Exchange Fund Notes Tender Result

Tender date                      :   17 December 2004

Paper on offer                   :   EF Notes

Issue number                     :   5912

Issue date                       :   20 December 2004

Maturity date                    :   21 December 2009

Coupon                           :   2.69%

Amount applied                   :   HK$1,295 MN

Amount allotted                  :   HK$600 MN

Average price accepted (yield)   :   99.83 (2.75 PCT)

Lowest price accepted (yield)    :   99.68 (2.78 PCT)

Pro rata ratio                   :   About 66 PCT

Average tender price (yield)     :   99.66 (2.78 PCT)

End/Friday, 17 December, 2004
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