Tender Result of the reopening of 5-Year Exchange Fund Notes

Tender date                      :   25 October 2004

Paper on offer                   :   EF Notes

Issue number                     :   5712

Issue date                       :   26 October 2004

Maturity date                    :   17 December 2007

Coupon                           :   3.57%

Amount applied                   :   HK$4,631 MN

Amount allotted                  :   HK$1,200 MN

Average price accepted (yield)   :   104.77 (2.01 PCT)

Lowest price accepted (yield)    :   104.76 (2.01 PCT)

Pro rata ratio                   :   About 75 PCT

Average tender price (yield)     :   104.71 (2.03 PCT)

End/Monday, 25 October, 2004
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