Exchange Fund Notes Tender Result

Tender date                      :   14 November 2006

Paper on offer                   :   EF Notes

Issue number                     :   2811

Issue date                       :   15 November 2006

Maturity date                    :   17 November 2008

Coupon rate                      :   3.80%

Competitive Tender Result

Amount applied                   :   HK$3,222 MN

Amount allotted                  :   HK$1,000 MN

Average price accepted (yield)   :   100.23 (3.71%)

Lowest price accepted (yield)    :   100.20 (3.73%)

Pro rata ratio                   :   About 6%

Average tender price (yield)     :   100.19 (3.73%)

Non-competitive Tender Results

Amount applied                   :   HK$207 MN

Amount allotted                  :   HK$200 MN

Allotment Price (yield)          :   100.20 (3.73%)

Pro rata ratio                   :   About 95%

End/Tuesday, 14 November, 2006
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