Tender Result of the reopening of 5-Year Exchange Fund Notes

Tender Result of the reopening of 5-Year Exchange Fund Notes :-

Tender date                      :   16 July 2003

Paper on offer                   :   EF Notes

Issue number                     :   5609

Issue date                       :   17 July 2003

Maturity date                    :   18 September 2006

Coupon                           :   4.88%

Amount applied                   :   HK$5,200 MN

Amount allotted                  :   HK$1,200 MN

Average price accepted (yield)   :   108.49 (2.11 PCT)

Lowest price accepted (yield)    :   108.47 (2.12 PCT)

Pro rata ratio                   :   About 64 PCT

Average tender price (yield)     :   108.39 (2.14 PCT)

End/Wednesday, 16 July, 2003
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