Press Release

To the Business Editor
for Immediate Release

17 September 1999

The Hong Kong Futures Exchange (HKFE) today held an informal briefing session for Shareholders to explain documents and procedures related to the proposed merger of the HKFE, the Stock Exchange of Hong Kong and the related clearing houses.

Approximately 100 Shareholders and their associates attended the informal briefing.

Mr. Charles Lee, Chairman of Hong Kong Exchanges and Clearing, the holding company for the new entity that would result from the proposed merger, participated in today's briefing along with representatives from the HKFE's financial advisers, Morgan Stanley Dean Witter and the HKFE's legal advisers, Herbert Smith.

"The proposed merger is a very important issue for all Shareholders in Hong Kong," Acting Chairman Dr. Bill Kwok said. "Today's briefing gave us an opportunity to provide information and address their questions."

"We are pleased that Mr. Lee was able to join us and we appreciate his contributions to the discussions," Dr. Kwok added.

Shareholders are scheduled to vote on the proposal on 27 September.

The Hong Kong Futures Exchange is a leading futures and options marketplace in the Asia Pacific Region, with a membership of over 130 companies, including a number of major international institutions. The Exchange is actively diversifying its product base, which now includes currency, interest rate and equity-based products.

For further enquiries, please contact HKFE Corporate Communications: Mr. Mark Tung on 2842 9448 or Miss Chiu Yeung on 2842 9322.

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