Exchange Fund Notes Tender Result

Tender date                      :   13 June 2008

Paper on offer                   :   EF Notes

Issue number                     :   05Y1306

Issue date                       :   16 June 2008

Maturity date                    :   17 June 2013

Coupon                           :   2.88%

Competitive Tender Result

Amount applied                   :   HK$2,025 MN

Amount allotted                  :   HK$1,000 MN

Average price accepted (yield)   :   96.35 (3.72 PCT)

Lowest price accepted (yield)    :   96.25 (3.74 PCT)

Pro rata ratio                   :   About 73 PCT

Average tender price (yield)     :   96.22 (3.75 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                      :   13 June 2008

Paper on offer                   :   EF Notes

Issue number                     :   5106
                                     (Re-opening issue)

Issue date                       :   16 June 2008

Maturity date                    :   13 June 2011

Coupon                           :   4.57%

Competitive Tender Result

Amount applied                   :   HK$2,000 MN

Amount allotted                  :   HK$1,199.95 MN

Average price accepted (yield)   :   103.26 (3.44 PCT)

Lowest price accepted (yield)    :   103.26 (3.44 PCT)

Pro rata ratio                   :   100 PCT

Average tender price (yield)     :   103.15 (3.48 PCT)

Non-competitive Tender Results(for applications submitted through Hong Kong Securities Clearing Company Limited)

Amount applied                   :   HK$50,000

Amount allotted                  :   HK$50,000

Allotment Price (yield)          :   103.26 (3.44%)

End/Friday, 13 June 2008
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