Exchange Fund Notes Tender Result

Tender date                      :   22 July 2002

Paper on offer                   :   EF Notes

Issue number                     :   3507

Issue date                       :   23 July 2002

Maturity date                    :   25 July 2005

Coupon                           :   3.20%

Amount applied                   :   HK$7,345.30 MN

Amount allotted                  :   HK$1,200 MN

Average price accepted (yield)   :   100.29 (3.12 PCT)

Lowest price accepted (yield)    :   100.28 (3.13 PCT)

Pro rata ratio                   :   About 65 PCT

Average tender price (yield)     :   100.22 (3.15 PCT)

End/Monday, July 22, 2002
NNNN