Exchange Fund Notes Tender Result

Tender date                      :   27 February 2007

Paper on offer                   :   EF Notes

Issue number                     :   07Y1402

Issue date                       :   28 February 2007

Maturity date                    :   28 February 2014

Coupon                           :   4.28%

Amount applied                   :   HK$1,382 MN

Amount allotted                  :   HK$600 MN

Average price accepted (yield)   :   100.99 (4.16 PCT)

Lowest price accepted (yield)    :   100.95 (4.17 PCT)

Pro rata ratio                   :   About 83 PCT

Average tender price (yield)     :   100.88 (4.18 PCT)

End/Tuesday, 27 February 2007
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