Exchange Fund Notes Tender Result

Tender date                      :   22 April 2002

Paper on offer                   :   EF Notes

Issue number                     :   3504

Issue date                       :   23 April 2002

Maturity date                    :   25 April 2005

Coupon                           :   4.31%

Amount applied                   :   HK$5,011.95 MN

Amount allotted                  :   HK$1,200 MN

Average price accepted (yield)   :   99.85 (4.41 PCT)

Lowest price accepted (yield)    :   99.84 (4.41 PCT)

Pro rata ratio                   :   About 88 PCT

Average tender price (yield)     :   99.79 (4.43 PCT)

End/Monday, April 22, 2002
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