Exchange Fund Notes Tender Result

Tender date                      :   9 November 2001

Paper on offer                   :   EF Notes

Issue number                     :   2311

Issue date                       :   12 November 2001

Maturity date                    :   12 November 2003

Coupon                           :   2.79%

Amount applied                   :   HK$9,311.6 MN

Amount allotted                  :   HK$1,200 MN

Average price accepted (yield)   :   100.34 (2.63 PCT)

Lowest price accepted (yield)    :   100.33 (2.64 PCT)

Pro rata ratio                   :   About 67 PCT

Average tender price (yield)     :   100.28 (2.66 PCT)

End/Friday, November 9, 2001
NNNN