Hong Kong Monetary Authority Tender Results

Tender date                      :   7 December 1999

Paper on offer                   :   EF Notes

Issue number                     :   1912

Issue date                       :   8 December 1999

Maturity date                    :   8 December 2009

Coupon                           :   7.47%

Amount applied                   :   HK$1,910 MN

Amount allotted                  :   HK$500 MN

Average price accepted (yield)   :   99.62 (7.67 PCT)

Lowest price accepted (yield)    :   99.55 (7.68 PCT)

Pro rata ratio                   :   About 13 PCT

Average tender price (yield)     :   98.70 (7.80 PCT)

End/Tuesday, December 7, 1999
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