Exchange Fund Notes Tender Result

Tender date                      :   17 March 2006

Paper on offer                   :   EF Notes

Issue number                     :   5903 (Re-opening issue)

Issue date                       :   20 March 2006

Maturity date                    :   24 March 2009

Coupon                           :   2.52%

Amount applied                   :   HK$3,692 MN

Amount allotted                  :   HK$1,200 MN

Average price accepted (yield)   :   95.47 (4.18 PCT)

Lowest price accepted (yield)    :   95.46 (4.18 PCT)

Pro rata ratio                   :   About 56 PCT

Average tender price (yield)     :   95.39 (4.21 PCT)



End/Friday, 17 March 2006
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