Appointment of Board of Directors of Exchange Fund Investment Limited

Exchange Fund Investment Limited (EFIL) announced that with effect from 3 January 2000, Mr Eddy Fong and the Honourable Hui Cheung-ching have been appointed as Directors. EFIL also announced that it has received the resignation from the Board of EFIL of the Honourable Eric Li Ka-cheung.

"I would like to thank Mr Li for his invaluable advice and contribution to the work of EFIL", said the Honourable Yang Ti-liang, Chairman of EFIL. "I also welcome the new Directors, and I look forward to working with them closely."

Directors of EFIL are appointed by the Financial Secretary as shareholder of EFIL on a personal basis. The latest composition of the Board is attached.

Exchange Fund Investment Limited

4 January 2000

Annex

Exchange Fund Investment Limited
Board of Directors

The Honourable Yang Ti-liang, GBM, JP (Chairman)
Member of the Executive Council

The Honourable Chan Kam-lam
Member of the Legislative Council

Mr Norman Chan Tak-lam, SBS, JP
Deputy Chief Executive
Hong Kong Monetary Authority

Mr Eddy C. Fong, JP
Partner of PricewaterhouseCoopers

The Honourable Edward Ho Sing-tin, SBS, JP
Member of the Legislative Council

The Honourable Hui Cheung-ching
Member of the Legislative Council

Mrs Rebecca Lai Ko Wing-yee, JP
Deputy Secretary for Financial Services

Mr Stuart H Leckie, OBE, JP
Investment Actuary
Stirling Finance Limited

Mrs Marian Li Chan Sien-mun
Chief Executive Officer
Exchange Fund Investment Limited

Professor Tsang Shu-ki
Department of Economics
Hong Kong Baptist University

Mr William Turnbull, OBE, JP
Retired Solicitor

Ms Amy Yip Yok-tak, JP
Executive Director
Hong Kong Monetary Authority