Exchange Fund Notes Tender Result

Tender date                      :   23 February 2005

Paper on offer                   :   EF Notes

Issue number                     :   7202

Issue date                       :   24 February 2005

Maturity date                    :   24 February 2012

Coupon                           :   3.14%

Amount applied                   :   HK1,182 MN

Amount allotted                  :   HK$600 MN

Average price accepted (yield)   :   97.70 (3.54%)

Lowest price accepted (yield)    :   97.60 (3.56%)

Pro rata ratio                   :   About 63 PCT

Average tender price (yield)     :   97.60 (3.56 PCT)

End/Wednesday, 23 February, 2005
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