The country’s largest hotel operator

1 June 2005

The country’s largest hotel operator, CDL Hotels New Zealand Limited (“CDL”), today announced that Mr. B K Chiu had been appointed as the Company’s new Managing Director effective from today.

Chairman Mr. Tsang Jat Meng said that Mr. Chiu was an excellent candidate to lead the company into the future. “We are very fortunate that we have been able to appoint a person who has considerable international business experience, who is a marketer and business builder and someone who knows New Zealand and how New Zealanders work and think”.

Mr. Chiu comes to CDL from his role as Regional Vice President and Managing Director, Asia of Merisant Company and previously held senior management positions in Monsanto Company (Asia Pacific). Mr. Chiu is well acquainted with New Zealand having completed his undergraduate and postgraduate studies at Massey University and working for the Bank of New Zealand before joining Monsanto Company in Singapore. He returned to New Zealand in 1991 after being appointed as Marketing Manager, New Zealand for Fernz Corporation Limited (now Nufarm Limited). In 1997, Mr. Chiu was appointed as General Manager, South East Asia of Monsanto Company and became its Managing Director, Asia Pacific in 1998. He took up his most recent position in 2002.

He holds Bachelors and Masters degree in agricultural economics and marketing and he has also completed the Executive Marketing Management Programme at Columbia University.

Mr. Chiu said that he was delighted to return to New Zealand once again and was looking forward to the challenges ahead. He presently resides in Singapore and will arrive in New Zealand later this month to take up his new position.

Mr. Chiu takes over from Mr. Tsang, who is now Chairman of CDL.

ENDS

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