Exchange Fund Notes Tender Result

Tender date                      :   14 December 2001

Paper on offer                   :   EF Notes

Issue number                     :   5612

Issue date                       :   17 December 2001

Maturity date                    :   18 December 2006

Coupon                           :   5.20%

Amount applied                   :   HK$2,424.75 MN

Amount allotted                  :   HK$600 MN

Average price accepted (yield)   :   100.25 (5.21 PCT)

Lowest price accepted (yield)    :   100.20 (5.22 PCT)

Pro rata ratio                   :   About 97 PCT

Average tender price (yield)     :   100.08 (5.25 PCT)

End/Friday, December 14, 2001
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