Exchange Fund Notes Tender Result

Tender date                      :   18 March 2011

Paper on offer                   :   EF Notes

Issue number                     :   05Y1603

Issue date                       :   21 March 2011

Maturity date                    :   21 March 2016

Coupon                           :   1.91%

Competitive Tender Result

Amount applied                   :   HK$4,145 MN

Amount allotted                  :   HK$1,000 MN

Average price accepted (yield)   :   100.76 (1.76 PCT)

Lowest price accepted (yield)    :   100.72 (1.77 PCT)

Pro rata ratio                   :   About 52 PCT

Average tender price (yield)     :   100.55 (1.80 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

* * * * * * * * * *

Tender date                      :   18 March 2011

Paper on offer                   :   EF Notes

Issue number                     :   05Y1403

                                    (Re-opening issue)

Issue date                       :   21 March 2011

Maturity date                    :   24 March 2014

Coupon                           :   1.67%

Competitive Tender Result

Amount applied                   :   HK$7,900 MN

Amount allotted                  :   HK$1,200 MN

Average price accepted (yield)   :   101.95 (1.01 PCT)

Lowest price accepted (yield)    :   101.91 (1.03 PCT)

Pro rata ratio                   :   About 40 PCT

Average tender price (yield)     :   101.84 (1.05 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/Friday, 18 March 2011
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