Exchange Fund Notes Tender Result

Tender date                      :   18 December 2003

Paper on offer                   :   EF Notes

Issue number                     :   5812

Issue date                       :   19 December 2003

Maturity date                    :   19 December 2008

Coupon                           :   3.34%

Amount applied                   :   HK2,200.20 MN

Amount allotted                  :   HK$600 MN

Average price accepted (yield)   :   100.98 (3.15 PCT)

Lowest price accepted (yield)    :   100.92 (3.16 PCT)

Pro rata ratio                   :   About 18 PCT

Average tender price (yield)     :   100.87 (3.17 PCT)

End/Thursday, 18 December, 2003
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