Exchange Fund Notes Tender Result

Tender date                      :   9 February 2001

Paper on offer                   :   EF Notes

Issue number                     :   2302

Issue date                       :   12 February 2001

Maturity date                    :   12 February 2003

Coupon                           :   4.70%

Amount applied                   :   HK$6,520 MN

Amount allotted                  :   HK$1,200 MN

Average price accepted (yield)   :   99.81 (4.86 PCT)

Lowest price accepted (yield)    :   99.80 (4.86 PCT)

Pro rata ratio                   :   About 69 PCT

Average tender price (yield)     :   99.70 (4.92 PCT)

End/Friday, February 9, 2001
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