Exchange Fund Notes Tender Result

Tender date                      :   16 March 2012

Paper on offer                   :   EF Notes

Issue number                     :   05Y1703

Issue date                       :   19 March 2012

Maturity date                    :   20 March 2017

Coupon                           :   0.55%

Competitive Tender Result

Amount applied                   :   HK$5,070 MN

Amount allotted                  :   HK$1,000 MN

Average price accepted (yield)   :   99.22 (0.71 PCT)

Lowest price accepted (yield)    :   99.19 (0.72 PCT)

Pro rata ratio                   :   About 36 PCT

Average tender price (yield)     :   99.02 (0.75 PCT)

Non-competitive Tender Results(for applications submitted through Hong Kong Securities Clearing Company Limited)

Amount applied                   :   0

Amount allotted                  :   0

Allotment Price (yield)          :   Nil

* * * * * * * * * *

Tender date                      :   16 March 2012

Paper on offer                   :   EF Notes

Issue number                     :   05Y1503
                                     (Re-opening issue)

Issue date                       :   19 March 2012

Maturity date                    :   23 March 2015

Coupon                           :   1.75%

Competitive Tender Result

Amount applied                   :   HK$6,030 MN

Amount allotted                  :   HK$1,200 MN

Average price accepted (yield)   :   103.97 (0.42 PCT)

Lowest price accepted (yield)    :   103.95 (0.43 PCT)

Pro rata ratio                   :   About 54 PCT

Average tender price (yield)     :   103.89 (0.45 PCT)

Non-competitive Tender Results(for applications submitted through Hong Kong Securities Clearing Company Limited) 

Amount applied                   :   0

Amount allotted                  :   0

Allotment Price (yield)          :   NIL

End/Friday, 16 March 2012
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