Exchange Fund Notes Tender Result

Tender date                      :   4 December 2001

Paper on offer                   :   EF Notes

Issue number                     :   1112

Issue date                       :   5 December 2001

Maturity date                    :   5 December 2011

Coupon                           :   5.92%

Amount applied                   :   HK$2,327.15 MN

Amount allotted                  :   HK$500 MN

Average price accepted (yield)   :   100.71 (5.91 PCT)

Lowest price accepted (yield)    :   100.68 (5.91 PCT)

Pro rata ratio                   :   About 99 PCT

Average tender price (yield)     :   100.56 (5.93 PCT)

End/Tuesday, December 4, 2001
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