Exchange Fund Notes Tender Result

Tender date                      :   16 September 2005

Paper on offer                   :   EF Notes

Issue number                     :   5009

Issue date                       :   20 September 2005

Maturity date                    :   20 September 2010

Coupon                           :   3.79%

Amount applied                   :   HK$1,897 MN

Amount allotted                  :   HK$1,000 MN

Average price accepted (yield)   :   99.20 (4.01 PCT)

Lowest price accepted (yield)    :   99.12 (4.03 PCT)

Pro rata ratio                   :   About 15 PCT

Average tender price (yield)     :   99.13 (4.02 PCT)

End/Friday, 16 September 2005
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