Exchange Fund Notes Tender Result

Tender date                      :   10 May 2002

Paper on offer                   :   EF Notes

Issue number                     :   2405

Issue date                       :   13 May 2002

Maturity date                    :   13 May 2004

Coupon                           :   3.30%

Amount applied                   :   HK$4,840 MN

Amount allotted                  :   HK$1,200 MN

Average price accepted (yield)   :   99.82 (3.42 PCT)

Lowest price accepted (yield)    :   99.80 (3.43 PCT)

Pro rata ratio                   :   About 26 PCT

Average tender price (yield)     :   99.78 (3.45 PCT)

End/Friday, May 10, 2002
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