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The Hong Kong Monetary Authority (HKMA) announces that tender of 7-year Exchange Fund Notes will be held on Tuesday May 27 2003 for settlement on Wednesday May 28 2003.

An amount of HK$600 million 7-year Notes will be on offer. The Notes will mature on 28 May 2010 and will carry interest at the rate of 3.19% per annum payable semi-annually in arrears.

Members of the public who wish to tender for the Notes may do so through any of the Market Makers or Recognised Dealers on the published list, which can be obtained from the HKMA at 30/F, 3 Garden Road, Hong Kong (telephone 2878 1465), or from the HKMA's website at http://www.hkma.gov.hk. They may also submit their tender applications through brokers who are Exchange Participants of the Stock Exchange of Hong Kong via Hong Kong Securities Clearing Company Limited (HKSCC) or, for those who hold Investor Accounts at HKSCC, directly through HKSCC. HKSCC will collect tender applications from its participants and submit them to the HKMA for processing. Each tender must be for an amount of HK$50,000 or integral multiples thereof.

The tender results will be published on the Reuters screen (HKMAOOE), Bloomberg, the Telerate screen (9913), the Bridge News screen and CCASS terminal for CCASS Broker/Custodian/Participants. CCASS Investor Participants can also enquire about the tender results through the CCASS Phone System.

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HONG KONG MONETARY AUTHORITY

EXCHANGE FUND NOTE PROGRAMME

TENDER INFORMATION

_____________________________________________________ Tender information of 7-Year Exchange Fund Notes :-

Issue Number           : 7005


Stock code             : 4109 (EFN 3.19 1005)


Tender Date            : Tuesday, May 27 2003

and Time                 9:30 a.m. to 10:30 a.m.


Issue and Settlement   : Wednesday, May 28 2003

Date



Amount on Offer        : HK$600 million



Maturity               : Seven years


Maturity Date          : May 28 2010



Interest Rate          : 3.19% per annum payable

                         semi-annually in arrears


Interest Payment Dates : Nov 28 2003, May 28 2004,

                         Nov 29 2004, May 30 2005,
						 
                         Nov 28 2005, May 29 2006,

                         Nov 28 2006, May 28 2007,

                         Nov 28 2007, May 28 2008,

                         Nov 28 2008, May 28 2009,

                         Nov 30 2009, May 28 2010


Tender Amount          : Each tender must be for

                         an amount of HK$50,000 or

                         integral multiples thereof.

                         Members of the public who

                         wish to tender for the Notes

                         may approach Market Makers or

                         Recognised Dealers on the

                         published list, Hong Kong

                         Securities Clearing Company

                         Limited, or brokers who are

                         Exchange Participants of the

                         Stock Exchange of Hong Kong



Other details          : Please see Information

                         Memorandum published or

                         approach Market Makers,

                         Recognised Dealers, Hong Kong

                         Securities Clearing Company

                         Limited, or brokers who are

                         Exchange Participants of the

                         Stock Exchange of Hong Kong


Expected commencement  : May 29 2003

date of dealing on

the Stock Exchange

of Hong Kong

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