Exchange Fund Notes Tender Result

Tender date                      :   13 September 2002

Paper on offer                   :   EF Notes

Issue number                     :   5709

Issue date                       :   16 September 2002

Maturity date                    :   17 September 2007

Coupon                           :   3.07%

Amount applied                   :   HK$4,960 MN

Amount allotted                  :   HK$600 MN

Average price accepted (yield)   :   98.76 (3.37 PCT)

Lowest price accepted (yield)    :   98.72 (3.38 PCT)

Pro rata ratio                   :   About 48 PCT

Average tender price (yield)     :   98.62 (3.40 PCT)

End/Friday, September 13, 2002
NNNN