Exchange Fund Notes Tender Result

Tender date                      :   24 October 2001

Paper on offer                   :   EF Notes

Issue number                     :   3410

Issue date                       :   26 October 2001

Maturity date                    :   26 October 2004

Coupon                           :   3.52%

Amount applied                   :   HK$4,944.9 MN

Amount allotted                  :   HK$1,200 MN

Average price accepted (yield)   :   99.63 (3.68 PCT)

Lowest price accepted (yield)    :   99.61 (3.69 PCT)

Pro rata ratio                   :   About 27 PCT

Average tender price (yield)     :   99.56 (3.71 PCT)

End/Wednesday, October 24, 2001
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