For immediate release

26 September 2002

Guoco Group Limited ("GGL") and FIS announced that they have jointly decided to dissolve their joint venture, Friends Ivory Sime Asia Limited ("FIS Asia Limited"), in Hong Kong. This decision stems from two changes in their relative approach to business.

Firstly, in line with GGL's commitment to offering "Best of Class" products relevant to the needs of its Wealth Management and MPF clients, a wide range of external managers have been appointed. These include ABN AMRO Asset Management, Fidelity Investment Management, Franklin Templeton Investment and other "Best of Class" managers to complement the existing range of Dao Heng Fund Management products. In addition, the relevant key investment managers within FIS Asia Limited have been offered and accepted similar positions within Dao Heng Fund Management to ensure continuity in the management of the Dao Heng range of unit trusts, MPF funds and institutional accounts.

Secondly, as a result of FIS's acquisition of the investment company of Royal & SunAlliance on 1 July 2002, FIS is now one of the UK's largest asset management companies, with funds under management of £66bn on completion. The Board of FIS has therefore decided that it would be in the best interests of its clients and shareholders to consolidate the investment team in the U.K. and to focus on the development of their business in the U.K. market place.

As a result, it is decided to dissolve the joint venture and close the office of FIS Asia Limited in Hong Kong prior to the year end.

Corporate Information

GGL is a Hong Kong listed company (Stock Code: 053), whose subsidiaries and associated companies are principally engaged in stock and commodity broking, investment advisory, insurance, treasury, fund and investment management, banking and finance as well as property development and investment.

FIS is the listed asset management arm of Friends Provident, a major UK insurance and investment company.

Contacts:

Ms. Stella Lo
Group Company Secretary
Tel: (852) 2283 8710
Fax: (852) 2285 3210
E-mail: stella.lo@guoco.com

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