08 Dec 1999... The Monetary Authority of Singapore announced today that it will be appointing Mr Lam Chuan Leong and Dr Philip N Pillai to its Board of Directors. The appointments will further strengthen MAS as an organisation and help in its effort to develop Singapore into a world-class financial centre. (Please see Appendix 1 for a complete list of MAS Board Members.)

Mr Lam Chuan Leong, who is Permanent Secretary of the Ministry of National Development, is no stranger to MAS' financial sector reforms. Last year, he chaired the Debt Capital Market Working Group set up by MAS to initiate bond issuance by statutory boards. Mr Lam is now Deputy Chairman of the Debt Market Committee, which is driving and co-ordinating the overall strategies in growing Singapore's debt markets. "Mr Lam's experience in debt market development makes him a valuable addition to the MAS Board," says Mr Koh Yong Guan, Managing Director, MAS.

Dr Philip N Pillai is the Managing Partner of Shook, Lin & Bok. He was a member of MAS' Committee on Governance of the Exchanges, which recommended the demutualisation and merger of Singapore's stock and derivatives exchanges. Dr Pillai also served on the Attorney-General's Legal Services Review Committee. "As MAS is reviewing many of its financial sector regulations, Dr Pillai's expertise in corporate governance and legal issues will come in very handy," says Mr Koh.

Mr Lam's and Dr Pillai's appointments are for two years, with effect from 1 January 2000.

Also announced were the re-appointments of DPM Lee Hsien Loong as MAS Chairman and Mr Koh Yong Guan as Managing Director, each for a two-year term beginning 1 January 2000. Mr Lee Ek Tieng, who retired from the Civil Service in September, has been re-appointed Deputy Chairman for one year starting from 1 January 2000.

The latest appointments follow Mr J Y Pillay's and Mr Lim Chee Onn's departure from the MAS Board. Mr J Y Pillay has since been appointed Chairman of the new Singapore Exchange, while Mr Lim Chee Onn has been slated to assume chairmanship of Keppel Corporation Ltd and Keppel TatLee Bank Ltd by year-end.

BOARD OF DIRECTORS OF THE MONETARY AUTHORITY OF SINGAPORE
(with effect from 1 January 2000)