Exchange Fund Notes Tender Result

Tender date                      :   12 November 2004

Paper on offer                   :   EF Notes

Issue number                     :   2611

Issue date                       :   15 November 2004

Maturity date                    :   15 November 2006

Coupon                           :   1.32%

Amount applied                   :   HK$5,675 MN

Amount allotted                  :   HK$1,200 MN

Average price accepted (yield)   :   100.20 (1.22 PCT)

Lowest price accepted (yield)    :   100.18 (1.23 PCT)

Pro rata ratio                   :   About 8 PCT

Average tender price (yield)     :   100.13 (1.26 PCT)

End/Friday, 12 November, 2004
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