November 2006 — Raffles Hotels & Resorts has announced the successful development of Raffles Univirtual, in partnership with Cornell University and eCornell. Raffles Univirtual will provide top-notch online education to employees at all Raffles hotels & resorts located in major cities around the globe and in the world's most sought-after leisure destinations. Developed by Cornell University's world- renowned School of Hotel Administration, Johnson Graduate School of Management, and School of Industrial Relations, managers at Raffles hotels & resorts will be eligible to earn Certificates from Cornell University in the fields of Hospitality Management, Foodservice Management, Financial Management, Proactive Leadership, Executive Leadership, Supervisory Skills and Human Resources Management.

Raffles Univirtual eCornell courses provide the convenience of structure and flexibility with round-the-clock/round-the-world access to course materials, online and telephone customer support, and dedicated online instructors.

At present, there are several hotels within Raffles Hotels & Resorts which have identified and selected suitable staff for the enrolment. General Managers and Division Heads select and identify potential candidates for the sponsorship, according to their strengths and qualities. Mr. Tommy Ng, Head of Human Resources, Raffles Hotels & Resorts said, "This e-learning program will provide a platform for our employees to expand their knowledge base with a high degree of time flexibility. Such a commitment to employee development is a critical part of our corporate strategy." Ms. Diana Ee-Tan, Managing Director of Raffles Hotels & Resorts and Executive Vice President of Fairmont Hotels & Resorts, Asia Pacific, continued, "Our partnership with eCornell represents our ongoing efforts to uphold one of Raffles' core values: People Development. We motivate and inspire, invest in our employees and provide an environment for continuous learning to achieve and ensure a competitive edge in the hospitality industry."

To promote this platform internally, staff will be able to access Raffles Univirtual from myRafflesHotel.com and links created from Raffles Knowledge Pte Ltd/Raffles International Training Centre/SPAcademy websites. Mr. Tom Abogabal, eCornell's Director of Global Accounts added, "eCornell's proven content, high-tech delivery, and turn-key implementation and integration were all critical factors in Raffles' decision to enter into partnership with us." Concluded Mr. Chris Proulx, eCornell's President and Chief Executive Officer, "eCornell is delighted to partner with Raffles Hotels & Resorts by providing flexible and effective corporate learning solutions that meet the training and development needs of such a diverse and growing organization."

About Raffles Knowledge Private Limited

Raffles Knowledge Private Limited is a wholly-owned subsidiary and training arm of Raffles Hotels & Resorts, a name well respected in the hospitality industry for high standards of quality, award winning concepts and innovative approaches towards hotel management. Raffles Knowledge is committed to providing quality hospitality, tourism and spa education, and it takes pride in offering effective and innovative learning solutions to build an organisation's human capital. Raffles Knowledge's integrated expertise includes the Raffles International Training Centre, Singapore and SPAcademy By Raffles International. For more information, please visit www.rkpl.com, www.ritc.com.sg or www.spacademy.com.sg

About eCornell

Established and wholly-owned by Cornell University, eCornell has the most comprehensive online, professional and executive development curriculum offered by any top-20 university in the United States. eCornell provides exceptional online learning experiences tailored for professional and executive development in the areas of strategy, leadership and management development, human resources, financial management, and hospitality management. Collaboration between Cornell faculty experts and learning and user-experience designers provide for engaging, rigorous, and interactive learning. For more information, please visit www.ecornell.com.

About Raffles Hotels & Resorts

Raffles is a collection of luxury hotels around the globe that distinguishes itself through the highest standards of products and services. Each hotel is a landmark in its respective city and most are positioned at the top of their local markets. The collection of legendary hotels includes Raffles Hotel and Raffles The Plaza in Singapore, Raffles Grand Hotel d'Angkor, Siem Reap, Cambodia, Raffles Hotel Le Royal, Phnom Penh, Cambodia, Raffles L'Ermitage Beverly Hills in the U.S., Raffles Resort Canouan Island, The Grenadines, Raffles Hotel Vier Jahreszeiten, Hamburg, Germany and Raffles Le Montreux Palace, Montreux, Switzerland. In June 2006, Raffles Beijing Hotel, an iconic landmark in the heart of China's capital, was reopened after nine months of careful refurbishment. The romance and splendour of the hotel's regal past returns, Raffles style. Raffles Hotels & Resorts will open a new Raffles property in Dubai in summer 2007.

Future additions to the Raffles portfolio include a hotel on the Cotai Strip in Macau, and The Raffles Phang Nga Resort and Residences in Phuket, comprising 150 rooms and 25 luxury residential villas overlooking the Andaman Sea. In May 2006, the hotel portfolios of Raffles Hotels & Resorts and Fairmont Hotels & Resorts were combined following the acquisition of Fairmont Hotels & Resorts by Kingdom Hotels International and Colony Capital, transforming the two companies into a single global enterprise with a vision to become the world leader in the global hospitality industry.

Ross Pearo
eCornell
(607) 330-3334
rpearo@ecornell.com