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Appointment of Mr Xiao Gang As Chairman and Mr He Guangbei As Chief Executive

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Appointment of Mr Xiao Gang As Chairman and Mr He Guangbei As Chief Executive 28 May 2003 Appointment of Mr Xiao Gang as Chairman and Mr He Guangbei as Chief Executive With the approval of the monetary regulatory authorities in both Hong Kong and the Mainland of China, the Directors of BOC Hong Kong (Holdings) Limited (“the Company”, stock code “2388”) announced today that Mr. Xiao Gang, Chairman and President of Bank of China (BOC), has been appointed as the Chairman of the Company. Mr. He Guangbei, Executive Vice President of BOC and Director of the Company, has been appointed as Executive Director, Vice Chairman and Chief Executive of the Company. Mr Liu Mingkang, former Chairman of the Company, has been transferred to take up the position of the Chairman of China Banking Regulatory Commission, and has ceased to be the Chairman of the Company. Mr Liu Jinbao, former Vice Chairman and Chief Executive of the Company, has been transferred to Bank of China, and has resigned from all positions in the Company. Mr Xiao Gang had served as Deputy Governor of the People’s Bank of China. He has extensive experience in macro-economy and financial regulation, and a good mastery of financial knowledge and strong management ability. Mr He was born in 1954. He obtained a master’s degree in international management studies from the University of Texas in 1985. Mr He worked in the Treasury Department of the Bank of China New York Branch in 1985. Between 1985 and 1991, he served as a Manager of the Treasury Department of the Bank of China Paris Branch. From 1992 to 1998, Mr He was appointed as Manager of the Treasury Department of Bank of China, and subsequently promoted to Deputy General Manager and General Manager of the Treasury Department. From 1999 onwards, Mr He served as an Executive Assistant President and later became an Executive Vice President of the Bank of China. Having long been working in the banking industry, Mr He possesses substantial experience in finance and banking in the Mainland and overseas, and is familiar with the financial operation and management both in the Mainland and overseas. Mr He also has a strong track record in treasury and holds a good knowledge of capital market operations. Mr He played a crucial and leading role in the entire process of the restructuring and merger of Bank of China (Hong Kong) (hereafter called Page 1 of 2 “BOCHK”) and the listing of the Company. The Board trusts that the appointment of Mr Xiao as the Chairman and Mr He as the Vice Chairman and Chief Executive of the Company will be favourable to its future development. During his tenure as the Chairman of the Company, Mr. Liu Mingkang has successfully led the merger and restructuring of BOCHK, established a sound corporate governance framework and laid a solid foundation for the future development of BOCHK. The Directors are grateful to Mr. Liu Mingkang for his contribution to the development of BOCHK and wish him every success in his new endeavour. Mr. Liu Jinbao has served BOCHK for six years with his extensive experience in banking management. During his tenure as Chief Executive of Bank of China Hong Kong-Macau Regional Office and Vice Chairman/Chief Executive of the Company, Mr. Liu has done a lot of work for the development and the restructuring of BOCHK and listing of the Company. The Directors are grateful to Mr. Liu Jinbao for his efforts in the development of BOCHK. The Board will continue to adhere to the development strategy of the Company as planned. It will also supervise and oversee the management of the Company through various committees of the Board. All these are geared towards further enhancing the Company’s corporate governance and ensuring its business operation in compliance with the relevant regulations, in order to maximize shareholder value. - End - Page 2 of 2.
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