Symphony Regulatory News (SIHL)

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14 November 2011

Symphony International Holdings Limited ("SIHL" or the "Company")

Update on Minor International Pcl

The Company is pleased to announce that one of its portfolio companies, Minor International Pcl ("MINT"), released strong 2011 third quarter results ("3Q11"). Excluding fair value adjustment gains of Baht 1,053 million from an investment in S&P Syndicate, a listed Thai food production and restaurant company, MINT's net profit increased by 94% in 3Q11 year-over-year.

MINT made a press release on 10 November 2011, which is reproduced below.

MINT's 9M11 NET PROFIT UP 200% To BAHT 2,408 MILLION

Minor International's (MINT) 3Q11 net profit was up 931% on gains from a five year old investment in S&P Syndicate (S&P) and higher profits from its portfolio of hospitality businesses. For the nine months ending September 2011, net profit was up 200% to Baht 2,408 million. In 3Q11, MINT booked a Baht 1,054 million gain from a fair value adjustment on its investment in S&P. Since acquiring S&P in October 2006 at an average share price of Baht 29.13 per share, S&P's shares have increased by 140% to Baht 70 per share. Today, MINT holds a 31% stake in S&P, which is listed on the Stock Exchange of Thailand and one of Thailand's largest food production and restaurant companies with more than 350 restaurants and bakery shops in Thailand and 6 other countries. Excluding the gain from the investment in S&P, MINT's 3Q11 net profit was up 94% primarily on profit from its recent 100% acquisition of Oaks Hotels and Resorts in Australia and the sale of residential units at the St. Regis.

In 3Q11, MINT's hospitality business, which profits from having company owned resorts, managing resorts for others, selling residential properties and selling timeshares, achieved a 186% increase in EBITDA. The hospitality business gained from its recent acquisition of Oaks Hotels and Resorts and continued success in selling residential units at the St. Regis. MINT is delighted with its recent acquisition of Oaks which achieved an EBITDA of Baht 330 million in 3Q11 and also pleased to have already sold 8% of the residential units at the St. Regis. At the same time, recently opened hotels including the St. Regis in Bangkok and the Anantara Kihavah in the Maldives continued to gain favorable recognition in their respective markets. Along with Oaks, these properties will contribute significantly to overall hospitality profits in the future.

In 3Q11, MINT's restaurant business performed well with a 14.4% increase in system wide sales due to a 9.8% increase in same store sales and the addition of 56 new outlets system wide. Meanwhile, MINT's lifestyle brand distribution and contract manufacturing business also performed well with a 56% YoY increase in EBITDA. Although the recent floods in Bangkok may have caused some negative sentiment towards Thailand's outlook, MINT will overcome this challenge on the back of its strong fundamentals and its geographically diversified portfolio. MINT continues to look forward to a strong fourth quarter and record profit in 2011.

Note: Financial format maintained with total revenues including share of profit which reported under other income

About Minor International: Minor International (MINT) is a global company focused on three primary businesses including restaurants, hotels and lifestyle brands distribution. MINT is one of Asia's largest restaurant companies with over 1,200 outlets operating system wide in 15 countries under The Pizza Company, Swensen's, Sizzler, Dairy Queen, Burger King, Thai Express and the Coffee Club brands. MINT is also a hotel owner, operator and investor with a portfolio of 37 hotels and 38 serviced suites under the Anantara, Oaks, Marriott, Four Seasons, Elewana and Minor International brands in Thailand, Australia, New Zealand, the Maldives, Vietnam, Tanzania, Kenya, the Middle East, Sri Lanka and Indonesia. MINT is one of Thailand's largest distributors of lifestyle brands focusing primarily on fashion, cosmetics and contract manufacturing. Its brands include Gap, Esprit, Bossini, Charles & Keith, Red Earth, Bloom, Laneige, Smashbox, Tumi, Zwilling J.A. Henckels, and ETL Learning. For more information, please visit www.minorinternational.com

No representation or warranty is made by the Company as to the accuracy or completeness of the information contained in this announcement and no liability will be accepted for any loss arising from its use.

This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Company in any jurisdiction. All investments are subject to risk. Past performance is no guarantee of future returns. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decisions.

This announcement is not an offer of securities for sale into the United States. The Company's securities have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offer of securities in the United States.

End of Announcement