2020 HALF YEAR RESULTS
Mandarin Oriental Hotel GroupChief Executive's Review• Unprecedented change in operating conditions for the industry• Substantial losses incurred as most hotels closed during 2Q• Cash preservation measures taken to reduce cash burn
• Robust liquidity to sustain reduced business levels• Development pipeline progressing well

MANDARIN ORIENTAL

Results Overview
US $ mJun2020Jun
2019

Combined Total Revenue*276641Group Revenue#96

280

Underlying EBITDA(50)69* Includes revenue from the total portfolio of owned and managed hotels#Includes revenue from the Group’s subsidiary hotels as well as the Group’s management and branding activities

MANDARIN ORIENTAL

Results Overview
Jun2020Jun
2019

Underlying (Loss)/Profit Attributable to Shareholders (US $ m)

(102)

11

Net Non-Trading Losses (US $ m)#(334)(23)

Underlying (Loss)/Earnings per Share (US ¢)(8.06)

0.85

-1.50

4.34

4.70*

Interim Dividend per Share (US ¢)Adjusted Net Asset Value per Share (US $)# Includes US$334 million (10%) decrease in valuation of The Excelsior site in the first half of 2020 and US$31 million of accelerated
depreciation of hotel assets and closure costs, net of a US$9 million increase in valuation of The Excelsior site, in the first half of 2019.TheGroup's owned hotel assets are only revalued at year-end* At 31st December 2019

MANDARIN ORIENTAL

Cash Flow Overview• EBITDA cash outflow in 1H was US$43m*• Capital expenditures and investments of US$52m• Cash losses reduced with cost reduction measures• At end June 2020, US$187m of cash reserves and US$217m in available,committed debt facilities• Balance sheet strong, gearing remains low at 8%• Group can sustain lower levels of business activity* EBITDA cash outflow includes losses from owned hotels, the management business and working capital movement
MANDARIN ORIENTAL

OPERATIONAL PERFORMANCEGlobal Portfolio
Operating Status at 30th June 2020
LondonParis
New York

BostonWashington DC

Miami

MadridBarcelona
Marrakech

PragueMunichGenevaLake Como
Milan
BodrumBeijing
DohaDubai

Abu Dhabi
Canouan

Guangzhou
Sanya
BangkokTokyo

ShanghaiHong Kong
Taipei
MacauKuala Lumpur
Singapore
JakartaSantiago

19 hotels in operation14 hotels temporarily closed
MANDARIN ORIENTAL

Quarterly RevPAR PerformanceEMEA^

Asia

America

0%n.m.

-20%-13%-20%-40%-60%-80%-100%-60%
-88%

-90%
1Q'20 vs 1Q'19•^

2Q'20 vs 2Q'19

RevPAR in 2020 includes only the days in which hotels were operational (during the second quarter of 2020, COVID-19 resulted in theclosure of several hotels). RevPAR is shown on a like-for-like portfolio basis, including only hotels that were open and part of the Group's
portfolio on 1st January 2019Europe, Middle East and AfricaMANDARIN ORIENTAL

Owned Hotels Operating Performance in 1H 2020
Asia

• Majority remained open but all operated at low single-digit occupancies during
2Q• Hong Kong: revenues were 66% lower, leading to material losses• Singapore: awarded external government service contracts

EMEA• All European hotels were effectively closed• Munich: rooms renovation commenced• Mandarin Oriental Ritz, Madrid restoration – opening scheduled for early 2021

America • All properties closed in 2Q

MANDARIN ORIENTAL

Redevelopment of The Excelsior Site
• Commenced on 1st May 2019, due to complete in 2025
• Overall on track and demolition is scheduled to complete in August 2020
• Ground excavation is next phase of work – to last 28 months• Total construction costs of some US$650 million, US$26 million invested todate• 80% of construction costs to be incurred post 2022

MANDARIN ORIENTALDEVELOPMENTDEVELOPMENT PORTFOLIO
LondonLuzern

New York

Barcelona

DallasBoca Raton
Honolulu

Grand Cayman

Moscow

ViennaIstanbul

BeijingNanjing

Tel Aviv
Dubai

ShenzhenMuscatPhuketManilaSaigonExpected to open within the next 5 years
Hotels (19)Residences (13)

MANDARIN ORIENTAL

Development Update• 19 hotels under development and two standalone residences• Focus on city-centre and resort locations where brand is currently absent• Grow hotel portfolio by an average of three new properties per year
• Several projects at an advanced stage of completion with 2021/22 openings• Time delays expected due to pandemic• Projects in the development pipeline are all managed properties with noequity investment from the Group

MANDARIN ORIENTAL

New Project
Mandarin Oriental, Vienna(Management contract)• Housed in a heritage building that originallyserved as the city’s commercial law court
from 1912 to 2003
• 151 rooms and 17 branded residences

MANDARIN ORIENTAL

FINANCIAL REVIEWUnderlying EBITDA Performance
Key Highlights
US $ mJun2020

Jun2019

Underlying EBITDA

(50)

69

• Substantial losses despite cost contingencies and participation in government support schemes• Recognised US$10.9m of government payroll subsidy income in 1H 2020
• Owned hotels represented c.75% of the loss, remaining loss from management business

MANDARIN ORIENTAL

Financial Review

Cash Flow Statement – Operating ActivitiesUS $ mJun2020

Jun2019

Operating Activities
EBITDA from subsidiaries and non-cash items
Dividends and interest from associates and JVs
Working capital movement
Net interest and other financing charges paid
Tax paid
Total

(42)
(1)
(7)
(8)
(58)

54
3
(22)
(8)
(4)
23

MANDARIN ORIENTAL

Financial Review

Cash Flow Statement – Investing Activities
US $ mJun2020

Jun2019

(18)
(11)
(23)
-(31)
(4)
(1)
(15)
(1)

(52)

(52)

Investing activities
Net capital expenditure on existing properties
Capex for redevelopment of The Excelsior
Payment on Munich expansion
Net advance to associates and joint ventures
Others#Total#Principally investment costs relating to Mandarin Oriental Ritz, Madrid
MANDARIN ORIENTAL

Financial Review

Summary Cash Flow Statement
US $ mOperating Activities
Investing Activities
Financing Activities
Net drawdown of borrowings
Dividends paid
OthersNet decrease in cash
Opening cash balance 1st January
Effect of exchange rate changes
Closing cash balance 30th June

Jun2020

Jun2019(58)(52)

23(52)

32(3)
(81)
271
(3)
187

14(19)
(3)
(37)
247
1211
MANDARIN ORIENTAL

Financial Review
Net Debt
US $ mNet debt
Adjusted shareholders’ funds#Gearing
Adjusted net asset value per share (US $)Hedging ratio on gross debt
Average tenor on debt
Cash
Undrawn committed debt facilities#Jun2020

Dec
2019

412
5,490
8%
4.34
45%
3.6 years
187
217

300
5,936
5%
4.70
47%
4.2 years
271
249

Includes the market value of the Group’s ownership interest in its freehold and leasehold properties

MANDARIN ORIENTAL

Financial Review

Future Significant Capital Commitments
US $Timing

Munich extension139m

2020-24

Redevelopment of The Excelsior site564m

2020-25

Total703m

MANDARIN ORIENTAL

2020 Outlook• Look to reopen and rebuild in 3Q/4Q• Conditions remain uncertain and business levels will fluctuate• Performance of Hong Kong hotel key for 2H• Significant losses for 3Q, reduced losses in 4Q• Long-term luxury hospitality fundamentals remain strong• Launch of health & safety WeCare initiative• Opening of Mandarin Oriental Ritz, Madrid in early 2021
MANDARIN ORIENTAL

Questions to investors@mohg.com