Exchange Fund Notes Tender Result

Tender date                      :   16 May 2007

Paper on offer                   :   EF Notes

Issue number                     :   02Y0905

Issue date                       :   17 May 2007

Maturity date                    :   18 May 2009

Coupon rate                      :   3.90%

Competitive Tender Result

Amount applied                   :   HK$4,053 MN

Amount allotted                  :   HK$1,013 MN

Average price accepted (yield)   :   100.08 (3.89%)

Lowest price accepted (yield)    :   100.07 (3.90%)

Pro rata ratio                   :   About 91%

Average tender price (yield)     :   100.00 (3.94%)

Non-competitive Tender Results

Amount applied                   :   HK$186 MN

Amount allotted                  :   HK$186 MN

Allotment Price (yield)          :   100.07 (3.90%)

Pro rata ratio                   :   100%

End/Wednesday, 16 May, 2007
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