Minor International : SUCCESSFUL PERPETUAL BOND ISSUANCE OF THB 13 BILLION REFLECTING MARKET'S CONFIDENCE IN MINT

PRESS RELEASE - 7 September 2022

FOR IMMEDIATE RELEASE

SUCCESSFUL PERPETUAL BOND ISSUANCE OF THB 13 BILLION

REFLECTING MARKET'S CONFIDENCE IN MINT

Minor International Public Company Limited ("MINT") is pleased to announce its success in public offering of subordinated perpetual debentures ("the Securities") worth Baht 10 billion with additional greenshoe worth Baht 3 billion, reflecting market confidence in MINT as a global leader in hospitality, restaurant and lifestyle businesses. Continuous tourism recovery is set to continue in the second half of the year with Minor Hotels' strategy to drive RevPar and expand hotel network, alongside Minor Food's focus on strengthening restaurant brands to maintain its consumers' top of mind position. For lifestyle business, omni-channel strategy is being implemented in which emphasis is placed on development of both online and offline distribution channels.

The Securities, which are payable upon dissolution with the issuer's right to early redemption, were offered during September 1st to 2nd and 5th to 6th, 2022 through 10 leading financial institutions including Bangkok Bank Pcl., Krungthai Bank Pcl., Kasikornbank Pcl., Siam Commercial Bank Pcl., Bank of Ayudhya Pcl., CIMB Thai Bank Pcl., Kiatnakin Phatra Securities Pcl (including Kiatnakin Phatra Bank Pcl.), Maybank Securities Thailand Pcl. Asia Plus Securities Company and Thanachart Securities Pcl. The public offering of the Securities was a success with full subscription of Baht 10 billion and an additional amount of Baht 3 billion from greenshoe option, as the demand for the Securities was beyond expectation from existing security holders and new retail and high- net worth investors. These aggregated proceeds of Baht 13 billion will be used to refinance the previous Baht 15 billion perpetual bond (MINT18PA), which was redeemed early.

The fully subscribed Securities have a non-call5-year feature with a coupon rate of 6.1% per annum for the first five years. The coupon rate will be adjusted every 5 years according to 5-year government bond yield and the interests will be paid semi-annually. The Securities and MINT were rated at BBB+ and A, respectively, by Tris Rating on August 18th, 2022.

Chaiyapat Paitoon, CFO of Minor International commented, "We are delighted with the success of this perpetual bond offering. It is a testament to the market's support of MINT's ongoing operating and financial strategies amidst post-COVID recovery. Given improving operating environment globally and MINT's business strategies, MINT recorded strong 2Q22 financial results, a remarkable turnaround to positive profitability which is also expected to carry on in the remainder of the year and going forward." He further added, "Looking ahead, global tourism is expected to continue its robust recovery following the cancellation of international travel restrictions in all countries that MINT has presence in. Expecting continuous leisure demand and strong rebound in corporate travel, MINT's European, Australian and Maldives hotel portfolios will continue to deliver outstanding performances well above pre-pandemic levels, while Thailand has seen an acceleration of recovery momentum since July 2022 with average occupancy rate ramping up above 50% from 31% in 1Q22 and average room rate already surpassing 2019 horizon. Minor Food will further invest in its brand relevance and drive sales through innovation amidst a strong pick-up in consumer consumption in Thailand and Australia. All restaurants in China already resumed dine-in services in July 2022 and profits have turned to positive territory. In the meantime, seamless offline and online shopping experience will be the key focus for Minor Lifestyle due to rapid growth of e-commerce sector and the return of customers to shopping centers. In terms of expansion plan, MINT targets Baht 6 billion and Baht 10 billion of CAPEX in 2022 and 2023, respectively, for expansion of all three businesses."

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 2,400 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, 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]