Exchange Fund Bills Tender Results

Tender date                 :   7 September 2004

Paper on offer              :   EF Bills

Issue number                :   Q436

Issue date                  :   8 September 2004

Maturity date               :   8 December 2004

Amount applied              :   HK$12,000 MN

Amount allotted             :   HK$2,365 MN

Average yield accepted      :   0.82 PCT

Highest yield accepted      :   0.83 PCT

Pro rata ratio              :   About 96 PCT

Average tender yield        :   0.85 PCT

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

Tender to be held in the week beginning - 13 Sept 04 :-

Tender date                 :   14 September 2004

Paper on offer              :   EF Bills

Issue number                :   Q437

Issue date                  :   15 September 2004

Maturity date               :   15 December 2004

Tenor                       :   91 Days

Amount on offer             :   HK$2,596 MN

* * * * * * * * * *

Tender date                 :   14 September 2004

Paper on offer              :   EF Bills

Issue number                :   H473

Issue date                  :   15 September 2004

Maturity date               :   16 March 2005

Tenor                       :   182 Days

Amount on offer             :   HK$1,300 MN

End/Tuesday, September 7, 2004
NNNN