Exchange Fund Notes Tender Result

Tender date                      :   24 September 2004

Paper on offer                   :   EF Notes

Issue number                     :   5909

Issue date                       :   27 September 2004

Maturity date                    :   28 September 2009

Coupon                           :   3.18%

Amount applied                   :   HK1,915 MN

Amount allotted                  :   HK$600 MN

Average price accepted (yield)   :   101.03 (2.98 PCT)

Lowest price accepted (yield)    :   100.90 (3.01 PCT)

Pro rata ratio                   :   About 66 PCT

Average tender price (yield)     :   100.84 (3.02 PCT)

End/Friday, 24 September, 2004
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