Exchange Fund Bills Tender Results

Tender date                 :   23 December 2003

Paper on offer              :   EF Bills

Issue number                :   Q351

Issue date                  :   24 December 2003

Maturity date               :   24 March 2004

Amount applied              :   HK$10,679 MN

Amount allotted             :   HK$2,361 MN

Average yield accepted      :   -0.07 PCT

Highest yield accepted      :   -0.07 PCT

Pro rata ratio              :   ABOUT 90 PCT

Average tender yield        :   -0.02 PCT

* * * * * * * * * * *

Tender date                 :   23 December 2003

Paper on offer              :   EF Bills

Issue number                :   H380

Issue date                  :   24 December 2003

Maturity date               :   23 June 2004

Amount applied              :   HK$6,870 MN

Amount allotted             :   HK$1,300 MN

Average yield accepted      :   0.00 PCT

Highest yield accepted      :   0.01 PCT

Pro rata ratio              :   ABOUT 3 PCT

Average tender yield        :   0.03 PCT

End/Tuesday, December 23, 2003
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