Exchange Fund Notes Tender Result

Tender date                      :   19 June 2001

Paper on offer                   :   EF Notes

Issue number                     :   1106

Issue date                       :   20 June 2001

Maturity date                    :   20 June 2011

Coupon                           :   6.13%

Amount applied                   :   HK$2,516.95 MN

Amount allotted                  :   HK$500 MN

Average price accepted (yield)   :   99.71 (6.26 PCT)

Lowest price accepted (yield)    :   99.65 (6.27 PCT)

Pro rata ratio                   :   About 1 PCT

Average tender price (yield)     :   99.54 (6.29 PCT)

End/Tuesday, June 19, 2001
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