Exchange Fund Notes Tender Result

Tender date                      :   15 September 2006

Paper on offer                   :   EF Notes

Issue number                     :   5109

Issue date                       :   18 September 2006

Maturity date                    :   19 September 2011

Coupon                           :   3.97%

Amount applied                   :   HK$2,687 MN

Amount allotted                  :   HK$1,000 MN

Average price accepted (yield)   :   99.92 (4.03 PCT)

Lowest price accepted (yield)    :   99.85 (4.04 PCT)

Pro rata ratio                   :   About 97 PCT

Average tender price (yield)     :   99.82 (4.05 PCT)

End/Friday, 15 September 2006
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