Exchange Fund Notes Tender Result

Tender date                      :   11 May 2001

Paper on offer                   :   EF Notes

Issue number                     :   2305

Issue date                       :   14 May 2001

Maturity date                    :   14 May 2003

Coupon                           :   4.50%

Amount applied                   :   HK$6,018 MN

Amount allotted                  :   HK$1,200 MN

Average price accepted (yield)   :   100.36 (4.36 PCT)

Lowest price accepted (yield)    :   100.35 (4.36 PCT)

Pro rata ratio                   :   About 1 PCT

Average tender price (yield)     :   100.32 (4.38 PCT)

End/Friday, May 11, 2001
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