Exchange Fund Notes Tender Result

Tender date                      :   22 Jul 2004

Paper on offer                   :   EF Notes

Issue number                     :   5709

Issue date                       :   23 Jul 2004

Maturity date                    :   17 Sep 2007

Coupon                           :   3.07%

Competitive Tender Results

Amount applied                   :   HK$3,195 MN

Amount allotted                  :   HK$1,189.3 MN

Average price accepted (yield)   :   100.31 (2.99 PCT)

Lowest price accepted (yield)    :   100.26 (3.00 PCT)

Pro rata ratio                   :   About 96 PCT

Average tender price (yield)     :   100.20 (3.02 PCT)

Non-Competitive Tender Results

Amount applied                   :   HK$10.7 MN

Amount allotted                  :   HK$10.7 MN

Allotment price(yield)           :   100.31 (2.99 PCT)

Pro rata ratio                   :   N.A.

End/Thursday, 22 July 2004
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