Exchange Fund Notes Tender Result

Tender date                      :   24 February 2011

Paper on offer                   :   EF Notes

Issue number                     :   15Y2602

Issue date                       :   25 February 2011

Maturity date                    :   25 February 2026

Coupon                           :   3.32%

Competitive Tender Result

Amount applied                   :   HK$1,790 MN

Amount allotted                  :   HK$600 MN

Average price accepted (yield)   :   103.97 (3.01 PCT)

Lowest price accepted (yield)    :   103.91 (3.02 PCT)

Pro rata ratio                   :   About 56%

Average tender price (yield)     :   103.56 (3.05 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/Thursday, 24 February, 2011
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