Exchange Fund Notes Tender Result

Tender date                      :   20 April 2001

Paper on offer                   :   EF Notes

Issue number                     :   3404

Issue date                       :   23 April 2001

Maturity date                    :   23 April 2004

Coupon                           :   4.97%

Amount applied                   :   HK$4,460.05 MN

Amount allotted                  :   HK$1,200 MN

Average price accepted (yield)   :   100.12 (4.99 PCT)

Lowest price accepted (yield)    :   100.08 (5.00 PCT)

Pro rata ratio                   :   About 57 PCT

Average tender price (yield)     :   100.04 (5.02 PCT)

End/Friday, April 20, 2001
NNNN