Exchange Fund Notes Tender Result

Tender date                      :   3 June 2003

Paper on offer                   :   EF Notes

Issue number                     :   1306

Issue date                       :   5 June 2003

Maturity date                    :   5 June 2013

Coupon                           :   3.73%

Amount applied                   :   HK$3,380.1 MN

Amount allotted                  :   HK$500 MN

Average price accepted (yield)   :   99.45 (3.83 PCT)

Lowest price accepted (yield)    :   99.40 (3.84 PCT)

Pro rata ratio                   :   About 72 PCT

Average tender price (yield)     :   99.27 (3.85 PCT)

End/Tuesday, 3 June, 2003
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