J.P. Morgan announces Shangri-La Asia Limited ADR program launch.

Business Editors

NEW YORK--(BUSINESS WIRE)--Jan. 25, 2000

J.P. Morgan, as depositary bank, announced today that Shangri-La Asia Limited (SHALY), the largest hotel group in Asia, has launched a sponsored American depositary receipt (ADR) facility traded on the OTC market.

&uot;We're pleased to have our ADR facility in place, which makes our equity conveniently available for U.S. investors,&uot; said Madhu Rao, chief financial officer, Shangri-La Asia Limited. &uot;We look forward to increasing liquidity and trading for the program, and our ADR holders should benefit from Morgan's high quality service.&uot;

Shangri-La Asia Limited is a holding company which manages a portfolio of 38 premier hotels and luxury resorts, representing approximately 19,000 rooms. The company is a winner of many hotel awards, and is one of the most recognized and respected brands in Asia. Its properties are located in ten Asia-Pacific markets: China, Hong Kong, Malaysia, Singapore, Thailand, Philippines, Indonesia, Fiji Islands, Taiwan and Myanmar. Additional information on the company's hotels, resorts and programs is available at www.shangri-la.com.

For the fiscal year ended December 1998, the group's consolidated revenues were approximately HK$2,933 million (approximately US$376 million) and profit attributable to shareholders was approximately HK$401 million (approximately US$51 million). At the end of December 1999, the market capitalization of the company was approximately HK$19,729 million (approximately US$2,529 million). The company is headquartered in Hong Kong and incorporated in Bermuda.

Each Shangri-La ADR (CUSIP 81942Q 10 3) represents 20 ordinary shares traded on the Hong Kong Stock Exchange.

The world's largest ADR depositary and a global financial services firm, J.P. Morgan serves clients through an integrated range of advisory, financing, trading, investment management, and research capabilities. Visit www.adr.com, J.P. Morgan's central resource for timely worldwide market intelligence and investor information. For further information on Morgan, visit www.jpmorgan.com.

An ADR, or American depositary receipt, is a certificate evidencing ownership of a certain number of ADSs. The term ADR is sometimes used to refer to ADS. An ADS, or American depositary share, is a U.S. dollar-denominated form of equity ownership in a non-U.S. company. It represents a specified number of foreign shares on deposit at a custodian bank in the issuer's home country and carries the corporate and economic rights of the underlying foreign shares.

Neither this announcement nor the information contained herein constitutes an offer or solicitation by J.P. Morgan or Shangri-La Asia Limited for the purchase or sale of any securities nor does it constitute a solicitation to any person in any jurisdiction where solicitation would be unlawful. An offering is made by means of a prospectus only. Information herein is believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy. J.P. Morgan is the marketing name for J.P. Morgan &Co. Incorporated and its subsidiaries worldwide, including Morgan Guaranty Trust Company of New York.