Exchange Fund Notes Tender Result

Tender date                      :   18 December 2009

Paper on offer                   :   EF Notes

Issue number                     :   05Y1412

Issue date                       :   21 December 2009

Maturity date                    :   22 December 2014

Coupon                           :   1.69%

Competitive Tender Result


Amount applied                   :   HK$3,560 MN

Amount allotted                  :   HK$1,000 MN

Average price accepted (yield)   :   99.92 (1.71 PCT)

Lowest price accepted (yield)    :   99.92 (1.71 PCT)

Pro rata ratio                   :   100 PCT

Average tender price (yield)     :   99.68 (1.76 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 December 2009

Paper on offer                   :   EF Notes

Issue number                     :   05Y1212
                                     (Re-opening issue)

Issue date                       :   21 December 2009

Maturity date                    :   17 December 2012

Coupon                           :   2.66%

Competitive Tender Result

Amount applied                   :   HK$6,020 MN

Amount allotted                  :   HK$1,200 MN

Average price accepted (yield)   :   105.05 (0.94 PCT)

Lowest price accepted (yield)    :   105.02 (0.95 PCT)

Pro rata ratio                   :   About 30 PCT

Average tender price (yield)     :   104.95 (0.98 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 December 2009
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