Dear Ms. Chu:

Please forgive me for my delay, but I did want to tell you how much I appreciated you joining us for our meetings. It was certainly a great learning experience. I personally found your presentation extremely motivational not only relative to our dealings with our Asian connections, but also in general.

In fact, we have just recently completed another Vice Presidents meeting and dedicated more time to review your comments as we did not want your presentation to dissipate by a lapse of time on our parts.

Again, Ms. Chu, thank you. We are extremely grateful and very much look forward to continuing our relationship with you.

Sincerely,

Horst H. Schulze

CEO, Ritz-Carlton Hotel Company

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