Exchange Fund Notes Tender Result

Tender date                      :   14 September 2001

Paper on offer                   :   EF Notes

Issue number                     :   5609

Issue date                       :   17 September 2001

Maturity date                    :   18 September 2006

Coupon                           :   4.88%

Amount applied                   :   HK$3,706.2 MN

Amount allotted                  :   HK$600 MN

Average price accepted (yield)   :   101.54 (4.58 PCT)

Lowest price accepted (yield)    :   101.50 (4.59 PCT)

Pro rata ratio                   :   About 10 PCT

Average tender price (yield)     :   101.35 (4.63 PCT)

End/Friday, September 14, 2001
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