Exchange Fund Notes Tender Result

Tender date                      :   15 September 2006

Paper on offer                   :   EF Notes

Issue number                     :   5909
                                     (Re-opening issue)

Issue date                       :   18 September 2006

Maturity date                    :   28 September 2009

Coupon                           :   3.18%

Amount applied                   :   HK$5,752 MN

Amount allotted                  :   HK$1,200 MN

Average price accepted (yield)   :   98.03 (3.92 PCT)

Lowest price accepted (yield)    :   98.00 (3.92 PCT)

Pro rata ratio                   :   About 12 PCT

Average tender price (yield)     :   97.97 (3.94 PCT)

End/Friday, 15 September 2006
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