Hong Kong Monetary Authority Tender Results

Tender date                      :   20 March 2000

Paper on offer                   :   EF Notes

Issue number                     :   5503

Issue date                       :   21 March 2000

Maturity date                    :   21 March 2005

Coupon                           :   6.93%

Amount applied                   :   HK$3,325 MN

Amount allotted                  :   HK$600 MN

Average price accepted (yield)   :   100.27 (6.98 PCT)

Lowest price accepted (yield)    :   100.24 (6.99 PCT)

Pro rata ratio                   :   About 86 PCT

Average tender price (yield)     :   100.02 (7.05 PCT)

End/Monday, March 20, 2000
NNNN