Appointment of Financial Advisers to Exchange Fund Investment Limited

Exchange Fund Investment Limited ("EFIL") is pleased to announce the appointment of Goldman Sachs (Asia) L.L.C., ING Barings Asia Limited and Jardine Fleming Securities Limited to EFIL's panel of financial advisers in connection with the disposal of the majority of the Exchange Fund's Hong Kong equity portfolio.

"With the help of the three financial advisers, we will now proceed to develop detailed disposal and implementation plans," Mr. T.L. Yang, the Chairman of EFIL said.

As previously indicated by EFIL, the financial advisers will not have any exclusive rights in respect of future disposal transactions and there will be opportunities for other firms to participate in these transactions.

Exchange Fund Investment Limited

29 April 1999