Hong Kong Monetary Authority Exchange Fund Notes Tender Result
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Tender date              :   May 23, 2006

Paper on offer           :   EF Notes

Issue number             :   7305

Issue date               :   May 24, 2006

Maturity date            :   May 24, 2013

Coupon                   :   4.74%

Amount applied           :   HK$2,952 MN

Amount allotted          :   HK$600 MN

Average price accepted   :   100.03 (4.79 PCT)
(yield)

Lowest price accepted    :   100.00 (4.80 PCT)
(yield)

Pro rata ratio           :   About 32 PCT

Average tender price     :   99.65 (4.86 PCT)
(yield)

Ends/Tuesday, May 23, 2006
Issued at HKT 14:58

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