Exchange Fund Notes Tender Result

Tender date                      :   23 March 2004

Paper on offer                   :   EF Notes

Issue number                     :   5903

Issue date                       :   24 March 2004

Maturity date                    :   24 March 2009

Coupon                           :   2.52%

Amount applied                   :   HK3,360.25 MN

Amount allotted                  :   HK$600 MN

Average price accepted (yield)   :   100.37 (2.46 PCT)

Lowest price accepted (yield)    :   100.33 (2.46 PCT)

Pro rata ratio                   :   100 PCT

Average tender price (yield)     :   100.25 (2.48 PCT)

End/Tuesday, 23 March, 2004
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