Hong Kong Exchanges and Clearing Limited (HKEx) announced today (Monday) the following senior personnel changes in its Clearing Business and Listing units.

Walter Reisch, head of the Clearing Business Unit, will leave HKEx on 8 August 2003 following his request for an early termination of his service contract expiring in early January 2004.

Bryan Chan, deputy head of the Clearing Business Unit, will be the unit!|s acting head and the chief executive of Hong Kong Securities Clearing Company Limited, a wholly-owned subsidiary of HKEx, after the departure of Mr Reisch and until his successor is identified.

HKEx wishes to thank Mr Reisch for his contributions to the company.

Peter Curley will join the Listing Unit on 1 September as a senior vice president. He will head the IPO (initial public offering) Transaction Team and contribute his extensive knowledge of US securities law to the development of listing policy.

Mr Curley is currently a partner of Allen & Overy, Hong Kong, providing legal services to underwriters on equity and debt offerings in Hong Kong and the US. He established Allen & Overy!|s US securities practice in Asia in 1998 and has participated in a broad range of public share offerings in Hong Kong and other Asian markets. Before moving to Asia in 1998, Mr Curley worked in the New York offices of Shearman & Stirling and Clifford Chance, where he was involved in many transactions registered with the US Securities and Exchange Commission.

Rebecca Chan, a director in PricewaterhouseCoopers!| (PwC) Assurance and Business Advisory Services Unit in Hong Kong, will join the Listing Unit on 1 September as a senior vice president on a secondment basis. She will work with Mr Curley and be directly involved in the supervision and quality assurance of the Stock Exchange!|s IPO processes. She will also be involved in accounting policy development and report directly to Richard Williams, the head of Listing, on that aspect of her work.

Ms Chan is currently one of PwC!|s key listing specialists, providing accounting and Listing Rules advice to clients and ensuring that the professional quality of the firm!|s work is maintained. She is a fellow of the Association of Chartered Certified Accountants and an associate member of the Hong Kong Society of Accountants.