Exchange Fund Notes Tender Result

Tender date                      :   25 November 2003

Paper on offer                   :   EF Notes

Issue number                     :   7011

Issue date                       :   26 November 2003

Maturity date                    :   26 November 2010

Coupon                           :   3.95%

Amount applied                   :   HK$1,910.2 MN

Amount allotted                  :   HK$600 MN

Average price accepted (yield)   :   100.71 (3.87 PCT)

Lowest price accepted (yield)    :   100.63 (3.88 PCT)

Pro rata ratio                   :   About 49 PCT

Average tender price (yield)     :   100.62 (3.89 PCT)

End/Tuesday, 25 November, 2003
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