*********************************************************

The following is issued on behalf of the Hong Kong Cyberport Management Company Limited:

The Hong Kong Cyberport Management Company Limited (HKCMCL)announced today (June 10) the appointment of 10 new directors to its Board to join the two government officials who have been directing the Board since its establishment in December 1999.

The two government officials are the Permanent Secretary for Commerce, Industry and Technology (Information Technology and Broadcasting), Mr Francis Ho, and the Permanent Secretary for Financial Services and Treasury (Treasury), Mr Alan Lai. They are also shareholders of the Company acting for and on behalf of the Financial Secretary Incorporated (FSI).

The 10 new directors, including Mr John E Strickland as Chairman of the Board, were appointed for a two-year term effective from June 5, 2003.

Mr Ho said, "Now that the building development of phases I and II of the Cyberport project has been completed and most of the staff of the company are on board, we consider it timely to expand the Board by incorporating non-government directors so that the company can benefit from a broad spectrum of experience and expertise in managing its business and operation."

The new Chairman, Mr John Strickland, has extensive experience in the field of information technology, banking and corporate management. Since his retirement as Chairman of Hongkong Bank in 1998, he continues to serve actively on a number of boards including the Airport Authority and the Council of the University of Hong Kong.

The full membership of the Board is as follows:

Mr John E Strickland (Chairman)

Miss Florence Chan Yuen-fan, Partner, Ernst & Young;

Professor Roland Chin Tai-hong, Vice President, The Hong Kong University of Science & Technology;

Mr Paul Chow Man-yiu, Chief Executive, Hong Kong Exchanges and Clearing Limited;

Mr Lawrence Fung Siu-por, Chairman, Hong Kong Economic Times (Holdings) Limited.;

Mr Herbert Hui Ho-ming, Deputy & Vice Chairman, Ocean Grand Holdings Limited;

Mr Daniel SC Lai, Head of Information Technology, MTR Corporation Limited and President, Hong Kong Computer Society;

Professor Lee Chack Fan, Pro-Vice-Chancellor, The University of Hong Kong;

Mr David Chris Lee Tsung-hei, Chairman and Managing Director, David C Lee Surveyors Limited; and

Mr Samuel Tsien, President & CEO, Bank of America (Asia) Ltd.

Permanent Secretary for Commerce, Industry and Technology (Information Technology and Broadcasting)

Permanent Secretary for Financial Services and Treasury (Treasury)

The Board of HKCMCL is responsible for directing the company according to prudent commercial principles within the overall objectives and guidelines set by the Government for Cyberport.

HKCMCL is one of the three private and wholly-owned companies set up by the Government of the Hong Kong Special Administrative Region, under the FSI, to oversee the development of the Cyberport. It is responsible for the development, operation and management of the Cyberport project, which comprises around 100,000 square metres of intelligent Grade A office space, a 27,000 square metres retail and entertainment complex and a five-star hotel. These are being developed in phases and scheduled for completion between mid-2002 to late 2004.

Note:

For press enquiries, please contact Ms Kathleen Chan, Corporate Communications Manager of HKCMCL at tel: 3166 3812, fax: 3166 3118 or email at kathleenchan@cyberport-holdings.com.

End/Tuesday, June 10, 2003

NNNN