Exchange Fund Notes Tender Result

Tender date                      :   9 June 2006

Paper on offer                   :   EF Notes

Issue number                     :   5106

Issue date                       :   12 June 2006

Maturity date                    :   13 June 2011

Coupon                           :   4.57%

Amount applied                   :   HK$7,012 MN

Amount allotted                  :   HK$1,000 MN

Average price accepted (yield)   :   99.80 (4.67 PCT)

Lowest price accepted (yield)    :   99.75 (4.68 PCT)

Pro rata ratio                   :   About 10 PCT

Average tender price (yield)     :   99.75 (4.68 PCT)

End/Friday, 9 June 2006
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