This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.

Mandarin Oriental - Chairman's Annual General Meeting Statement

07 7 2003

7th May 2003 - At the Annual General Meeting of Mandarin Oriental International Limited held today in Bermuda, the Chairman said, "In our annual results announcement in February, it was recognized that the luxury hotel industry continued to face considerable challenges. While the first two months of the year were in line with the same period in the prior year, these challenges have since been magnified by the effect on international travel in March and April of the war in Iraq and the outbreak of the SARS virus. As a result, unprecedented low levels of occupancy in Hong Kong have been registered while in Asia as a whole, occupancies have also fallen, particularly in Singapore and Bangkok. Our hotels in the United States and Europe have also been affected, but to a lesser extent.

It is still too early to assess the full impact of these challenges on our results for 2003, but, in the meantime, the Group is making every effort to reduce costs and defer discretionary capital expenditure while maintaining standards. Overall our financial position remains sound.

In the longer term, our development strategy remains on track with two new hotels in the United States opening within the next twelve months and further projects under development."

Mandarin Oriental is the award-winning owner and operator of some of the world's most prestigious hotels and resorts. In total, the Group operates 18 luxury hotels in key business and leisure destinations, with five additional hotels under development in New York (opening late 2003), Washington D.C. (opening 2004), Hong Kong opening 2005) as well as Tokyo and Boston (opening 2006). Mandarin Oriental now operates some 7,000 rooms in eleven countries with nine hotels in Asia, six in The Americas and three in Europe. Mandarin Oriental is a member of the Jardine Matheson Group.