Tender date : 25 May 2005 Paper on offer : EF Notes Issue number : 7205 Issue date : 26 May 2005 Maturity date : 28 May 2012 Coupon : 3.61% Amount applied : HK1,192 MN Amount allotted : HK$600 MN Average price accepted (yield) : 100.74 (3.52%) Lowest price accepted (yield) : 100.68 (3.53%) Pro rata ratio : About 33 PCT Average tender price (yield) : 100.67 (3.53 PCT) End/Wednesday, 25 May 2005 NNNN