Tender Result of the 2-Year Exchange Fund Notes :- Tender date : 13 May 2005 Paper on offer : EF Notes Issue number : 2705 Issue date : 17 May 2005 Maturity date : 17 May 2007 Coupon : 2.60% Competitive Tender Results Amount applied : HK$2,792 MN Amount allotted : HK$900 MN Average price accepted (yield) : 99.76 (2.72 PCT) Lowest price accepted (yield) : 99.74 (2.73 PCT) Pro rata ratio : About 59% Average tender price (yield) : 99.68 (2.76 PCT) Non-competitive Tender Results Amount applied : HK$361.4 MN Amount allotted : HK$300 MN Allotment price (yield) : 99.74 (2.73%) Pro rata ratio : About 77% End/Friday, 13 May, 2005 NNNN