Exchange Fund Bills Tender Results

Tender date                 :   20 January 2004

Paper on offer              :   EF Bills

Issue number                :   Q403

Issue date                  :   21 January 2004

Maturity date               :   21 April 2004

Amount applied              :   HK$17,518 MN

Amount allotted             :   HK$2,188 MN

Average yield accepted      :   0.01 PCT

Highest yield accepted      :   0.01 PCT

Pro rata ratio              :   ABOUT 97 PCT

Average tender yield        :   0.04 PCT

* * * * * * * * * *

Tender date                 :   20 January 2004

Paper on offer              :   EF Bills

Issue number                :   H456

Issue date                  :   21 January 2004

Maturity date               :   21 July 2004

Amount applied              :   HK$9,430 MN

Amount allotted             :   HK$1,300 MN

Average yield accepted      :   0.10 PCT

Highest yield accepted      :   0.11 PCT

Pro rata ratio              :   ABOUT 25 PCT

Average tender yield        :   0.13 PCT

End/Tuesday, January 20, 2004
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