Exchange Fund Notes Tender Result

Tender date                      :   11 Nov 2003

Paper on offer                   :   EF Notes

Issue number                     :   2511

Issue date                       :   12 Nov 2003

Maturity date                    :   14 Nov 2005

Coupon                           :   1.47%

Competitive Tender Results

Amount applied                   :   HK$5,700.1 MN

Amount allotted                  :   HK$1,118.4 MN

Average price accepted (yield)   :   99.67 (1.64 PCT)

Lowest price accepted (yield)    :   99.63 (1.67 PCT)

Pro rata ratio                   :   About 6 PCT

Average tender price (yield)     :   99.60 (1.68 PCT)

Non-Competitive Tender Results

Amount applied                   :   HK$81.6 MN

Amount allotted                  :   HK$81.6 MN

Allotment price(yield)           :   99.67 (1.64 PCT)

Pro rata ratio                   :   N.A.

End/Tuesday, 11 Nov, 2003
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