Tender date : 1 December 2003 Paper on offer : EF Notes Issue number : 1312 Issue date : 2 December 2003 Maturity date : 2 December 2013 Coupon : 4.32% Amount applied : HK2,120.75 MN Amount allotted : HK$500 MN Average price accepted (yield) : 98.25 (4.59 PCT) Lowest price accepted (yield) : 98.17 (4.60 PCT) Pro rata ratio : About 48 PCT Average tender price (yield) : 98.06 (4.62 PCT) End/Monday, 1 December, 2003 NNNN