Exchange Fund Notes Tender Result

Tender date                      :   19 August 2003

Paper on offer                   :   EF Notes

Issue number                     :   7008

Issue date                       :   20 August 2003

Maturity date                    :   20 August 2010

Coupon                           :   3.92%

Amount applied                   :   HK$2,525.1 MN

Amount allotted                  :   HK$600 MN

Average price accepted (yield)   :   99.03 (4.12 PCT)

Lowest price accepted (yield)    :   98.95 (4.14 PCT)

Pro rata ratio                   :   About 100 PCT

Average tender price (yield)     :   98.85 (4.15 PCT)

End/Tuesday, 19 August, 2003
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