Appointment of Board of Directors for The Hong Kong Mortgage Corporation Limited

The Hong Kong Mortgage Corporation Limited (HKMC) held its fourth Annual General Meeting (AGM) today (Monday). 10 Directors were re-appointed by the Financial Secretary for another term including Mr Ronald Arculli, Mr Andrew Chan, Mr Bernard Chan, Mr Chan Kwok-keung, Mr Eddy Fong, Ms Anita Fung, Mr Stephen Ip, Dr David Li, Mr Sin Chung-kai and Mr Dominic Wong. Two new Directors were appointed by the Financial Secretary to replace Mr Ng Kwok-wai and Mr Paul Thurston who had not offered themselves for re-appointment. The new Directors are Mr Clifford Forster and Mr Andy Hon. The composition of the new Board of Directors is at the Annex.

Mr Clifford Forster is the Deputy Chief Executive and Regional Director of Lloyds TSB Bank and the Chairman of the DTC Association. Mr Andy Hon is the General Manager of the Consumer Banking Division of the Standard Chartered Bank.

"On behalf of the Board, I would like to thank the outgoing Directors for their invaluable advice and contribution, which have greatly helped the HKMC in achieving the results in the past year," said Mr Donald Tsang, Chairman of HKMC. "I also want to welcome the new Directors and look forward to their support to further develop the business of the Corporation," added Mr Tsang.

The Directors of the HKMC are appointed by the Financial Secretary on a personal basis. According to the Articles of Association of the Corporation, at each Annual General Meeting, all those Directors who are not Executive Directors shall retire but shall be eligible for re-appointment. Hence, the term of appointment of the current Directors (other than the Executive Directors) will run until the next Annual General Meeting to be held around March 2002.

In accordance with Article 117 of the Corporation's Articles of Association, Mr Antony K.C. Leung shall become the Chairman of the Corporation on assuming the position of Financial Secretary in May. "I trust that the Directors would extend the same support and assistance to Mr Antony Leung, the next Chairman of the Corporation," added Mr Tsang.

The Hong Kong Mortgage Corporation Limited
26 March 2001

Annex

The Hong Kong Mortgage Corporation Limited
Board of Directors