*********************************************************

The Hong Kong Monetary Authority (HKMA) announces that tender of 5-year Exchange Fund Notes will be held on Friday June 13 2003 for settlement on Monday June 16 2003.

An amount of HK$600 million 5-year Notes will be on offer. The Notes will mature on 16 June 2008 and will carry interest at the rate of 2.47% 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.

*********************************************************

HONG KONG MONETARY AUTHORITY

EXCHANGE FUND NOTE PROGRAMME

TENDER INFORMATION

______________________________________________________

  Tender information of 5-Year Exchange Fund Notes :-

  Issue Number           : 5806

  Stock code             : 4111 (EFN 2.47 0806)

  Tender Date            : Friday, June 13 2003

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

  Issue and Settlement   : Monday, 16 June 2003

  Date

  Amount on Offer        : HK$600 million

  Maturity               : Five years

  Maturity Date          : June 16 2008

  Interest Rate          : 2.47% per annum payable

                           semi-annually in arrears

  Interest Payment Dates : Dec 16 2003

                                Jun 16 2004

                                Dec 16 2004

                                Jun 16 2005

                                Dec 16 2005

                                Jun 16 2006

                                Dec 18 2006

                                Jun 18 2007

                                Dec 17 2007

                                Jun 16 2008

  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 17 2003

  date of dealing on

  the Stock Exchange

  of Hong Kong

End/Friday, June 06, 2003

NNNN