Minor International

2Q10 Investor/ Analyst Presentation

The Stock Exchange of Thailand

19 August 2010

MINT’s long-term risk mitigation strategy

FinancialDisciplineFinancialDiscipline

New Initiatives

New Initiatives

High Return Assets

High Return Assets

DiversificationDiversification

Forward Looking StatementStatements 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 beenconstructed as statements as to future performance or events, are "forward-looking statements" within the meaning are notguarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially fromguarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially fromhistorical results or those anticipated at the time the forward-looking statements are made. Mint undertakes no obligation topublicly 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 notmonitor or control the content of third party opinions or statements and does not endorse or accept any responsibility for thecontent or the use of any such opinion or statement.

2

Today’s Agenda

� Recent Developments, 1H10 & 2Q10 Financial Performance

� MINT’s Strategies to Remain a Growth Company

� 2010 - 2011 Outlook

� Pipeline Expansion & Capex

� Q&A� Q&A

Appendix

� MINT’s hotel & restaurant portfolio

3

Recent Developments, 1H10 & 2Q10 Financial Performance

4

Recent Developments in 2Q10Restaurant:

� Food outlets reached 1,123; 686 are owned, while 437 are franchised

� First SW franchised outlets opened in Bangalore in India

Hotel & Residence

� Elewana Afrika, MINT’s 50% owned safari resort operator, acquired Kilindi Resort in Zanzibar. Kilindi is a 15 pavilion

beach resort with average ADR of US$1,000 , and re-opened for operation on 25 May after completing a program of

enhancements

� MINT recently announced the 80% acquisition of the Sri Lanka company Cyprea Lanka Ltd. in August 2010,

comprising of the Kani Lanka Resort & Spa on 8.25 acres and an adjacent plot of 10.25-acre land primed for

Anantara development in the future

Retail Trading:Retail Trading:

� Points of sales totaled 272 including 199 fashion outlets, 56 cosmetic outlets and 17 of others

� After the CTW burning incident, GAP opened a temporary 150 Sqm shop at Emporium until Sep 19 to alleviate the

impact of the CTW store closure and opened a second mega store at Siam Paragon on June 24. Plans are on track

to open a Gap store at Paradise Park on August 20, 2010 and reopening the Gap store at CTW in September 2010

Finance:

� Successfully launched a 5-year Bt 2.5 bn debenture with coupon rate of 3.98% in May

5

Solid Revenue Growth in 1H10

Breakdown Revenue Growth Revenue Contribution

2,000

4,000

6,000

8,000

10,000

(Bt m)

143 68 -141,153

8,032 9,382

Increased17% y-y

0

2,000

1H09

Food

Hot

el&

Spa

Plaz

a& E

nter

tain

Ret

ail T

radi

ng

1H10

6

2Q10 Financial Performance Snap Shot� Revenue was up 9% mainly from consolidation of Minor Corporation following the Jun-09 business

restructuring

� Net Profit was down 65% due to loss from Hotel & Spa business, MINT’s highest-margin business, � Net Profit was down 65% due to loss from Hotel & Spa business, MINT’s highest-margin business, which suffered from the political instability that caused tourist confidence to fall

(Bt Million) 2Q10 2Q09 %Change

Total Revenue 4,055 3,718 9%

EBITDA 617 788 -22%

21%

15%

20%

25%

EBITDA Net Profit

Profitability Margin

EBITDA 617 788 -22%

Net Profit 80 230 -65%

EPS (Bt) 0.0244 0.0718 -66%

15%

2%6%

0%

5%

10%

15%

2Q10 2Q09

7

Retail Trading Compensating for the Shortfall from Hotel Business in 2Q10

Breakdown Revenue Growth Revenue Contribution

1,000

2,000

3,000

4,000

5,000

(Bt m)

27 -136-12

458

3,718 4,055Increased9% y-y

0

2Q09

Food

Hote

l& S

pa

Plaz

a& E

nter

tain

Reta

il Tra

ding

2Q10

8

Remain Profitable from Restaurant and Mixed-Use Businesses

EBITDA (Bt m) 2Q10 2Q09 % chg

Restaurant 387 393 -2%

EBITDA Contribution

Restaurant 387 393 -2%

Hotel & Spa 123 266 -54%

Plaza & Entertainment 84 103 -18%

Retail Trading 23 26 -12%

EBITDA 617 788 -22%

NPAT (Bt m) 2Q10 2Q09 % chg

Restaurant 119 121 -2%Restaurant 119 121 -2%

Hotel & Spa -93 25 -472%

Plaza & Entertainment 53 67 -21%

Retail Trading 1 17 -94%

Net Profit 80 230 -65%

9

2Q10 Consolidated Financial Performance

(Bt Million) 2Q09 % 2Q10 %%y-y

Change

Restaurant 2,424 65% 2,439 60% 1%

Hotel & Spa 1,025 28% 891 22% -13%

Mixed-Use 6 0% 5 0% -7%

Plaza & Entertainment 143 4% 131 3% -9%

Retail Trading 116 3% 574 14% 396%

Share of Profit - Restaurant 20 1% 32 1% 58%

Share of Profit - Hotel & Spa (16) 0% (16) 0% 2%

Total Revenue 3,718 100% 4,055 100% 9%

Operating Expenses 1,213 33% 1,479 36% 22%

10

SG&A Expenses 1,717 46% 1,960 48% 14%

EBITDA 788 21% 617 15% -22%

DA 387 10% 388 10% 0%

EBIT 400 11% 229 6% -43%

Net Profit 230 6% 80 2% -65%

EPS (BT) 0.0718 0.0244 -66%

Weighted Number of Shares(m) 3,207 3,277 2%

Restaurant Business

11

Restaurant Business Sentiment Update

20%

Consumer confidence and dining

SSS turned positive by the growth in

domestic consumption and continued

5%

10%

15%

Consumer confidence and dining

behaviors hit by economic recession

& domestic political chaos

improvement from overseas business

%

5%

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10

TSS

12

Restaurant Business in 2Q10

BrandSSS (%) TSS (%)

2Q10 2Q09 2Q10 2Q09

The Pizza Company 2.6 -6.3 3.8 6.0

Swensen’s 3.4 -3.4 3.1 7.3

Sizzler 3.3 -0.8 14.1 11.4

Dairy Queen 5.6 0.4 10.3 4.3

Burger King 0.6 -14.3 2.0 10.6

The Coffee Club 1.4 1.9 14.0 17.8The Coffee Club 1.4 1.9 14.0 17.8

Thai Express -6.8 -15.7 -4.0 51.4

Average 1.3 -3.3 7.0 13.1

Average Thailand 2.8 -4.0 5.0 6.9

13

Restaurant - 2Q10 Performance Snap ShotSame-Store-Sales Growth

Showed a continuous continuous

improvement

Effect from Political unrest

Total-System-Sales Growth

Closure of some outlets

14

Strong July Sales Growth Driven by Domestic Consumption and Turnaround the Overseas Performance � Thai Express reported the first positive same-store-sales growth due to the effort to revive non-

performing stores and launch marketing campaign

SSS-2009 SSS-2010TSS-2009 TSS-2010

-10

-5

0

5

10

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

SSS-2009 SSS-2010

0

5

10

15

20

25

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

10 257M10 = 1.9%

7M10 = 4.0%7M09 = -2.3%

7M10 = 7.3%7M09 = 7.8%

7M10 = 8.6%

-10

-5

0

5

10

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

0

5

10

15

20

25

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

7M10 = 1.9%7M09 = -2.1%

7M10 = 8.6%7M09 = 14.0%

15

Hotel & Residence Businesses

16

Hotel Business Sentiment Update

Tourist arrivals hit record highProfitability grew 50% y-y in 1Q10

Impact from Pattaya riotRemain profitable at 44% OCR

and Bt 5,280 ADR Demonstration led to a

temporary closure of FS Bangkok

17

Hotel Business in 2Q10Hotel

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

2Q10 2Q09 2Q10 %Chg 2Q10 %ChgFour Seasons -BKK 11% 39% 5,524 -1% 581 -73%

Four Seasons -Ex-BKK 25% 28% 17,825 1% 4,542 -7%

Anantara 41% 38% 6,091 -10% 2,484 -3%

Marriott 53% 53% 3,155 -9% 1,680 -8%

Others 27% 29% 7,289 -5% 1,934 -14%

Average 41% 44% 5,002 -5% 2,038 -11%

Avg. Thailand 41% 44% 3,895 -12% 1,612 -16%

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

6M10 6M09 6M10 %Chg 6M10 %ChgFour Seasons -BKK 44% 37% 5,627 -2% 2,083 -17%

Four Seasons -Ex-BKK 36% 43% 18,438 -4% 7,943 13%

Anantara 44% 42% 7,650 -11% 3,394 -6%

Marriott 65% 61% 3,973 -5% 2,597 1%

Others 30% 31% 9,674 2% 2,905 -1%

Average 51% 50% 6,178 -2% 3,140 0%

Avg. Thailand 54% 51% 5,066 -3% 2,722 3%

18

Hotel - 2Q10 Performance Snap Shot

Average Occupancy of 41% 3% y-y Average ADR of Bt 5,002 5% y-y

3,155

6,091

11,777

7,289

53%

41%

15%

27%

53%

38% 36%

29%

Q210 Q209

-10%

Others Others

19

-9%

Include all 4 Four Seasons

hotels

Stable Feeder Markets Movement� East Asia, especially Singapore, Hong Kong and Japan, was more sensitive to the political riots in

April – May.� Middle East increase is mainly attributed to the 2 new hotels in Abu Dhabi

MINT’s Customers Breakdown 2Q10 2Q09 %Chg

Thailand 14 16 -2

East Asia 19 23 -4

South Asia 4 3 1

� Middle East increase is mainly attributed to the 2 new hotels in Abu Dhabi� Despite a decline in UK tourists due to the impact of the Greece debt crisis, MINT is compensated

by a significant increase from German and Russian guests

Feeder Market Breakdown

South Asia 4 3 1

Middle East 7 5 2

Europe 38 34 4

The Americas 10 13 -3

Oceania 5 4 1

Africa & Others 2 2 0

20

Tourist Arrivals to Thailand vs MINT� Tourists from Russia and China reported significant y-y growth of 102% and 47%, respectively.

Likewise, tourists from Korea and Middle East grew over 20%, each now representing 3%-5% of

total tourist arrivals to Thailand

300,000

400,000

500,000

6M10 6M09

total tourist arrivals to Thailand

� For MINT, a decline in UK guests was more than compensated by the sharp rise from the Germany,

UAE, Russia and Korea

MINT’s Top-Ten Feeder Markets Tourist Arrivals to Thailand

15,000

20,000

2Q10 2Q09#room night

+53%-13%

-19%

0

100,000

200,000

China Germany USA India Middle East

0

5,000

10,000

Ge

rma

ny

Th

ail

an

d

U.S

.A.

UK

Jap

an

U.A

.E.

Au

stra

lia

Ko

rea

Ho

ng

…

Ru

ssia

Ch

ina

Ind

ia

-19%

-9%

-15%+85% +40%

+215%-43%

+68%

21

+21%-14%

Retail Trading & Contract Manufacturing

22

Improved Performance of Retail Trading & Contract Manufacturing Business� Despite the political demonstration and the curfew imposed during April – May, same store sales still

grew 7%. Contract manufacturing revenues declined 20% y-y since a major client underwent system migration and restructured their purchasing system. However, the shortfall is only temporary and the migration and restructured their purchasing system. However, the shortfall is only temporary and the orders are expected to resume in 3Q10.

2Q10 Revenue BreakdownBt 577m ( 12% y-y)

2Q10 Operating ProfitsBt m ( % y-y)Brand

SSS (%) TSS (%)

2Q10 2Q09 2Q10 2Q09

Fashion 14% -18% 3% -17%

Cosmetic -16% -19% -9% -14%

Household -8% -25% -22% -20%

Retail Trading 7% -18% 0% -16%

23

Retail Trading 7% -18% 0% -16%

Change in Sales 2Q10 2Q09

Contract

Manufacturing-20% -7%

MINT’s Strategies to Remain a Growing Company

24

Achieving Target of 20% Earnings Growth Per Annum

3

2

25

1

Recent Acquisition of Cyprea Lanka

� Investment size of USD 11,614,500 by MINT, equivalent

to 80.1% shareholding while Serendib holds the

remaining

� Cyprea Lanka assets include

� Kani Lanka Resort & Spa (Kani Lanka), a 4-star

resort with average occupancy of 90% and US$

100 ADR

� A beautiful plot of adjacent land, which can be

developed into Anantara hotel

26

developed into Anantara hotel

� With the recovery from the global financial crisis

accompanied by an end to the civil war in Sri Lanka, we

anticipate the country to experience strong growth in

the tourism business

Continued Penetration in High-Growth Regions

9.8% 2.9% Strong GDP

Middle East and North Africa

Sub Sahara

India

5.3%12.7%

4.7% 8.7%

8.4% 6.5%

China

South East Asia

5.9% 6.8%

Strong GDP Growth Expected in Focus Regions

Healthy Population

Growth

►27

Sub Sahara Africa

GDP Growth CAGR 2010-2015 Population Growth 2010-2015

Australia

3.2% 5.0%

Source: IMF World Economic Outlook 2010, World Bank, Health Nutrition Population Statistics

Complementary Business Portfolios

Opening spa as Launch of hotels in

Mandara Spa, Sheraton Sanya Resort Anantara Sanya, 2011

3 Anantara Spas at Kempinski Hotels,

TanzaniaElewana Afrika, 2008

Opening spa as a spearhead

Launch of hotels in the location

Tanzania

Anantara Spa, The Emirates Palace, UAE

2 Managed Anantara Hotels in UAE, 2008

28

2010 - 2011 Outlook

29

Resiliency of MINT’s Hotel Group

Healthy traffic to MINT’s

80% Four Seasons Bangkok

Healthy traffic to MINT’s hotels in the East and

South of Thailand

30

0%

40%

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

OCR-2009 OCR-2010

Occupancy rebounded strongly in July, showing

growth y-y

100

Improving Consumer Confidence Index� Compared to 2009 when we experienced the airport closure and global economic

crisis, 2010 consumer confidence index has been less affected.

70

80

90

100

RajprasongRiot = 75.0

Pattaya Riot = 72.1

Politics,AirportClosure

London Bomb Bangkok Bomb,

CoupSub-prime

Crisis

Jul 10: 79.1 vs LY 73.4

50

60

Jan-

05

Apr

-05

Jul-0

5

Oct

-05

Jan-

06

Apr

-06

Jul-0

6

Oct

-06

Jan-

07

Apr

-07

Jul-0

7

Oct

-07

Jan-

08

Apr

-08

Jul-0

8

Oct

-08

Jan-

09

Apr

-09

Jul-0

9

Oct

-09

Jan-

10

Apr

-10

31

Source : CEBC, Thai Chamber of Commerce University

Closure = 74.8

Supportive Factors from Domestic Consumption & Tourism Recovery

Real GDP Growth Consumer Confidence Index

Tourist Arrivals to Thailand (m)Consumer Price Inflation

32Source: 1. World Economic Situation and Prospect 2010, United Nation 2. Global Economic Prospects Summer 2010, World Bank, The Thai Chamber of Commerce Center for Economic and Business Forecasting Consumer Confidence Index

Downside Risk – Hotel Supply in SamuiNew Hotel Supply Rooms Opening Date

W Retreat Koh Samui 75 Nov 2010

Infinity Residences & Resort 65 Dec 2010

Conrad Koh Samui 65 1Q 2011

Vana Belle Samui (Starwood) 180 Aug 2011

MINT’s Samui hotels’ occupancies have been affected by political instability

and the increase in premium supply

MINT’s Samui hotels’ occupancies have been affected by political instability

and the increase in premium supply

0%

50%

100%

Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10

Four Seasons Anantara

33Source: C9 Hotelworks

and the increase in premium supplyand the increase in premium supply

Pattaya Riot & H1N1 Virus

Rajprasong Demonstration

Downside Risk – Hotel Supply in PhuketHotel Name Rooms Opening Date

Pullman Phuket Arcadia 281 4Q 2011

Wyndam Resort 133 2Q 2010Wyndam Resort 133 2Q 2010

Centara Grand Beach 262 3Q 2010

Taj Exotica 79 2013

Regent Phuket Cape Panwa 106 1Q 2011

Westin Siray Bay 261 3Q 2010

Jumeirah Private Island 72 4Q 2011

JW Marriott Phuket continues to show steady recover y,

while Anantara Phuket, opened in October 2008, continues to establish its market position

JW Marriott Phuket continues to show steady recover y,

while Anantara Phuket, opened in October 2008, continues to establish its market position

34Source: C9 Hotelworks

0%

50%

100%

Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10

JW Marriott Anantara

Pattaya Riot & H1N1 Virus

Rajprasong Demonstration

while Anantara Phuket, opened in October 2008, continues to establish its market positionwhile Anantara Phuket, opened in October 2008, continues to establish its market position

Progress on Projects Under Development

Anantara Kihavah,

Maldives

St. Regis Hotel,

Bangkok

St. Regis Residence,

Bangkok

35

Maldives

82 over-water villas

Opening:

Dec 2010

Bangkok

220 rooms

Opening:

Jan 2011

Bangkok

53 units

Transferring:

Dec 2010

Pipeline Expansion & Planned Capex

36

Pipeline Expansion Breakdown

Unit Expansion Equity HMC/Franchise

Hotel 4 hotel/220 rooms TBC2010

Hotel 4 hotel/220 rooms TBC

Food 28 outlets 54 outlets

2011Hotel 5 hotels/275 rooms 3 hotels/375 rooms

Food -14 outlets 177 outlets

2012Hotel 1 hotel/125 rooms 5 hotels/453 rooms

Food 9 outlets 156 outlets

2013Hotel TBC 3 hotels/388 rooms

Food 21 outlets 179 outletsFood 21 outlets 179 outlets

2014Hotel TBC TBC

Food 46 outlets 188 outlets

Note: TBC = To be confirmed

37

= Some of DQ equity outlets will be converted to franchise outlets

Pipeline Expansion - HotelYear

OpeningInvestment Hotel Management Contract

- Kilindi Zanzibar, Elewana (15 rooms) *- Sri Lanka: Kani Lanka (105 rooms) **

2010- Sri Lanka: Kani Lanka (105 rooms) **- Anantara Kihavah, Maldives (80 rooms)- Extension: Anantara Koh Samui (20 pool villas)- St. Regis Residence, Bangkok (53 condo units)

2011

- St. Regis Hotel, Bangkok (227 rooms)- Masai Mara Camp (12 rooms)- Amboseli Camp(12 rooms)- Marula Manor (16 rooms)- Serengeti Migration Camp Explorer (8 rooms)

- Anantara Blue City, Oman (122 rooms)- Anantara Sanya, China (148 rooms)- Anantara Xishuangbanna, China (105 rooms)

2012 - Anantara Sri Lanka (125 rooms)

- Anantara Uluwatu, Bali (93 rooms)- Anantara Chennai, India (130 rooms)- Anantara La Cambuse, Maritius (170 rooms)- Anantara Flamingo Villas, UAE (30 rooms)- Anantara Flamingo Villas, UAE (30 rooms)- Anantara Savannah Villas, UAE (30 rooms)

2013- Anantara Wayanad, India (95 rooms)- Anantara Chongqing, China (130 rooms)- Anantara Chengdu, China (163 rooms)

Total 10 hotels (620 rooms )/1 residence (53 condo units) 11 hotels/ 1,216 rooms

Note: * Elewana Africa, MINT’s subsidiary, acquired of the five-star Kilindi Zanzibar and re-open on 25 May 2010** MINT acquired 80% of Cyprea Lanka Ltd., consisting of Kani Lanka Resort & Spa and an adjacent land, on Aug 2010

38

Pipeline Expansion - Restaurant

Equity % of Openings Franchise % of Openings2010 28 34% 54 66%

Breakdown by Owning Interests

RESTAURANT (# OUTLETS)

2010 28 34% 54 66%2011 -14 -9% 177 109%2012 9 5% 156 95%2013 21 11% 179 90%2014 46 20% 188 80%Total 90 11% 754 89%

Thailand % of Openings Overseas % of OpeningsBreakdown by

Destinations

RESTAURANT (# OUTLETS)

39

2010 29 35% 53 65%2011 81 50% 82 50%2012 48 29% 117 71%2013 58 29% 142 71%2014 84 36% 150 64%Total 300 36% 544 64%

Note: = Some of DQ equity outlets will be converted to franchise outlets

Investment Capex� Capex includes all incurred expenses for both maintenance and new expansions� Capex for new opportunities including project initiatives as well as planned acquisition in both

restaurant and hotel businesses shall be provided additionally

3,000

4,000

5,000

6,000

7,000

Others Retail Trading Residencial Hotel Food

40

0

1,000

2,000

3,000

2010F 2011F 2012F 2013F 2014F

Appendix: Hotel & Restaurant Portfolio

41

Hotel Properties

- 12 hotels- 1,277 rooms- 4 countries

7 hotels in Thailand

2 hotels in Maldives

1 hotel in Bali

2 hotels in Abu Dhabi

- 4 hotels- 505 rooms- Thailand Bangkok

Chiang Rai

Chiang Mai

Samui

42

Hotel Properties (Cont.)

- 4 hotels- 1,195 rooms- Thailand

Phuket

Pattaya

Hua Hin

Bangkok

6 hotels117 roomsTanzania &

Kenya

1 hotel19 roomsMaldives

3 hotels315 roomsSri Lanka

1 hotels122 roomsVietnam

Other BrandsOther Brands

- 12 hotels- 678 rooms- 5 countries

1 hotel105 roomsSri Lanka

43

MINT’s QSR Portfolio

As of 2Q10 Outlets %

243

230250

73431,123

Equity 686 61%

Franchise 437 39%

Total 1,123 100%

As of 2Q10 Outlets %

24

22

238

Thailand 741 66%

International 382 34%

Total 1,123 100%

44

Thank You

Kani Lanka Resort & Spa, Sri LankaKani Lanka Resort & Spa, Sri LankaKani Lanka Resort & Spa, Sri LankaKani Lanka Resort & Spa, Sri Lanka

Please visit www.minornet.com

Investor Relations Office +66 (2) 365 7636-37

45