1 November 2001

Change of CEO at Creative Star

The Board of Creative Star announced today that Mr Rob Noble, Chief Executive Officer, has decided to leave the company to take up the position of Managing Director - Asia Pacific with the ERG Group.

Mr Noble has been the Chief Executive Officer of Creative Star since 1 September 1999, and prior to that he was Marketing and Planning Director of the MTR Corporation.

At the same time the Board of Creative Star announced the appointment of Mr Eric Tai as the new Chief Executive Officer of the company. Mr Tai will be joining Creative Star on 19 November 2001.

Mr Tai joins Creative Star from Hongkong & Shanghai Banking Corporation (HSBC) where he has been employed since 1993, most recently as Head of Strategic Alliances and e-Business Asia Pacific.

"Mr Tai will bring to the company extensive experience in finance, marketing, operations and technology," said Mr Clement Kwok, Chairman of Creative Star.

Mr Tai has held senior positions in various financial institutions and banks in Australia and Hong Kong. He began his career in 1973 at Commercial Union in Australia as an accountant. He then moved to Citibank to help develop its business in Australia until 1985 when he joined Chase AMP Bank to launch its credit bank business and various consumer products. In 1989, he joined ANZ Bank as Chief Manager, Marketing to reposition the consumer bank to meet a high growth strategy.

Mr Tai returned to Hong Kong in 1993 to join HSBC where he was Senior Executive Retail Marketing and Planning from 1993 to 1997 and Head of Personal Banking Development Asia Pacific from 1997 to 2000. He has played a significant role in HSBC's move into mobile phone banking and Internet banking.

Commenting on Mr Noble's resignation, Mr Kwok said, "I would like to thank Mr Noble for his significant contribution to the formation and development of Creative Star over the years.

"The Octopus card has now become a means of electronic payment for almost all modes of transport and is increasingly being extended into non-transport applications to enhance convenience for cardholders."

"The Board would like to wish Mr Noble all the very best for the future and to welcome Mr Tai to the company."

Octopus was launched in September 1997. Today, more than 7.9 million cards are in circulation, with daily transactions of over 6.5 million. Creative Star, the operator of the Octopus system, now has over 80 service providers, including public transport, car parks, retailing services such as convenience stores, fast food, cake shops, self-help services like vending, photo booths, photocopies, leisure facilities, schools as well as access control for housing estates.

The shareholders of Creative Star are MTR Corporation, KCR Corporation, Kowloon Motor Bus Co (1933) Ltd, Citybus Ltd and New World First Bus/Ferry Services Ltd.

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Media Enquiries:

Ms Joan Ng
Director of Marketing
Creative Star Limited
Tel: 2266 2226
Fax: 2266 2254