Exchange Fund Notes Tender Result

Tender date                      :   10 August 2001

Paper on offer                   :   EF Notes

Issue number                     :   2308

Issue date                       :   13 August 2001

Maturity date                    :   13 August 2003

Coupon                           :   3.97%

Amount applied                   :   HK$5,828.45 MN

Amount allotted                  :   HK$1,200 MN

Average price accepted (yield)   :   100.19 (3.91 PCT)

Lowest price accepted (yield)    :   100.16 (3.92 PCT)

Pro rata ratio                   :   About 69 PCT

Average tender price (yield)     :   100.11 (3.95 PCT)

End/Friday, August 10, 2001
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