Hong Kong Monetary Authority Exchange Fund Notes Tender Result
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Tender date                      :   March 17, 2006

Paper on offer                   :   EF Notes

Issue number                     :   5103

Issue date                       :   March 20, 2006

Maturity date                    :   March 21, 2011

Coupon                           :   4.23%

Amount applied                   :   HK$1,823 MN

Amount allotted                  :   HK$1,000 MN

Average price accepted (yield)   :   99.88 (4.30 PCT)

Lowest price accepted (yield)    :   99.80 (4.32 PCT)

Pro rata ratio                   :   About 62 PCT

Average tender price (yield)     :   99.80 (4.32 PCT)

Ends/Friday, March 17, 2006
Issued at HKT 15:15

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