Exchange Fund Notes Tender Result

Tender date                      :   12 Aug 2003

Paper on offer                   :   EF Notes

Issue number                     :   2508

Issue date                       :   13 Aug 2003

Maturity date                    :   15 Aug 2005

Coupon                           :   1.68%

Competitive Tender
Results

Amount applied                   :   HK$5,850 MN

Amount allotted                  :   HK$1,080 MN

Average price accepted (yield)   :   99.68 (1.85 PCT)

Lowest price accepted (yield)    :   99.67 (1.86 PCT)

Pro rata ratio                   :   About 43 PCT

Average tender price (yield)     :   99.63 (1.88 PCT)

Non-Competitive Tender
Results

Amount applied                   :   HK$268.3 MN

Amount allotted                  :   HK$120.0 MN

Allotment price(yield)           :   99.68 (1.85 PCT)

Pro rata ratio                   :   About 33 PCT

End/Tuesday, 12 Aug, 2003
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