Exchange Fund Bills Tender Results

Tender date                 :   31 May 2005

Paper on offer              :   EF Bills

Issue number                :   Q522

Issue date                  :   1 June 2005

Maturity date               :   31 August 2005

Amount applied              :   HK$14,619 MN

Amount allotted             :   HK$3,001 MN

Average yield accepted      :   2.88 PCT

Highest yield accepted      :   2.88 PCT

Pro rata ratio              :   About 87 PCT

Average tender yield        :   2.90 PCT

* * * * * * * * * *

Tender date                 :   31 May 2005

Paper on offer              :   EF Bills

Issue number                :   Y590

Issue date                  :   1 June 2005

Maturity date               :   1 June 2006

Amount applied              :   HK$4,350 MN

Amount allotted             :   HK$1,300 MN

Average yield accepted      :   2.95 PCT

Highest yield accepted      :   2.95 PCT

Pro rata ratio              :   About 83 PCT

Average tender yield        :   2.97 PCT

----------------------------- Hong Kong Monetary Authority ****************************

Tenders to be held in the week beginning - 6 June 05:-

Tender date                 :   7 June 2005

Paper on offer              :   EF Bills

Issue number                :   Q523

Issue date                  :   8 June 2005

Maturity date               :   7 September 2005

Tenor                       :   91 Days

Amount on offer             :   HK$2,536 MN

* * * * * * * * * * * * *

Tender date                 :   7 June 2005

Paper on offer              :   EF Bills

Issue number                :   H566

Issue date                  :   8 June 2005

Maturity date               :   7 December 2005

Tenor                       :   182 Days

Amount on offer             :   HK$1,300 MN

End/Tuesday, May 31, 2005
NNNN