Exchange Fund Notes Tender Result

Tender date                      :   15 Oct 2003

Paper on offer                   :   EF Notes

Issue number                     :   5612

Issue date                       :   16 Oct 2003

Maturity date                    :   18 Dec 2006

Coupon                           :   5.20%

Competitive Tender Results

Amount applied                   :   HK$6,221 MN

Amount allotted                  :   HK$1,160.2 MN

Average price accepted (yield)   :   109.14 (2.21 PCT)

Lowest price accepted (yield)    :   109.12 (2.22 PCT)

Pro rata ratio                   :   About 99 PCT

Average tender price (yield)     :   109.03 (2.25 PCT)

Non-Competitive Tender Results

Amount applied                   :   HK$39.8 MN

Amount allotted                  :   HK$39.8 MN

Allotment price(yield)           :   109.14 (2.21 PCT)

Pro rata ratio                   :   N.A.

End/Wednesday, 15 Oct, 2003
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