Minor International Public : MINT CONFIDENT OF STRONG 2018 GROWTH

PRESS RELEASE - 14 May 2018 FOR IMMEDIATE RELEASE

MINT CONFIDENT OF STRONG 2018 GROWTH

Caption: William Heinecke is confident in delivering growth to MINT shareholders for the full year 2018.

Minor International ("MINT") - William E. Heinecke, MINT Chairman and CEO, expressed his confidence in the outlook for the Company's performance in 2018 as MINT's core hotel and lifestyle businesses showed solid growth in 1Q18, and the expectations for its restaurant and mixed-use businesses are high for the remainder of the year. Mr. Heinecke commented, "Despite the decline in net profit for the quarter, we are confident that we will deliver 2018 full year net profit growth with continued strong performance of our hotel business, anticipated strong revenue of mixed-use business throughout the year and the momentum of Minor Food".

MINT reported net profit of Baht 1,719 million in 1Q18, an 11% decrease from 1Q17 that was due to the increase in cost of sales and selling and administrative expenses of the hotel and mixed-use business, partly from the consolidation of Corbin & King and preparation for future growth, a timing mismatch of mixed-use revenues compared to the prior period, and the strengthening of the Thai Baht during the quarter. Excluding the impact of foreign exchange, 1Q18 net profit is estimated to have declined by a lower magnitude of only 3% compared to the same period last year.

Minor Hotels' business includes ownership and management of hotels and serviced apartments, real estate development and other complementary businesses across 26 countries. In 1Q18, Minor Hotels reported net profit of Baht 1,141 million, and an increase in net profit of the core hotel operations of 47%. Minor Hotels saw robust tourist flows and strong performance of hotels both in Thailand and overseas, with overall revenue per available room (RevPar) of its owned hotels growing by 13% in the period. Strong results in both Bangkok and the provinces drove 14% RevPar growth in Thailand owned portfolio in 1Q18. RevPar of overseas owned hotels also increased by 14% in 1Q18, driven by strength across all key markets. Although still in low season, the group's hotels in Portugal recorded outstanding RevPar growth of 45%, primarily from the ability to increase rates following property renovations. The solid momentum of owned hotels in the Maldives continued into 1Q18, with RevPar increasing at a rate of 15%, both from strong industry-wide trends and Minor Hotels' ongoing marketing initiatives. RevPar of hotels in Brazil and Africa recorded double-digit growth in local currencies and growth of 7% and 6%, respectively, in Thai Baht terms in 1Q18. For the remainder of 2018, with mixed-use activities, including Anantara Vacation Club, together with strong positive momentum of hotel operations, Minor Hotels is confident that it will achieve net profit growth for the full year 2018.

Minor Food operates a portfolio of casual dining restaurants in four primary hubs: Thailand, China, Australia and Singapore. Minor Food's net profit was Baht 548 million in 1Q18, an increase from Baht 540 million in 1Q17. Minor Food reported stable revenues and was able to control costs and maintain margins, which resulted in stable net profit. While Sizzler and Dairy Queen reported positive same-store-sales growth for the quarter through their successful marketing efforts, group-wide same-store-sales was soft as a result of the prolonged weak retail environment in the key markets in which Minor Food operates. Nevertheless, China and Singapore showed month-on-month improvement following menu and store adjustments in Singapore and the improving performance of Riverside's Beijing and Shanghai outlets in China. With the impact from strategic outlet closures since late 2017 toprotect profitability, Minor Food's group-wide total-system-sales remained soft in 1Q18. For the remainder of 2018, particularly in the second half of the year, Minor Food expects Thai domestic consumption to gradually improve. At the same time, Minor Food will step up its marketing efforts and new product launches to generate excitement in the market and its outlet expansion plans will accelerate as demand strengthens. For example, the number of The Coffee Club outlets in Thailand will more than double by the end of the year as the brand expands on its solid foothold in the Thai market. In China, Minor Food will aggressively drive Riverside store openings and will capture the benefits of its increased shareholding in Riverside from 85% to 100% (which became effective in late April 2018). Furthermore, the acquisition of a 75% stake in Benihana's non-US operations will also provide immediate earnings contributions. In addition to organic growth, Minor Food continues to seek partnership opportunities to further expand and diversify its portfolio, in terms of brands, formats and geographies.

Minor Lifestyle is the exclusive Thailand distributor of fashion apparel and household products under various international brands and a contract manufacturer of household goods for FMCG companies. In 1Q18, Minor Lifestyle's net profit increased by 25% to Baht 30 million, largely driven by the fashion retail business. The key brands that performed particularly well during the quarter were Charles & Keith, Esprit and Bossini. With the recent launch of the full line of OVS, the Italian fashion brand, and the ramping up of brands launched in recent years, Minor Lifestyle expects to deliver stronger results throughout the rest of 2018. Minor Lifestyle will also continue to look for new brand opportunities that will bolster the strength and depth of its portfolio going forward.

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 and Minor Smart Kids. For more information, please visitwww.minorinternational.com.

PERFORMANCE (Bt million)

1Q18	1Q17	% Change
Total Revenues	16,145	15,379	5%
Cost of Sales	5,820	5,271	10%
Selling & Administrative	6,886	6,331	9%
EBITDA	3,439	3,777	-9%
Depreciation & Amort.	1,107	1,084	2%
EBIT	2,333	2,692	-13%
Interest Expenses	422	403	5%
Earnings Before Tax	1,911	2,289	-17%
Corporate Tax	145	297	-51%
Minority Interest	46	68	-32%
Net Profit	1,719	1,924	-11%
Fully Diluted EPS as Reported (Bt)	0.3722	0.4363	-15%
Fully Diluted Shares (million)	4,619	4,410	5%

Note: Total revenue includes share of profit and other revenue

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