Exchange Fund Notes Tender Result

Tender date                      :   24 August 2005

Paper on offer                   :   EF Notes

Issue number                     :   7208

Issue date                       :   25 August 2005

Maturity date                    :   27 August 2012

Coupon                           :   4.00%

Amount applied                   :   HK$997 MN

Amount allotted                  :   HK$600 MN

Average price accepted (yield)   :   99.51 (4.12 PCT)

Lowest price accepted (yield)    :   99.40 (4.14 PCT)

Pro rata ratio                   :   About 92 PCT

Average tender price (yield)     :   99.40 (4.14 PCT)

End/Wednesday, 24 August 2005
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