Exchange Fund Notes Tender Result

Tender date                      :   15 December 2006

Paper on offer                   :   EF Notes

Issue number                     :   5912
                                     (Re-opening issue)

Issue date                       :   18 December 2006

Maturity date                    :   21 December 2009

Coupon                           :   2.69%

Amount applied                   :   HK$6,630 MN

Amount allotted                  :   HK$1,200 MN

Average price accepted (yield)   :   97.24 (3.70 PCT)

Lowest price accepted (yield)    :   97.20 (3.72 PCT)

Pro rata ratio                   :   About 45 PCT

Average tender price (yield)     :   97.19 (3.72 PCT)

End/Friday, 15 December 2006
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