Exchange Fund Bills Tender Results

Tender date                 :   20 May 2003

Paper on offer              :   EF Bills

Issue number                :   Q320

Issue date                  :   21 May 2003

Maturity date               :   20 August 2003

Amount applied              :   HK$21,011.5 MN

Amount allotted             :   HK$3,314 MN

Average yield accepted      :   1.09 PCT

Highest yield accepted      :   1.09 PCT

Pro rata ratio              :   About 89 PCT

Average tender yield        :   1.12 PCT

----------------------------

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

Tender to be held in the week beginning - 26 May 03 :-

Tender date                 :   27 May 2003

Paper on offer              :   EF Bills

Issue number                :   Q321

Issue date                  :   28 May 2003

Maturity date               :   27 August 2003

Tenor                       :   91 Days

Amount on offer             :   HK$3,749 MN

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

Tender date                 :   27 May 2003

Paper on offer              :   EF Bills

Issue number                :   H365

Issue date                  :   28 May 2003

Maturity date               :   26 November 2003

Tenor                       :   182 Days

Amount on offer             :   HK$1,300 MN

End/Tuesday, May 20, 2003
NNNN