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Tender date : May 13 2003

Paper on offer : EF Notes

Issue number : 2505

Issue date : May 14 2003

Maturity date : May 16 2005

Coupon : 1.61%

Amount applied : HK$7,730.4 MN

Amount allotted : HK$1,200 MN

Average price accepted (yield) : 100.28 (1.47 PCT)

Lowest price accepted (yield) : 100.26 (1.48 PCT)

Pro rata ratio : About 2 PCT

Average tender price (yield) : 100.22 (1.50 PCT)

End/Tuesday, 13 May, 2003

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