XN000022-1992-07-30 — Page 2

THURSDAY, JULY 30, 1992

SALE OF EXCHANGE FUND'S SHAREHOLDING IN HACTL

THE AIR

THE DIRECTOR OF THE OFFICE OF THE EXCHANGE FUND ANNOUNCES THAT, ON THE ADVICE OF HAMBRO PACIFIC LIMITED, THE FINANCIAL ADVISER TO THE EXCHANGE FUND IN THIS TRANSACTION, HE HAS TODAY (THURSDAY} SOLD EXCHANGE FUND'S ENTIRE SHAREHOLDING OF 80,000 SHARES IN HONG KONG CARGO TERMINALS LIMITED (HACTL), REPRESENTING 10 PER CENT OF HACTL'S SHARE CAPITAL, TO CHINA NATIONAL AVIATION CORPORATION HK$106 MILLION.

FOR

OF THE 80,000 SHARES, 60,000 SHARES WERK FULLY PAID UP AND SUBSCRIBED TO AT THE FACE AMOUNT OF $100 PER SHARE OVER THE PERIOD 1971 TO 1984.

THESE SHARES WERE ACQUIRED BY THE EXCHANGE FUND FROM THE HONG KONG GOVERNMENT DEVELOPMENT LOAN FUND IN SEPTEMBER 1983, BASED ON A VALUATION PREPARED BY INDEPENDENT PROFESSIONAL ACCOUNTANTS.

THE SALE IS IN LINE WITH THE EXCHANGE FUND'S STATED OBJECTIVE OF DISPOSING OF HOLDINGS INAPPROPRIATE FOR CONTINUED OWNERSHIP WITHIN. THE EXCHANGE FUND.

THE GOVERNMENT-APPOINTED DIRECTOR, MR

R.W. CANDLER, AND HIS ALTERNATE DIRECTOR, MR A.K.K. LAM, WILL TENDER THEIR RESIGNATIONS TO THE BOARD OF HACTL.

NEW REMUNERATION PACKAGE FOR UNIVERSITY DOCTORS

A

THE GOVERNMENT HAS AGREED IN PRINCIPLE TO PROVIDE UNIVERSITY CLINICAL MEDICAL DOCTORS WITH AN OPTION TO CHOOSE BETWEEN RETAINING THEIR EXISTING REMUNERATION PACKAGE OR CHANGING OVER TO REMUNERATION PACKAGE IDENTICAL TO THAT OF THE HOSPITAL AUTHORITY (HA).

THIS WAS STATED BY THE SECRETARY FOR EDUCATION AND MANPOWER 1 MR JONN CHAN, AFTER A MEETING WITH REPRESENTATIVES OF THE UNIVERSITY MEDICAL DOCTORS ASSOCIATION (UMDA) THIS (THURSDAY) AFTERNOON,

MR CHAN SAID THE PROPOSED OPTION WOULD BE OFFERED ONLY TO THOSE UNIVERSITY DOCTORS WHO REGULARLY PROVIDE CLINICAL SERVICES IN PUBLIC HOSPITALS.

HE EXPLAINED THAT THE GOVERNMENT RECOGNISED THAT THESE UNIVERSITY DOCTORS WORK SIDE BY SIDE WITH HA DOCTORS AND PERFORM LARGELY SIMILAR DUTIES.

"THE EXISTING

REMUNERATION PACKAGES

FOR

UNIVERSITY AND HA

OF REMUNERATION

IS

DOCTORS ARE BROADLY COMPARABLE THOUGH THE METHOD DIFFERENT, MR CHAN SAID.

/"FOLLOWING DISCUSSIONS