Exchange Fund Notes Tender Result

Tender date                      :   19 February 2008

Paper on offer                   :   EF Notes

Issue number                     :   15Y2302

Issue date                       :   20 February 2008

Maturity date                    :   20 February 2023

Coupon                           :   2.71%

Competitive Tender
Result

Amount applied                   :   HK$950 MN

Amount allotted                  :   HK$600 MN

Average price accepted (yield)   :   94.32 (3.22 PCT)

Lowest price accepted (yield)    :   93.70 (3.27 PCT)

Pro rata ratio                   :   About 50%

Average tender price (yield)     :   93.87 (3.26 PCT)

Non-competitive Tender
Results(for applications submitted through Hong Kong Securities
Clearing Company Limited)

Amount applied                   :   0

Amount allotted                  :   0

Allotment Price (yield)          :   Nil

End/Tuesday, 19 February 2008
NNNN