Exchange Fund Notes Tender Result

Tender date                    :   9 June 2006

Paper on offer                 :   EF Notes

Issue number                   :   5906 (Re-opening issue)

Issue date                     :   12 June 2006

Maturity date                  :   23 June 2009

Coupon                         :   3.70%

Amount applied                 :   HK$3,367 MN

Amount allotted                :   HK$1,200 MN

Average price accepted (yield) :   97.76 (4.55 PCT)

Lowest price accepted (yield)  :   97.75 (4.55 PCT)

Pro rata ratio                 :   About 55 PCT

Average tender price (yield)   :   97.73 (4.56 PCT)

End/Friday, 9 June, 2006
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