Tender Result of the 2-Year Exchange Fund Notes

Tender Result of the 2-Year Exchange Fund Notes :-

Tender date                      :   13 May 2005

Paper on offer                   :   EF Notes

Issue number                     :   2705

Issue date                       :   17 May 2005

Maturity date                    :   17 May 2007

Coupon                           :   2.60%

Competitive Tender Results

Amount applied                   :   HK$2,792 MN

Amount allotted                  :   HK$900 MN

Average price accepted (yield)   :   99.76 (2.72 PCT)

Lowest price accepted (yield)    :   99.74 (2.73 PCT)

Pro rata ratio                   :   About 59%

Average tender price (yield)     :   99.68 (2.76 PCT)

Non-competitive Tender Results

Amount applied                   :   HK$361.4 MN

Amount allotted                  :   HK$300 MN

Allotment price (yield)          :   99.74 (2.73%)

Pro rata ratio                   :   About 77%

End/Friday, 13 May, 2005
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