Exchange Fund Notes Tender Result

Tender date                      :   11 February 2003

Paper on offer                   :   EF Notes

Issue number                     :   2502

Issue date                       :   12 February 2003

Maturity date                    :   14 February 2005

Coupon                           :   1.90%

Amount applied                   :   HK$10,030.2 MN

Amount allotted                  :   HK$1,200 MN

Average price accepted (yield)   :   100.27 (1.77 PCT)

Lowest price accepted (yield)    :   100.26 (1.78 PCT)

Pro rata ratio                   :   About 25 PCT

Average tender price (yield)     :   100.22 (1.80 PCT)

End/Tuesday, 11 February, 2003
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