Tender Result of the reopening of 5-Year Exchange Fund Notes

Tender Result of the reopening of 5-Year Exchange Fund Notes :-

Tender date                      :   11 October 2002

Paper on offer                   :   EF Notes

Issue number                     :   5512

Issue date                       :   15 October 2002

Maturity date                    :   19 December 2005

Coupon                           :   6.03%

Amount applied                   :   HK$5,851.05 MN

Amount allotted                  :   HK$1,200 MN

Average price accepted (yield)   :   110.40 (2.62 PCT)

Lowest price accepted (yield)    :   110.36 (2.63 PCT)

Pro rata ratio                   :   About 12 PCT

Average tender price (yield)     :   110.26 (2.66 PCT)

End/Friday, October 11, 2002
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