Exchange Fund Notes Tender Result

Tender date                      :   14 June 2002

Paper on offer                   :   EF Notes

Issue number                     :   5706

Issue date                       :   17 June 2002

Maturity date                    :   18 June 2007

Coupon                           :   4.76%

Amount applied                   :   HK$4,535.90 MN

Amount allotted                  :   HK$600 MN

Average price accepted (yield)   :   100.67 (4.66 PCT)

Lowest price accepted (yield)    :   100.65 (4.67 PCT)

Pro rata ratio                   :   About 41 PCT

Average tender price (yield)     :   100.54 (4.69 PCT)

End/Friday, June 14, 2002
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