Exchange Fund Notes Tender Result

Tender date                      :   5 December 2006

Paper on offer                   :   EF Notes

Issue number                     :   1612

Issue date                       :   6 December 2006

Maturity date                    :   6 December 2016

Coupon                           :   3.78%

Amount applied                   :   HK$2,722 MN

Amount allotted                  :   HK$800 MN

Average price accepted (yield)   :   100.76 (3.72 PCT)

Lowest price accepted (yield)    :   100.72 (3.73 PCT)

Pro rata ratio                   :   About 66 PCT

Average tender price (yield)     :   100.66 (3.74 PCT)

End/Tuesday, 5 December 2006
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