Exchange Fund Notes Tender Result

Tender date                      :   15 December 2006

Paper on offer                   :   EF Notes

Issue number                     :   5112

Issue date                       :   18 December 2006

Maturity date                    :   19 December 2011

Coupon                           :   3.63%

Amount applied                   :   HK$6,050 MN

Amount allotted                  :   HK$1,000 MN

Average price accepted (yield)   :   99.32 (3.82 PCT)

Lowest price accepted (yield)    :   99.30 (3.82 PCT)

Pro rata ratio                   :   About 80 PCT

Average tender price (yield)     :   99.19 (3.85 PCT)

End/Friday, 15 December 2006
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