Exchange Fund Notes Tender Result

Tender date                      :   27 November 2002

Paper on offer                   :   EF Notes

Issue number                     :   7911

Issue date                       :   28 November 2002

Maturity date                    :   30 November 2009

Coupon                           :   3.96%

Amount applied                   :   HK$2,470 MN

Amount allotted                  :   HK$600 MN

Average price accepted (yield)   :   100.10 (3.98 PCT)

Lowest price accepted (yield)    :   100.05 (3.99 PCT)

Pro rata ratio                   :   About 78 PCT

Average tender price (yield)     :   99.92 (4.01 PCT)

End/Wednesday, 27 November, 2002
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