Exchange Fund Notes Tender Result

Tender date                      :   20 July 2001

Paper on offer                   :   EF Notes

Issue number                     :   3407

Issue date                       :   23 July 2001

Maturity date                    :   23 July 2004

Coupon                           :   4.74%

Amount applied                   :   HK$4,974.2 MN

Amount allotted                  :   HK$1,200 MN

Average price accepted (yield)   :   100.41 (4.64 PCT)

Lowest price accepted (yield)    :   100.39 (4.65 PCT)

Pro rata ratio                   :   About 10 PCT

Average tender price (yield)     :   100.29 (4.69 PCT)

End/Friday, July 20, 2001
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