Exchange Fund Notes Tender Result

Tender date                      :   26 February 2003

Paper on offer                   :   EF Notes

Issue number                     :   7002

Issue date                       :   27 February 2003

Maturity date                    :   26 February 2010

Coupon                           :   3.80%

Amount applied                   :   HK$4,730.6 MN

Amount allotted                  :   HK$600 MN

Average price accepted (yield)   :   100.48 (3.76 PCT)

Lowest price accepted (yield)    :   100.45 (3.76 PCT)

Pro rata ratio                   :   About 31 PCT

Average tender price (yield)     :   100.35 (3.78 PCT)

End/Wednesday, 26 February, 2003
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