2022 Annual Results
Mandarin Oriental Hotel Group

2 March 2023

MANDARIN ORIENTAL

Mandarin Oriental, Bangkok

Agenda• Overview of 2022
• Strategic Priorities• Group Portfolio• Operating Performance• Financial Results• Development• Outlook for 2023

MANDARIN ORIENTAL

Mandarin Oriental, Canouan

2022 Annual Results

Overview of2022

2022 Review

Robust recovery as travel conditions returned to normal• 2022 was a year of transition from a difficult pandemic environment to the return of normal
travel conditions, yet performance varied by region.
• The Group’s hotels performed strongly in regions where there was full freedom ofmovement.
• Underlying profit achieved for the first time since 2019.

• Net debt was reduced by 27%. Liquidity and funding position remains robust.
• Two hotel openings and two residences in 2022, representing 7% growth in the portfolio.
• Eight new projects announced since the start of 2022. Currently 26 projects in the pipeline.

MANDARIN ORIENTAL

2022 Financial Results Highlights

Much improved financial performance compared to 2021
Total Combined Revenue Under
Management*Consolidated Revenue^

US$1,568m

US$454m▲49% (vs 2021)▲20% (vs 2019#)▲43% (vs 2021)▼17% (vs 2019#)

Underlying EBITDA

Underlying Profit Attributable toShareholders

US$111m

US$8m▲174% (vs 2021)▼24% (vs 2019#)

n/a (vs loss of US$68m in 2021)▼77% (vs profit of US$35m in 2019#)* Combined revenue includes turnover of the Group’s subsidiary hotels in addition to 100% of revenue from associates, joint ventures and managed hotels.
^ Includes revenue from the Group’s subsidiary hotels and fees from the management business.
# Excludes The Excelsior that was closed in 2019.

MANDARIN ORIENTAL2022 Annual Results

StrategicPriorities

Strategic Priorities

Continued effort across 4 strategic priorities
to build A World of FansELEVATING OUR BRAND

LIFTING OUR PEOPLE

Continue to open new hotels andresidences, expanding our brand into newareas, building relationships with our Fans

Evolving and protecting our unique cultural DNA;elevating our colleague experience; attracting,engaging, and retaining talent

POWERING OUR CORE

EXCEPTIONAL QUALITY
Consistent delivery of service excellence,characterised by the warm, engaging, personal
interactions with our guests

Driving operational efficiencies, andleveraging data to gain deeper insights

OWNED HOTELSMANDARIN ORIENTAL

MANAGEMENT BUSINESSVENTURES

2022 Key Highlights

Progress made across our key strategic priorities

Mandarin Oriental Costa Navarino, Greece

8 New Management Contracts Announced

Mandarin Oriental Palace, Luzern

4 New Hotel and Residences Openings

Mandarin Oriental Exclusive Homes, Bali

Celebrity Fan, Alia Bhatt

Continued Focus on Partnerships

New Celebrity Fan

MANDARIN ORIENTAL

Mandarin Oriental,Washington D.C

Sale of Mandarin Oriental,Washington D.C.

Mandarin Oriental Sustainability ReportAdvancement in Key Sustainability Initiatives

2022 Annual ResultsGroup Portfolio

2022 New Hotels and Residences

The Group opened two hotels and two managed residences in 2022
MANDARIN ORIENTAL RESIDENCES,
BEVERLY HILLSMANDARIN ORIENTAL PALACE, LUZERN• Opened in September 2022

• Opened in November 2022

• 136 rooms and suites• 54 residences• Situated atop Beverly Hills' famed
Golden Triangle and Rodeo Drive• Iconic Belle Époquelandmark of the city, opened
after extensive renovation

MANDARIN ORIENTAL RESIDENCES,BARCELONA• Opened in September 2022

Managed Hotels
Managed Residences

MANDARIN ORIENTAL

MANDARIN ORIENTAL, SHENZHEN• 30 apartments and 4 penthouses• Opened in January 2022

• Ultimate city address on thewide tree-lined avenue of Passeig
de Gràcia

• 178 rooms and suites• Located on the upper floorsof a new 79-storey premiumbuilding

Global Portfolio – Owned Hotels

The Group operates 14 owned or partially owned hotels

New York

BostonLondonParisMadrid

MunichGeneva
Tokyo

Miami

Hong Kong
Bangkok
Kuala LumpurJakarta

14 Owned or Partially Owned Hotels

MANDARIN ORIENTALSingaporeGlobal Portfolio – Managed Hotels and Residences

And 27 managed hotels and residences

Beverly Hills

New York

BostonLondon
LucerneBarcelona
Marrakech

CanouanSantiago

4 Managed Hotels and Residences
18 Managed Hotels
5 Managed Residences

MANDARIN ORIENTAL

PragueLake Como
Istanbul
Milan
BodrumGuangzhou
Doha
Dubai
RiyadhAbu Dhabi Sanya
BangkokBeijingShanghai
ShenzhenTaipeiHong KongMacau

2022 Annual Results

OperatingPerformance

2022 Total Combined Revenue of Hotels Under Management

Increased revenue across regions driven by improved trading
conditions and expanded portfolio
Average % change in Total Combined Revenue of Hotels Under Management
2022 vs 2021 (US$ terms)
70%
60%

64%
57%
49%

50%
40%
31%

30%20%10%0%
EMEA**Europe, Middle East, and Africa

MANDARIN ORIENTAL

America

Asia

Total

2022 Annual Revenue Per Available Room (‘RevPAR’) Performance

Robust improvement in RevPAR across all regions
Average % change in RevPAR 2022 vs 2021 (US$ terms)
60%

50%

50%

49%

46%
41%

40%

30%

20%

10%0%EMEAMANDARIN ORIENTAL

America

Asia

Total

2022 Annual Average Daily Rate

Higher ADR across all regions driven by strong leisure demand
Average % change in ADR 2022 vs 2021 (US$ terms)
35%
29%

30%

25%

23%

20%
15%
11%10%7%5%0%
EMEA

America
EMEA

MANDARIN ORIENTAL

Asia
America

Asia

Total

Total

2022 Annual Occupancy Performance

Growth in occupancies primarily led by America and EMEA
Occupancy by Region 2022 vs 2021
▲12pp

▲4pp

▲16pp

60%

▲8pp

56%
51%

50%

45%
39%

40%

40%

39%

37%

35%

30%
20%
10%
0%
EMEA

America

Asia
2022

MANDARIN ORIENTAL

2021

Total

Owned Hotels Operating Performance

Strong performance offset by continued restrictions in HK and Tokyo• Hotels in regions without travel restrictions performed
strongly

Mandarin Oriental Hyde Park, London

Mandarin Oriental, Paris• Hotels in leisure destinations and gateway cities were able toachieve rates higher than 2019 levels• London and Paris delivered profitability at or above preCOVID levels• New York, Boston, and Miami delivered record rates
Mandarin Oriental, New York

Mandarin Oriental, Miami• Robust improvement in Bangkok and Singapore from Q4
onwards• Operations in two of the Group’s key profit generating hotels
in Hong Kong and Tokyo remained impacted by the pandemic
for the whole year
Mandarin Oriental, Hong Kong

MANDARIN ORIENTAL

Mandarin Oriental, TokyoManagement Business Performance

Improved trading conditions and expanded portfolio drove
higher management fees
• Total hotel management fees 57% higher than 2021
Mandarin Oriental Jumeira, Dubai

Mandarin Oriental, Bodrum• Most hotels delivered higher management fees compared to2021, except those in Mainland China, Hong Kong and Macau• Leisure destinations continued to achieve high rates andoccupancy

Mandarin Oriental, MilanMandarin Oriental, Shenzhen• Results in Mainland China, Hong Kong and Macau impacted bytravel restrictions throughout the year

• Corporate overheads well controlled

Mandarin Oriental Bosphorus, Istanbul

MANDARIN ORIENTAL

Mandarin Oriental, Lago di Como2022 Annual Results

Financial
Results

Consolidated Revenue

Higher consolidated revenue than 2021. Management businessback to pre-pandemic levels
Consolidated Revenue
1H
2022

US$m

2H
2022

Consolidated Revenue

700

2022

2021

2019*600
68Management Business

177

224

27

41

401

68

279

48506

68

US$m

Subsidiary Hotels

500
400

(6)

(9)

(15)

(10)

(28)

Total198256454317546*Excludes The Excelsior that was closed in 2019.

MANDARIN ORIENTAL

48300

506
200

Less: Intra Segment
Revenue

68401
279

1002022
Owned Hotels

2021Management Business2019Underlying EBITDA Performance

Strong performance recovery in 2022, particularly in 2H
Underlying EBITDA
1H
2022

US$m

2H
2022

2022

Underlying EBITDA(Owned Hotels & Management Business)

2021

160

2019*140

29

120

156277

24117

100
US$m

Owned Hotels

ManagementBusiness

3480
60

1321

34

1729

40

117
77

20Total

2883

111

41146

2402022
Owned Hotels•*172021
Management BusinessGovernment support of US$5m and US$41m were recognised in EBITDA across subsidiaries, management business and associates and joint ventures in 2022 and 2021 respectively.
Excludes The Excelsior which was closed in 2019.

MANDARIN ORIENTAL

2019

Underlying Profit and Loss

The Group achieved underlying profit for the first time since 2019
Underlying Profit/(Loss)
Attributable To Shareholders
US$m

2022

2021

Underlying Profit/Loss attributable to Shareholders
40

2019*

1720
17(7)

(72)

20(7)

US$mOwned Hotels

Management Business

175(2)

(1)

(2)

17(2)

(72)

(60)
(1)

(80)

Total^*8(68)35

Others include interest costs in relation to the redevelopment of the Causeway Bay site.
Excludes The Excelsior which was closed in 2019.

MANDARIN ORIENTAL

(2)

(20)

(40)

Others^20

52022
Owned Hotels

2021Management Business2019
OthersLoss Attributable to Shareholders

Reduction in loss attributable to shareholders driven by
improved operating performance
Loss Attributable to Shareholders
US$m

2022

Change2021

2019

Underlying Profit/(Loss)

8▲n/a(68)35*Net Non-Trading Losses^(57)▲22%(73)(97)

Loss Attributable to Shareholders(49)▲65%(141)(62)*

Adjusted Net Asset Value per Share (US$)

3.87

▼2%

3.93

4.70

^
*Net non-trading losses primarily comprise a 3% decrease (2021: 3% decrease) in the valuation of the Causeway Bay site under development. The redevelopment was valued at US$2.4 billion,
net of future construction costs, at the end of 2022.
Excludes The Excelsior which was closed in 2019.

MANDARIN ORIENTAL

Cash Flow Statement

Net increase in cash from improved operating performanceand investing activities
Summary Cash Flow Statement
US$m20222021

Operating Activities

5626

Investing Activities

87(32)

Financing Activities

(122)

61

Net increase in cash

2155

MANDARIN ORIENTAL

Cash Flow Statement – Investing Activities

Cash inflow from investing activities primarily driven by thegain on asset disposal in Washington D.C.
Cash Flow From Investing Activities
US$m

2022

2021

Net capital expenditure on existing properties

(13)

(15)

Redevelopment of the Causeway Bay site

(30)

(20)

Net proceeds from disposal of Washington D.C. hotel

131-Others(1)

3Total87(32)

MANDARIN ORIENTAL

Net Debt and Gearing

The Group reduced net debt and its liquidity position
remains strong
Net Debt and Liquidity
US$m

2022

2021

Net debt

376

517

Adjusted shareholders’ funds*

4,897

4,966

Gearing^

8%

10%Cash balance

226

213

Undrawn committed debt facilities

471

294

Group liquidity

697

507

*
^

Includes the market value of the Group’s ownership interest in its freehold and leasehold properties.
Net debt as a percentage of adjusted shareholders’ funds.

MANDARIN ORIENTAL

Redevelopment of Causeway Bay Site

On track and on budget to complete in 2025
• Mixed-use commercial building development• Completion expected in 2025
• Total project costs remain at US$650m• The majority of the construction costs will be incurred between 2023 and 2025
• Future capital commitments of some US$500m

MANDARIN ORIENTAL

2022 Annual ResultsDevelopment

Expected Openings in 2023

The Group expects to open five new hotels and residences in 2023
MANDARIN ORIENTAL MAYFAIR, LONDON

MANDARIN ORIENTAL SAVOY, ZURICH• Scheduled to open in Q42023 after renovation• Scheduled to open in Q3
2023• 80 rooms and suites• 50 rooms and 77 brandedresidences

MANDARIN ORIENTAL, MUSCAT• Scheduled to open in Q4 2023
• 150 rooms and 150 brandedresidences

MANDARIN ORIENTAL RESIDENCES,
FIFTH AVENUE• The Group’s first property inOman• Scheduled to open in Q32023• 69 branded residences

MANDARIN ORIENTAL, COSTA NAVARINO• Scheduled to open in Q3 2023
• 99 villas• The Group's first property inGreece

MANDARIN ORIENTAL

2022 Annual Results

New Projects Announced Since the Start of 2022

The Group announced 8 new management contracts

Mallorca, Spain• 131 rooms, suites andbungalows• Beachfront resort in theBalearics

Costa Navarino,Greece• 99 villas• Beachfront resort on thePeloponnese coast

MANDARIN ORIENTAL

Cortina, Italy• 83 rooms and suites• Rebranding of Hotel
Cristallo, built in 1901

Kuwait City, Kuwait• 159 rooms, suites, andserviced apartments• Located in an iconic 80storey tower

Cairo, Egypt• 276 rooms and suites• Rebranding of the historic
Shepheard HotelMaldives• 120 stand-alone villas and10 branded residences• Located on a private island

Tianfu, China• 267 rooms and suites• Located in a modern
business district south ofChengdu

Bai Nom, Vietnam• 72 suites and villas• 25 branded residences

2022 Annual Results

2022 Annual Results

Outlook for 2023

2023 Outlook

Continued improvement as global travel demand recovers topre-pandemic levels• Strong leisure demand benefiting leisure-oriented destinations and resorts• Material improvement expected in financial results as restrictions in East Asia continue toease• Gradual return in demand from corporate and MICE business• Well positioned to benefit from improving market conditions with a globally recognised
brand and an expanding portfolio and fan base

MANDARIN ORIENTALQuestions to Investors@mohg.com