Exchange Fund Notes Tender Result

Tender date                      :   18 June 2002

Paper on offer                   :   EF Notes

Issue number                     :   1206

Issue date                       :   19 June 2002

Maturity date                    :   19 June 2012

Coupon                           :   5.80%

Amount applied                   :   HK$3,091.35 MN

Amount allotted                  :   HK$500 MN

Average price accepted (yield)   :   102.44 (5.55 PCT)

Lowest price accepted (yield)    :   102.35 (5.57 PCT)

Pro rata ratio                   :   About 100 PCT

Average tender price (yield)     :   102.12 (5.60 PCT)

End/Tuesday, June 18, 2002
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