HONGKONG LAND SECURES A NINE-YEAR LEASE RENEWAL CONTRACT WITH MORGAN STANLEY AT TWO & THREE EXCHANGE SQUARE

HONG KONG, 21st March 2000 -- Morgan Stanley Dean Witter Asia Limited has renewed its lease with Hongkong Land at Two and Three Exchange Square. Morgan Stanley has been a tenant at Exchange Square since 1985. The nine-year agreement is for a total office area of over 100,000 sq. ft.

Mr Mario Francescotti, President and Managing Director of Morgan Stanley, said: "We are happy to stay at Exchange Square as the building meets our professional needs for comprehensive broadband global communications services backed by top quality building management standard. Exchange Square is right in the business centre of Hong Kong and is an ideal location for an international financial institution like Morgan Stanley."

Mr Ian Hawksworth, Executive Director of Hongkong Land, said: "Morgan Stanley Dean Witter is precisely the kind of tenant we cater to at Exchange Square, which is purpose-built for global 24-hour businesses requiring prime quality accommodation, with professional property management."

For further information, please contact:
Hongkong Land
Helen Chiu
Tel: 2842 8291 (office)
Ludgate Asia
Jenny Siu
Tel: 2542 6115 (office)