NEWS RELEASE

June 15, 2000

Hong Kong Exchanges and Clearing Limited (HKEx) has announced the appointment of Frederick Grede as chief operating officer in succession to Alec Tsui. He will remain chief executive of Hong Kong Futures Exchange.

Mr Grede joined HKEx in April as deputy chief operating officer, and chief executive of the Futures Exchange. He had worked at the Chicago Board of Trade (CBOT) for more than 20 years. His last position with CBOT was executive vice president, Planning and Operations, where he was responsible for the integration of strategic planning and business processes as well as the daily operations of the exchange.

HKEx has appointed Lawrence Fok as deputy chief operating officer to succeed Mr Grede, as well as chief executive of the Stock Exchange of Hong Kong, in succession to Mr Tsui.

Mr Fok has 26 years in commercial and financial regulatory experience. He joined the Stock Exchange in 1992 as assistant director of the Listing Division, rising to senior executive director in 1998. He is currently head of Listing, Regulation and Risk Management at HKEx.

Subject to the approval of the Securities and Futures Commission, the appointments will take effect on August 1, 2000.

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