Exchange Fund Notes Tender Result

Tender date                      :   14 May 2008

Paper on offer                   :   EF Notes

Issue number                     :   02Y1005

Issue date                       :   15 May 2008

Maturity date                    :   17 May 2010

Coupon                           :   1.77%

Competitive Tender Result

Amount applied                   :   HK$2,760 MN

Amount allotted                  :   HK$1,200 MN

Average price accepted (yield)   :   99.64 (1.96 PCT)

Lowest price accepted (yield)    :   99.60 (1.98 PCT)

Pro rata ratio                   :   About 40%

Average tender price (yield)     :   99.55 (2.01 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/Wednesday, 14 May 2008
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