Exchange Fund Notes Tender Result

Tender date                      :   16 March 2007

Paper on offer                   :   EF Notes

Issue number                     :   5003
                                     (Re-opening issue)

Issue date                       :   19 March 2007

Maturity date                    :   22 March 2010

Coupon                           :   3.52%

Amount applied                   :   HK$3,202 MN

Amount allotted                  :   HK$1,200 MN

Average price accepted (yield)   :   98.78 (3.99 PCT)

Lowest price accepted (yield)    :   98.75 (4.00 PCT)

Pro rata ratio                   :   About 84 PCT

Average tender price (yield)     :   98.72 (4.01 PCT)

End/Friday, 16 March 2007
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