS

Corporate Information

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

80,000

Outstanding Borrowing & Equity Un-Utilized Facility

Debt23,975

Debt45,473

Shareholders’ Equity35,915

Equity*

7,981

In addition to committed CAPEX, MINT also set aside additional CAPEX for future investments and new opportunities. 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, MINT and its senior debenture have “A+” rating by TRIS.

Note: Cash on hand as at end of 2015 is THB 4,003 million

0.4

0.6

0.8

1.0

1.2

1.4

2011 2012 2013 2014 2015

1.15x1.27x

X

Internal Policy

X

-

1.0

2.0

3.0

4.0

5.0

6.0

-

3,000

6,000

9,000

12,000

15,000

2015 2016F 2017F 2018F 2019F 2020F

* 2016 committed CAPEX includes the final stage of Tivoli acquisition

35

FIVE-YEAR ASPIRATIONS

NPAT(THB)

1.4bn

2009

7.0bn 2020F

2015

2020F

2015

> 210 hotels

> 500 residences built to date

> 450 timeshare units

> 3,100 restaurants

> 360 retail shops & POS

(> 29,000 Sqm)

138 hotels

75 residences built to date

137 timeshare units

1,851 restaurants

307 retail shops & POS

(25,605 Sqm)

2009

30 hotels

1,112 restaurants

292 retail shops & POS

(14,275 Sqm)

Corporate Information

36

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

MINT’S FIVE-YEAR STRATEGY 2016-2020

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 Existing and Future Strategic Investments &

Acquisitions

Asset-light Model

Mixed-use Initiatives

Total-system-sales growth of 15%

Revenues growth of over 10%

Improvement of margins

Revenues from overseas of 50%

Net profit from overseas of over 55%

2020 Goals

Strengthening of Hub / Cluster System

Corporate Information