Exchange Fund Notes Tender Result

Tender date                      :   25 August 2004

Paper on offer                   :   EF Notes

Issue number                     :   7108

Issue date                       :   26 August 2004

Maturity date                    :   26 August 2011

Coupon                           :   3.93%

Amount applied                   :   HK1,835 MN

Amount allotted                  :   HK$600 MN

Average price accepted (yield)   :   101.56 (3.71 PCT)

Lowest price accepted (yield)    :   101.52 (3.72 PCT)

Pro rata ratio                   :   About 99 PCT

Average tender price (yield)     :   101.42 (3.73 PCT)

End/Wednesday, 25 August, 2004
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