Trading in options on Pacific Century CyberWorks Limited (PCCW) will begin on Monday, June 26, 2000.

Options on 19 underlying stocks will be available on the Stock Exchange of Hong Kong after the introduction of the PCCW options. As with the other 18 option classes, each PCCW option contract will represent options on one board lot of PCCW (1,000 shares).

At least five strike prices, two in-the-money, one at-the-money and two out-of-the-money will be available for trading. The strike prices will depend on the closing price of PCCW on June 23. Contracts that expire in July, August, September and December will be available for trading. The trading tariff for PCCW options will be $1.00 per contract.

Prices of PCCW options will be available on page 3037-38 of the Teletext system, and from other information vendors. Delayed options market prices will also be available through the Exchange website.

Options on PCCW offer another risk management tool for investors in the underlying shares.

Corporate Communications