Exchange Fund Notes Tender Result

Tender date                      :   23 February 2012

Paper on offer                   :   EF Notes

Issue number                     :   15Y2702

Issue date                       :   24 February 2012

Maturity date                    :   24 February 2027

Coupon                           :   1.51%

Competitive Tender Result

Amount applied                   :   HK$2,655 MN

Amount allotted                  :   HK$600 MN

Average price accepted (yield)   :   100.72 (1.46 PCT)

Lowest price accepted (yield)    :   100.62 (1.47 PCT)

Pro rata ratio                   :   About 48%

Average tender price (yield)     :   100.12 (1.51 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, 23 February, 2012
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