Tender Result of the 2-Year Exchange Fund Notes

Tender date                      :   10 February 2004

Paper on offer                   :   EF Notes

Issue number                     :   2602

Issue date (reopen)              :   11 February 2004

Maturity date                    :   13 February 2006

Coupon                           :   1.14%

Competitive Tender Results

Amount applied                   :   HK$7,340 MN

Amount allotted                  :   HK$1,153.95 MN

Average price accepted (yield)   :   100.43 (0.93 PCT)

Lowest price accepted (yield)    :   100.40 (0.94 PCT)

Pro rata ratio                   :   About 9 PCT

Average tender price (yield)     :   100.36 (0.96 PCT)

Non-competitive Tender Results

Amount applied                   :   HK$46.05 MN

Amount allotted                  :   HK$46.05 MN

Allotment price (yield)          :   100.43 (0.93%)

Pro rata ratio                   :   N.A.

End/Tuesday, 10 February, 2004
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