Hong Kong Monetary Authority Exchange Fund Notes Tender Result

Tender date                      :   11 January 2001

Paper on offer                   :   EF Notes

Issue number                     :   3401

Issue date                       :   12 January 2001

Maturity date                    :   12 January 2004

Coupon                           :   5.19%

Amount applied                   :   HK$6,975.05 MN

Amount allotted                  :   HK$1,200 MN

Average price accepted (yield)   :   100.90 (4.92 PCT)

Lowest price accepted (yield)    :   100.87 (4.93 PCT)

Pro rata ratio                   :   About 90 PCT

Average tender price (yield)     :   100.77 (4.97 PCT)

End/Thursday, January 11, 2001