Exchange Fund Notes Tender Result

Tender date                      :   3 December 2002

Paper on offer                   :   EF Notes

Issue number                     :   1212

Issue date                       :   4 December 2002

Maturity date                    :   4 December 2012

Coupon                           :   4.50%

Amount applied                   :   HK$1,840.1 MN

Amount allotted                  :   HK$500 MN

Average price accepted (yield)   :   98.48 (4.75 PCT)

Lowest price accepted (yield)    :   98.40 (4.76 PCT)

Pro rata ratio                   :   About 3 PCT

Average tender price (yield)     :   98.32 (4.77 PCT)

End/Tuesday, 3 December, 2002
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