08:50     Price/Yield Table of EFN at Tender                                  

                                                                              
        Outlines of the EFN that will be reopened for tender:-                
                                                                              
                                    EFN HKMA                                  
                                    Issue No.5806                             
                                    -------------                             
    -   Stock Code               :  4111 (EFN 2.47 0806)                      
    -   Issue Date for Re-tender :  25/4/2005                                 
        Amount                                                                
    -   Maturity Date            :  16/6/2008                                 
    -   Maturity Life            :  38 months                                 
    -   Coupon Rate              :  2.47% p.a.                                
    -   Amount on Offer          :  $1,200 million                            
    -   HKMA Re-tender Closing   :  22/4/2005 (10:30 am)                      
        Date                                                                  
    -   Closing Date for Public  :  20/4/2005 (3:45 pm)                       
        Re-tender through CCASS                                               
    -   Deadline for Re-tender   :  21/4/2005 (3:45 pm)                       
        Amendment through CCASS                                               
    -   Notification of Re-tender:  22/4/2005 (after 6:00 pm)                 
        Result through CCASS                                                  
    -   Commencement Date of     :  Fungible with the existing EFN 5806       
        Trading on SEHK                                                       
                                                                              
    Price/Yield Table of the EFN at tender for reference only: -              
    (Source: Hong Kong Monetary Authority *)                                  
    -   EFN HKMA Issue No.5806                                                
                                                                              
    Yield-to-Maturity      Price         Yield-to-Maturity      Price         
    -----------------      -----         -----------------      -----         
           2.42           100.19                3.42            97.27         
           2.47           100.04                3.47            97.13         
           2.52            99.89                3.52            96.98         
           2.57            99.74                3.57            96.84         
           2.62            99.60                3.62            96.70         
           2.67            99.45                3.67            96.56         
           2.72            99.30                3.72            96.42         
           2.77            99.15                3.77            96.27         
           2.82            99.01                3.82            96.13         
           2.87            98.86                3.87            95.99         
           2.92            98.72                3.92            95.85         
           2.97            98.57                3.97            95.71         
           3.02            98.42                4.02            95.57         
           3.07            98.28                4.07            95.43         
           3.12            98.13                4.12            95.29         
           3.17            97.99                4.17            95.15         
           3.22            97.84                4.22            95.02         
           3.27            97.70                4.27            94.88         
           3.32            97.56                4.32            94.74         
           3.37            97.41                4.37            94.60         
                                                4.42            94.46         
                                                                              
    * Disclaimer                                                              
                                                                              
      The information provided here is for reference only.  Although extreme  
      care has been taken to ensure that the information provided is accurate 
      and up-to-date, the HKMA does not warrant that all, or any part of, the 
      information provided is accurate in all respects.  You are encouraged   
      to conduct your own enquiries to verify any particular piece of         
      information provided on it.  The HKMA shall not be liable for any loss  
      or damage suffered as a result of any use or reliance on any of the     
      information provided here.