Exchange Fund Notes Tender Result

Tender date                      :   21 August 2006

Paper on offer                   :   EF Notes

Issue number                     :   7308

Issue date                       :   22 August 2006

Maturity date                    :   22 August 2013

Coupon                           :   4.40%

Amount applied                   :   HK$3,102 MN

Amount allotted                  :   HK$600 MN

Average price accepted (yield)   :   101.07 (4.27 PCT)

Lowest price accepted (yield)    :   101.02 (4.28 PCT)

Pro rata ratio                   :   About 61 PCT

Average tender price (yield)     :   100.93 (4.29 PCT)

End/Monday, 21 August 2006
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