Exchange Fund Notes Tender Result

Tender date                      :   9 August 2002

Paper on offer                   :   EF Notes

Issue number                     :   2408

Issue date                       :   12 August 2002

Maturity date                    :   12 August 2004

Coupon                           :   2.20%

Amount applied                   :   HK$6,857 MN

Amount allotted                  :   HK$1,200 MN

Average price accepted (yield)   :   100.32 (2.04 PCT)

Lowest price accepted (yield)    :   100.31 (2.05 PCT)

Pro rata ratio                   :   About 98 PCT

Average tender price (yield)     :   100.25 (2.08 PCT)

End/Friday, August 9, 2002
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