Exchange Fund Notes Tender Result

Tender date                      :   25 May 2004

Paper on offer                   :   EF Notes

Issue number                     :   7105

Issue date                       :   27 May 2004

Maturity date                    :   27 May 2011

Coupon                           :   4.50%

Amount applied                   :   HK1,971 MN

Amount allotted                  :   HK$600 MN

Average price accepted (yield)   :   100.78 (4.42 PCT)

Lowest price accepted (yield)    :   100.75 (4.42 PCT)

Pro rata ratio                   :   About 71 PCT

Average tender price (yield)     :   100.69 (4.43 PCT)

End/Thursday, 25 May, 2004
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