Minor International Public : MINT ANNOUNCES VOLUNTARY TENDER OFFER FOR NH HOTEL GROUP

PRESS RELEASE - 12 JUNE 2018 FOR IMMEDIATE RELEASE

MINT ANNOUNCES VOLUNTARY TENDER OFFER FOR NH HOTEL GROUP

Minor International ("MINT") has today announced that it has made a formal notification to the National Securities Market Commission of Spain (CNMV) and the Madrid Stock Exchange that MINT will launch an all-cash public tender offer to acquire all remaining shares of NH Hotel Group at a price of EUR 6.40 per share (subject to fair price adjustment). The proposed tender offer price represents a premium of 0.79% on the closing share price of NH Hotel Group on 22 May 2018, the day before MINT's announcement of the first share purchase of NH Hotel Group from Oceanwood. Given that NH Hotel Group's Board of Directors has proposed the dividend payment of EUR 0.10 per share (subject to the Ordinary General Shareholders' Meeting on 21 June 2018), the dividend amount is expected to be deducted from the proposed tender offer price, which will be set at EUR 6.30 per share once the authorization of the CNMV is obtained.

MINT's proposed tender offer will be launched as a voluntary takeover bid and is subject to the approvals of MINT's shareholders, the CNMV and clearance by relevant anti-trust authorities. MINT will hold its extraordinary general meeting (EGM) on 9 August 2018 and in parallel, will file the tender offer with the CNMV by 12 July 2018. The tender offer process is expected to take 3-5 months from the announcement of the tender offer.

Prior to the publication of the announcement of the voluntary tender offer, MINT has entered into an agreement to purchase an additional 3.6% stake in NH Hotel Group from Oceanwood valued at EUR 90 million. The transaction follows MINT's earlier announcements of the agreement to purchase an equity stake of 25.2% from HNA Group and previous share purchases of 9.5% shareholding in NH Hotel Group. As a result, MINT will have a total of 38.2% shareholding in NH Hotel Group prior to the tender offer.

Although the final acquisition percentage will be dependent on NH Hotel Group's existing shareholders' decision to sell their shares at MINT's proposed tender offer price, MINT maintains its target shareholding level in NH Hotel Group at 51%-55% and reiterates its intention to keep NH Hotel Group as a publicly-listed company on the Madrid Stock Exchange. Based on the target ownership level, the acquisition will be funded through debt instruments, while 2019E interest-bearing-debt to equity ratio is expected to be maintained at a comfortable level of 1.3x.

About Minor International: Minor International (MINT) is a global company focused on three core businesses: restaurants, hospitality and lifestyle brands distribution. MINT is one of Asia's largest restaurant companies with over 2,000 outlets operating system-wide in 27 countries under The Pizza Company, Swensen's, Sizzler, Dairy Queen, Burger King, Thai Express, The Coffee Club, BreadTalk (Thailand), Riverside and Benihana brands. MINT is also a hotel owner, operator and investor with a portfolio of 161 hotels and serviced suites under the Anantara, AVANI, Oaks, Tivoli, Elewana, Marriott, Four Seasons, St. Regis, Radisson Blu, The Beaumont and Minor International brands in 26 countries across Asia Pacific, the Middle East, Africa, the Indian Ocean, Europe and South America. MINT is one of Thailand's largest distributors of lifestyle brands and contract manufacturing. Its brands include Gap, Banana Republic, Brooks Brothers, Esprit, Bossini, Etam, OVS, Radley, Anello, Charles & Keith, Pedro, Zwilling J.A. Henckels, Joseph Joseph, Bodum and Minor Smart Kids. For more information, please visitwww.minorinternational.com.

About NH Hotel Group: NH Hotel Group is a world-leading urban hotel operator, listed on the Madrid Stock Exchange.

Today, the company operates 382 hotels and 59,350 rooms in 30 markets across Europe, the Americas and Africa, including top city destinations such as Amsterdam, Barcelona, Berlin, Bogota, Brussels, Buenos Aires, Düsseldorf, Frankfurt, London, Madrid, Mexico City, Milan, Munich, New York, Rome and Vienna. For more information, please visitwww.nh-hotels.com.

Press Contacts in Thailand: Chaiyapat Paitoon / Jutatip Adulbhan at Tel: [phone]

Press Contact in Spain: Aida Prados at Tel: [phone]; Email:[e-mail]