Minor International : UPWARD REVISION OF MINT'S RATING OUTLOOK TO "POSITIVE" AND AFFIRMATION OF COMPANY RATING AT "A" FROM TRIS RATING

PRESS RELEASE - 12 June 2024

FOR IMMEDIATE RELEASE

UPWARD REVISION OF MINT'S RATING OUTLOOK TO "POSITIVE"

AND AFFIRMATION OF COMPANY RATING AT "A" FROM TRIS RATING

Minor International Public Company Limited ("MINT") is pleased to announce that TRIS Rating ("TRIS") has revised the rating outlook on MINT to "positive" from "stable". The outlook revision reflects TRIS' expectation in MINT's robust post-pandemic recovery, driven by strong earnings capabilities from solid hotel operations and a resilient restaurant business. Additionally, TRIS expects MINT to sustainably improve its financial metrics, maintain adequate liquidity over the next 12 months and gain greater operational flexibility despite periods of adverse operating conditions. These expectations are supported by anticipated earnings growth and a moderate capital expenditure plan, aligned with the company's deleveraging target and strategic direction toward an asset-light model.

Simultaneously, TRIS has affirmed the company rating on MINT and its existing senior unsecured debentures at "A" and the rating on its subordinated capital debentures (hybrid debentures, MINT22PA and MINT23PA) at "BBB+". MINT's strong brand portfolio, significant global presence and declining financial leverage underpin TRIS' affirmation of the ratings.

Chaiyapat Paitoon, CFO of Minor International, expressed delight at TRIS' outlook revision on MINT, stating, "This is a great achievement following our focus on driving operational and financial performances while managing debt levels. Earlier, Fitch Ratings also upgraded Minor Hotels Europe & Americas' ratings by two notches. MINT remains confident in our future performance, with our hotels continuing to excel due to strong demand in both leisure and business travel, especially in Europe and Asia. Our market-leading position, extensive coverage and scale and proactive marketing strategies will ensure thriving restaurant operations." He added, "Furthermore, with our strengthened balance sheet, MINT is well-positioned to pursue our ambitious growth trajectory targets, ensuring long-term success and enhanced shareholder value."

Minor International: Minor International (MINT) is a global company focused on two core businesses: hospitality and restaurants. MINT is a hotel owner, operator and investor with a portfolio of over 550 hotels under the Anantara, Avani, Oaks, Tivoli, NH Collection, NH, nhow, Elewana, JW Marriott, Four Seasons, St. Regis and Radisson Blu brands in 55 countries across Asia Pacific, the Middle East, Africa, the Indian Ocean, Europe and the Americas. MINT is also one of Asia's largest restaurant companies with over 2,600 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, Coffee Journey and GAGA brands, as well as over 1,000 further outlets held through 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, Joseph Joseph, Pop Mart, Zwilling J.A. Henckels and Minor Smart Kids. For more information, please visit www.minor.com.

Press Contacts: Chaiyapat Paitoon/ Ririnda Tangtatswas/ Namida Artispong at Tel: [phone]