Exchange Fund Notes Tender Result

Tender date                      :   23 November 2005

Paper on offer                   :   EF Notes

Issue number                     :   7211

Issue date                       :   24 November 2005

Maturity date                    :   26 November 2012

Coupon                           :   4.49%

Amount applied                   :   HK$2,507 MN

Amount allotted                  :   HK$600 MN

Average price accepted (yield)   :   101.13 (4.35 PCT)

Lowest price accepted (yield)    :   101.08 (4.36 PCT)

Pro rata ratio                   :   About 43 PCT

Average tender price (yield)     :   100.94 (4.38 PCT)

End/Wednesday, 23 November 2005
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