Exchange Fund Notes Tender Result

Tender date                      :   9 December 2008

Paper on offer                   :   EF Notes

Issue number                     :   10Y1812

Issue date                       :   10 December 2008

Maturity date                    :   10 December 2018

Coupon                           :   1.61%

Competitive Tender Result

Amount applied                   :   HK$3,350 MN

Amount allotted                  :   HK$800 MN

Average price accepted (yield)   :   99.94 (1.62 PCT)

Lowest price accepted (yield)    :   99.63 (1.66 PCT)

Pro rata ratio                   :   About 85%

Average tender price (yield)     :   99.18 (1.71 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, 9 December, 2008
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