Exchange Fund Notes Tender Result

Tender date                      :   13 December 2002

Paper on offer                   :   EF Notes

Issue number                     :   5712

Issue date                       :   16 December 2002

Maturity date                    :   17 December 2007

Coupon                           :   3.57%

Amount applied                   :   HK$3,090 MN

Amount allotted                  :   HK$600 MN

Average price accepted (yield)   :   100.60 (3.47 PCT)

Lowest price accepted (yield)    :   100.57 (3.47 PCT)

Pro rata ratio                   :   About 100 PCT

Average tender price (yield)     :   100.42 (3.51 PCT)

End/Friday, 13 December, 2002
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