Exchange Fund Notes Tender Result

Tender date                      :   8 February 2002

Paper on offer                   :   EF Notes

Issue number                     :   2402

Issue date                       :   11 February 2002

Maturity date                    :   11 February 2004

Coupon                           :   3.43%

Amount applied                   :   HK$6,290 MN

Amount allotted                  :   HK$1,200 MN

Average price accepted (yield)   :   100.35 (3.27 PCT)

Lowest price accepted (yield)    :   100.35 (3.27 PCT)

Pro rata ratio                   :   About 100 PCT

Average tender price (yield)     :   100.25 (3.33 PCT)

End/Friday, February 8, 2002
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