Exchange Fund Notes Tender Result

Tender date                      :   12 November 2002

Paper on offer                   :   EF Notes

Issue number                     :   2411

Issue date                       :   13 November 2002

Maturity date                    :   15 November 2004

Coupon                           :   2.12%

Amount applied                   :   HK$8,370.2 MN

Amount allotted                  :   HK$1,200 MN

Average price accepted (yield)   :   100.29 (1.98 PCT)

Lowest price accepted (yield)    :   100.28 (1.99 PCT)

Pro rata ratio                   :   About 100 PCT

Average tender price (yield)     :   100.21 (2.02 PCT)

End/Tuesday, 12 November, 2002
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