Exchange Fund Notes Tender Result

Tender date                      :   15 March 2002

Paper on offer                   :   EF Notes

Issue number                     :   5703

Issue date                       :   18 March 2002

Maturity date                    :   19 March 2007

Coupon                           :   5.16%

Amount applied                   :   HK$2,921.3 MN

Amount allotted                  :   HK$600 MN

Average price accepted (yield)   :   99.11 (5.44 PCT)

Lowest price accepted (yield)    :   98.77 (5.52 PCT)

Pro rata ratio                   :   About 98 PCT

Average tender price (yield)     :   98.73 (5.53 PCT)

End/Friday, March 15, 2002
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