Hong Kong Exchanges and Clearing Ltd (HKEx) announces today (13 November 2002) that Mr K C Kwong, Chief Executive, has notified the Board of his intention not to seek renewal of his employment contract with the company on its expiry on 6 March 2003. At the invitation of the Board, Mr Kwong has agreed to stay on until the end of the next Annual General Meeting in April 2003.

The Board will appoint a panel of non-executive directors to oversee the recruitment of a successor to Mr Kwong.

The Board wishes to take this opportunity to pay tribute to Mr Kwong for his enormous contribution to HKEx including in particular his success in integrating the former exchanges and clearing houses, in establishing the newly created HKEx as a first class listed company and in further developing the Hong Kong securities and futures market as the leading market in the region.

Mr Charles Lee, Chairman of HKEx, said, "We are very sorry that KC has decided not to renew his contract but we respect his decision. He however, can be proud of his excellent stewardship of our company. He will leave the company in a strong position to build on the solid foundation he and his team have established in the past years."