Our overriding objective for the Company is to increase shareholder value whilst preserving and enhancing the quality of service and the Peninsula brand name.

In pursuing this overall vision, we have identified five key objectives that form our long-term strategy:

• To develop new hotels and related developments on a measured and prudent basis;

• To purify the Peninsula brand and increase its applications across our Hotels and other products;

• To seek ways of enhancing the value of our existing assets through new concepts and redevelopment potential;

• To improve our operating margins; and

• To emphasise career development and training for our staff.