Tin Tin Daily News (translation)

April 13^th, 2000

Shun Tak and Melco Announce Last Year's Performance

Shun Tak Company Limited (0242) and Melco International Development Limited (0200) announced last year's business performance to the public. Shun Tak's business was very good and had a 1.3% increase in profit. However, Melco recorded a HK$22 million loss in 1999. The Board of Directors suggested that no share interest will be paid to shareholders.

Melco said that the loss was due to the competitive Food and Restaurant Industry and the economic downturn in Hong Kong. They expected that business in the Food and Restaurant Industry will still weaken in the next couple of years. But they think the Travel Industry in Hong Kong will become better, and they have invested in asia-hotels.com and taken a 7.5% stake in the company. So they have confidence that they can record a profit in the long run.