CDL Staff changes

25 May 2005

CDL Staff changes

The country’s largest hotel operator, CDL Hotels New Zealand Limited (“CDL”), today announced that its current Managing Director Mr.Tsang Jat Meng would become the Company’s Chairman effective immediately and that long-serving Independent Director Graham McKenzie would retire with effort from the end of the upcoming Annual Meeting of Shareholders.

Mr. Tsang said that he was very pleased to be appointed as Chairman by the Board. “I was hoping for a quiet retirement”, he joked but added that he was grateful for the trust and confidence shown to him by his fellow Directors. “I thank them for their support. I hope that I am able to repay their confidence by making a valuable and worthwhile contribution to the Company as Chairman,” he said.

Mr.Tsang relinquishes the position of Managing Director with immediate effect. The company indicated that a new Managing Director would be appointed and that an announcement would be made in due course.

The Board paid tribute to Graham McKenzie who advised the Board of his decision to retire at the Company’s Board meeting today. “Graham has been a director since 1999 and we have appreciated having someone with sound commercial and legal knowledge on our Board. We thank him for his service and wish him well for the future”.

Mr. McKenzie thanked the Board for their support and said that he had enjoyed his time as a Director of the Company.

ENDS

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