Exchange Fund Notes Tender Result

Tender date                      :   21 November 2006

Paper on offer                   :   EF Notes

Issue number                     :   7311

Issue date                       :   22 November 2006

Maturity date                    :   22 November 2013

Coupon                           :   3.83%

Amount applied                   :   HK$1,382 MN

Amount allotted                  :   HK$600 MN

Average price accepted (yield)   :   100.21 (3.83 PCT)

Lowest price accepted (yield)    :   100.15 (3.84 PCT)

Pro rata ratio                   :   About 66 PCT

Average tender price (yield)     :   100.13 (3.85 PCT)

End/Tuesday, 21 November 2006
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