Tender Result of the reopening of 5-Year Exchange Fund Notes

Tender date                      :   13 January 2003

Paper on offer                   :   EF Notes

Issue number                     :   5603

Issue date                       :   14 January 2003

Maturity date                    :   20 March 2006

Coupon                           :   5.20%

Amount applied                   :   HK$9,541.6 MN

Amount allotted                  :   HK$1,200 MN

Average price accepted (yield)   :   108.15 (2.53 PCT)

Lowest price accepted (yield)    :   108.12 (2.54 PCT)

Pro rata ratio                   :   About 39 PCT

Average tender price (yield)     :   108.01 (2.58 PCT)

End/Monday, January 13, 2003
NNNN