Appointment of Board of Directors of the Exchange Fund Investment Limited

A Government spokesman announced today that the Financial Secretary has appointed the Directors of the Exchange Fund Investment Limited ("EFIL"). The composition of the Board is as follows :-

The Honourable Yang Ti-liang, JP (Chairman)

The Honourable Chan Kam-lam

Mr Norman Chan Tak-lam, JP

The Honourable Edward Ho Sing-tin, JP

Mrs Rebecca Lai Ko Wing-yee, JP

Mr Stuart H Leckie, JP

Mrs Marian Li Chan Sien-mun

The Honourable Eric Li Ka-cheung, JP

Mr Michael J.E. Thornhill

Professor Tsang Shu-ki

Ms Amy Yip Yok-tak, JP

Commenting on the composition of the Board of Directors, Mr. Donald Tsang, Financial Secretary, said, "I am very pleased to have such a distinguished group drawn from different sectors of the community to join the Board of EFIL. The Company has been given the important task of safeguarding the value and interests of the substantial portfolio of Hong Kong equities acquired by the Exchange Fund in the recent operation in the stock market. I am confident that the Directors will discharge their duties in an exemplary manner."

Mr. T.L. Yang, Chairman of EFIL, said, "I am honoured and delighted to be appointed Chairman of the Company. I look forward to working with the Directors to ensure that the Hong Kong equity portfolio is managed in a prudent and professional manner."

The Directors of EFIL are appointed by the Financial Secretary as shareholder of EFIL on a personal basis. The first Board meeting is scheduled to be held on 26 October 1998. The principles governing the setting up of EFIL have been set out by the Acting Financial Secretary in his press statement on 30 September. (Copy attached.)