Minor International Public : THE UPWARD REVISION OF MINT'S RATING OUTLOOK TO "STABLE" BY TRIS

PRESS RELEASE - 8 June 2022

FOR IMMEDIATE RELEASE

THE UPWARD REVISION OF MINT'S RATING OUTLOOK

TO "STABLE" BY TRIS

Minor International Public Company Limited ("MINT") is pleased to announce that TRIS Rating ("TRIS") revised the rating outlook on MINT to "stable" from "negative". The outlook revision reflects TRIS' easing concerns over the impact from COVID-19 and expectation in MINT's strong recovery of operating results over the coming quarters given the lifting of pandemic-led travel restrictions and gradual return to social and economic normalcy worldwide. In addition, TRIS expects MINT to steadily improve its credit metrics and have adequate liquidity over the next 12 months despite pressure from macroeconomic uncertainty, supported by a firmer operational revival.

At the same time, TRIS affirmed the company rating on MINT and its existing senior unsecured debentures at "A" and the rating on its subordinated perpetual debentures (hybrid debentures, MINT18PA) at "BBB+". MINT's strong business fundamentals from strong brand portfolio, geographic diversification and declining financial leverage underpinned TRIS' affirmation of the rating.

"We are delighted on the news of TRIS' rating outlook revision on MINT. Earlier, Fitch Ratings also upgraded NH Hotel Group's both the rating and outlook. Strong pent-up demand for leisure travel and the return of corporate travel demand have led hotel performance in our key regions including Europe, the Maldives and Australia to already reach the pre-pandemic level. Operating environment of food business in Thailand and Australia has improved with normalization of operating hours and dine-in seating capacity while we expect a V-shape sales recovery in China once the lockdowns end", commented Chaiyapat Paitoon, CFO of Minor International. "Furthermore, our balance sheet has been strengthened with leverage ratio brought down to well below debt covenant threshold, albeit a debt covenant waiver until the end of 2022. MINT's liquidity position also remains healthy with ample cash on hand, working capital facilities and operating cash flows from promising business activity recovery", he added.

About Minor International: Minor International (MINT) is a global company focused on three core businesses: hospitality, restaurants and lifestyle brands distribution. MINT is a hotel owner, operator and investor with a portfolio of over 520 hotels under the Anantara, Avani, Oaks, Tivoli, NH Collection, NH, nhow, Elewana, Marriott, Four Seasons, St. Regis and Radisson Blu brands in 56 countries across Asia Pacific, the Middle East, Africa, the Indian Ocean, Europe, South and North America. MINT is also one of Asia's largest restaurant companies with over 2,300 outlets system-wide in 24 countries under The Pizza Company, The Coffee Club, Riverside, Benihana, Thai Express, Bonchon, Swensen's, Sizzler, Dairy Queen, Burger King and Coffee Journey brands, in addition to over 1,000 outlets of MINT's strategic alliances (i.e. S&P and BreadTalk). MINT is one of Thailand's largest distributors of lifestyle brands and contract manufacturers. Its brands include Anello, BergHOFF, Bodum, Bossini, Charles & Keith, Esprit, Joseph Joseph, Radley, Zwilling J.A. Henckels and Minor Smart Kids. For more information, please visit www.minor.com.

Press Contacts: Chaiyapat Paitoon and Namida Artispong at [phone]