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The Hong Kong Monetary Authority (HKMA) announces that tender of 10-year Exchange Fund Notes will be held on Tuesday June 3 2003 for settlement on Thursday June 5 2003.

An amount of HK$500 million 10-year Notes will be on offer. The Notes will mature on 5 June 2013 and will carry interest at the rate of 3.73% 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

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Tender information of 10-Year Exchange Fund Notes :-

Issue Number           : 1306




Stock code             : 4110 (EFN 3.73 1306)




Tender Date            : Tuesday, June 3 2003


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




Issue and Settlement   : Thursday, June 5 2003


Date




Amount on Offer        : HK$500 million




Maturity               : Ten years




Maturity Date          : June 5 2013




Interest Rate          : 3.73% per annum payable


                         semi-annually in arrears




Interest Payment Dates   Dec 5 2003


                         Jun 7 2004


                         Dec 6 2004


                         Jun 6 2005


                         Dec 5 2005


                         Jun 5 2006


                         Dec 5 2006


                         Jun 5 2007


                         Dec 5 2007


                         Jun 5 2008


                         Dec 5 2008


                         Jun 5 2009


                         Dec 7 2009


                         Jun 7 2010


                         Dec 6 2010


                         Jun 6 2011


                         Dec 5 2011


                         Jun 5 2012


                         Dec 5 2012


                         Jun 5 2013




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  : June 6 2003


date of dealing on


the Stock Exchange


of Hong Kong

End/Tuesday, May 27, 2003

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