Exchange Fund Bills Tender Results

Tender date                 :   9 November 2004

Paper on offer              :   EF Bills

Issue number                :   Q488

Issue date                  :   10 November 2004

Maturity date               :   8 December 2004

Amount applied              :   HK$9,850 MN

Amount allotted             :   HK$500 MN

Average yield accepted      :   -0.22 PCT

Highest yield accepted      :   -0.22 PCT

Pro rata ratio              :   100 PCT

Average tender yield        :   -0.18 PCT

* * * * * * * * * *

Tender date                 :   9 November 2004

Paper on offer              :   EF Bills

Issue number                :   Q445

Issue date                  :   10 November 2004

Maturity date               :   14 February 2005

Amount applied              :   HK$10,500 MN

Amount allotted             :   HK$2,691 MN

Average yield accepted      :   -0.04 PCT

Highest yield accepted      :   -0.03 PCT

Pro rata ratio              :   About 69 PCT

Average tender yield        :   -0.01 PCT

* * * * * * * * * * *

Tender date                 :   9 November 2004

Paper on offer              :   EF Bills

Issue number                :   H477

Issue date                  :   10 November 2004

Maturity date               :   11 May 2005

Amount applied              :   HK$6,750 MN

Amount allotted             :   HK$1,300 MN

Average yield accepted      :   0.18 PCT

Highest yield accepted      :   0.19 PCT

Pro rata ratio              :   About 68 PCT

Average tender yield        :   0.22 PCT

---------------------------------------------

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

Tender to be held in the week beginning - 15 Nov 04 :-

Tender date                 :   16 November 2004

Paper on offer              :   EF Bills

Issue number                :   Q446

Issue date                  :   17 November 2004

Maturity date               :   16 February 2005

Tenor                       :   91 Days

Amount on offer             :   HK$2,426 MN

* * * * * * * * * * *

Tender date                 :   16 November 2004

Paper on offer              :   EF Bills

Issue number                :   Y496

Issue date                  :   17 November 2004

Maturity date               :   16 November 2005

Tenor                       :   364 Days

Amount on offer             :   HK$1,300 MN

End/Tuesday, November 9, 2004
NNNN