Senior Appointment

Worldsec Ld
20 February 2001


Executive Responsibilities Changes

Mr Henry Cheong, in addition to his duties as Deputy Chairman and Chief
Executive Officer of the Group, will assume the duty as Head of Research in
place of Mr Carlton Poon with immediate effective until further notice.

We are surprised to learn that Mr Carlton Poon is under inquiry by the insider
dealing tribunal in Hong Kong, and in line with general practice in the
securities industry, Mr Poon has stepped aside from his normal executive duties
at all Worldsec companies during the inquiry period.

For further enquiries please contact:

In London:

Alastair Gunn-Forbes
[phone]

In Hong Kong:

Henry Ying Chew Cheong
[phone]