Exchange Fund Bills Tender Results

Tender date                 :   9 December 2003

Paper on offer              :   EF Bills

Issue number                :   Q349

Issue date                  :   10 December 2003

Maturity date               :   10 March 2004

Amount applied              :   HK$12,250 MN

Amount allotted             :   HK$2,369 MN

Average yield accepted      :   0.01 PCT

Highest yield accepted      :   0.01 PCT

Pro rata ratio              :   ABOUT 36 PCT

Average tender yield        :   0.03 PCT

* * * * * * * * * * *

Tender date                 :   9 December 2003

Paper on offer              :   EF Bills

Issue number                :   H379

Issue date                  :   10 December 2003

Maturity date               :   9 June 2004

Amount applied              :   HK$6,600 MN

Amount allotted             :   HK$1,300 MN

Average yield accepted      :   0.11 PCT

Highest yield accepted      :   0.11 PCT

Pro rata ratio              :   ABOUT 84 PCT

Average tender yield        :   0.14 PCT

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

Tender to be held in the week beginning - 15 Dec 03 :-

Tender date                 :   16 December 2003

Paper on offer              :   EF Bills

Issue number                :   Q350

Issue date                  :   17 December 2003

Maturity date               :   17 March 2004

Tenor                       :   91 Days

Amount on offer             :   HK$2,474 MN

* * * * * * * * * * *

Tender date                 :   16 December 2003

Paper on offer              :   EF Bills

Issue number                :   Y397

Issue date                  :   17 December 2003

Maturity date               :   15 December 2004

Tenor                       :   364 Days

Amount on offer             :   HK$1,300 MN

End/Tuesday, December 9, 2003
NNNN