08:57     Price/Yield Table of New EFN at Tender                              

                                                                              
       Outlines of the new EFN at tender:-                                    
                                                                              
                                    EFN HKMA                                  
                                    Issue No.1212                             
                                    -------------                             
    -   Stock Code               :  4103 (EFN 4.50 1212)                      
    -   Issue Date               :  4/12/2002                                 
    -   Maturity Date            :  4/12/2012                                 
    -   Maturity Life            :  10 years                                  
    -   Coupon Rate              :  4.50% p.a.                                
    -   Amount on Offer          :  $500 million                              
    -   HKMA Tender Closing Date :  3/12/2002 (10:30 am)                      
    -   Closing Date for Public  :  30/11/2002 (1:00 pm)                      
        Tender through CCASS                                                  
    -   Deadline for Tender      :  2/12/2002 (3:45 pm)                       
        Amendment through CCASS                                               
    -   Notification of Tender   :  3/12/2002 (after 6:00 pm)                 
        Result through CCASS                                                  
    -   Commencement Date of     :  5/12/2002                                 
        Trading on SEHK                                                       
                                                                              
    Price/Yield Table of the new EFN at tender for reference only: -          
    (Source: Hong Kong Monetary Authority)                                    
    -   EFN HKMA Issue No.1212                                                
                                                                              
    Yield-to-Maturity        Price     Yield-to-Maturity    Price             
    -----------------        -----     -----------------    -----             
        3.50                108.64          4.50           100.40             
        3.55                108.21          4.55           100.00             
        3.60                107.78          4.60            99.62             
        3.65                107.35          4.65            99.23             
        3.70                106.93          4.70            98.84             
        3.75                106.50          4.75            98.46             
        3.80                106.08          4.80            98.08             
        3.85                105.66          4.85            97.70             
        3.90                105.25          4.90            97.32             
        3.95                104.83          4.95            96.94             
        4.00                104.42          5.00            96.57             
        4.05                104.01          5.05            96.20             
        4.10                103.60          5.10            95.82             
        4.15                103.19          5.15            95.46             
        4.20                102.78          5.20            95.09             
        4.25                102.38          5.25            94.72             
        4.30                101.98          5.30            94.36             
        4.35                101.58          5.35            94.00             
        4.40                101.18          5.40            93.64             
        4.45                100.79          5.45            93.28             
                                            5.50            92.92