Exchange Fund Notes Tender Result

Tender date                      :   24 January 2002

Paper on offer                   :   EF Notes

Issue number                     :   3501

Issue date                       :   25 January 2002

Maturity date                    :   25 January 2005

Coupon                           :   3.78%

Amount applied                   :   HK$5,461 MN

Amount allotted                  :   HK$1,200 MN

Average price accepted (yield)   :   99.15 (4.12 PCT)

Lowest price accepted (yield)    :   99.14 (4.13 PCT)

Pro rata ratio                   :   About 68 PCT

Average tender price (yield)     :   99.07 (4.15 PCT)

End/Thursday, January 24, 2002
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