Tender for the reopening of 5-Year Exchange Fund Notes to be held on Monday, 25 October 2004

The Hong Kong Monetary Authority (HKMA) announces that the tender of Exchange Fund Notes with a maturity of 38 months through the reopening of existing 5-year Exchange Fund Notes (issue no. 5712) will be held on Monday, 25 October 2004 for settlement on Tuesday, 26 October 2004.

An additional amount of HK$1,200 million of the outstanding 5-year Notes (issue no. 5712) will be on offer. The Notes will mature on 17 December 2007 and carry interest at the rate of 3.57% per annum payable semi-annually in arrears. The Notes closed at 103.93 with an annualized yield of 2.29% on 12 October 2004.

Members of the public who wish to tender for the Notes may do so through any of the Market Makers or Recognised Dealers on the published list, which can be obtained from the HKMA at 55/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong (telephone: 2878 1465), or from the HKMA's website at http://www.hkma.gov.hk. They may also submit their tender applications through brokers who are Exchange Participants of the Stock Exchange of Hong Kong via Hong Kong Securities Clearing Company Limited (HKSCC) or, for those who hold Investor Accounts at HKSCC, directly through HKSCC. HKSCC will collect tender applications from its participants and submit them to the HKMA for processing. Each tender must be for an amount of HK$50,000 or integral multiples thereof.

Successful bidders of the reopened issue have to pay to the HKMA the respective bid price plus an amount equal to the interest accrued from the last coupon payment date to the allotment date of the reopened issue.

The tender results will be published on the HKMA's website, the Reuters screen (HKMAOOE), Bloomberg, the Telerate screen (9913), the Bridge News Broker/Custodian/Participants. CCASS Investor Participants can also enquire about the tender results through the CCASS Phone System.

Hong Kong Monetary Authority
13 October 2004

HONG KONG MONETARY AUTHORITY
EXCHANGE FUND NOTE PROGRAMME
TENDER INFORMATION

________________________________________

Tender information of the reopening of 5-Year Exchange Fund Notes :-

Issue Number           : 5712

Stock code             : 4104 (EFN 3.57 0712)

Tender Date            : Monday, 25 October 2004
and Time                 9:30 a.m. to 10:30 a.m.

Issue and Settlement   : Tuesday, 26 October 2004
Date for tender amount

Amount on Offer        : HK$1,200 million

Maturity               : 38 months

Maturity Date          : 17 December 2007
                         (solely for competitive
                          tender)

Interest Rate          : 3.57% per annum payable
                         semi-annually in arrears

Interest Payment Dates : 16 Dec 2004
                         16 Jun 2005
                         16 Dec 2005
                         16 Jun 2006
                         18 Dec 2006
                         18 Jun 2007
                         17 Dec 2007

Tender Amount          : Each tender must be for
                         an amount of HK$50,000 or
                         integral multiples thereof.
                         The accrued interest to be
                         paid by successful bidders on
                         the issue date (26 October
                         2004) for the tender amount
                         is HK$645.53 per minimum 
                         denomination of HK$50,000.
                         (The accrued interest to be
                         paid for tender amount 
                         exceeding HK$50,000 may not
                         be exactly equal to the
                         figures calculated from the
                         accrued interest per minimum
                         denomination of HK$50,000,
                         due to rounding error).
                         Members of the public who
                         wish to tender for the Notes
                         may approach Market Makers or
                         Recognised Dealers on the
                         published list, Hong Kong
                         Securities Clearing Company
                         Limited, or brokers who are
                         Exchange Participants of the
                         Stock Exchange of Hong Kong

Other details          : Please see Information
                         Memorandum published or
                         approach Market Makers,
                         Recognised Dealers, Hong Kong
                         Securities Clearing Company
                         Limited, or brokers who are
                         Exchange Participants of the
                         Stock Exchange of Hong Kong

Expected commencement  : The tender amount is fully
date of dealing on       fungible with the existing
the Stock Exchange       EFN 5712 listed on the Stock
of Hong Kong             Exchange of Hong Kong

Hong Kong Monetary Authority
13 October 2004