DEBT SECURITIES FIN INFO AT CLOSE ON 07/12/2007

OTC EFN BENCHMARK QUOTES (LATEST INDICATIVE PRICES)
(FOR REFERENCE ONLY - SOURCE: REUTERS)

STOCK HKMA ISSUE  COUPON MATURITY      CURRENT    YIELD-TO-MATURITY TIME  DATE
 CODE NO./ISSUE    RATE    DATE     BID      ASK     BID     ASK

  4171 **11/        3.000 16NOV09  102.250  102.550   1.824   1.667 16:20 07DEC07
      2Y EF NOTES

  4142 5009/        3.790 20SEP10  104.270  104.570   2.213   2.103 16:20 07DEC07
      3Y EF NOTES

  4170 **10/        4.200 17SEP12  107.100  107.400   2.629   2.564 16:29 07DEC07
      5Y EF NOTES

  4131 1412/        3.510 08DEC14  104.000  104.400   2.897   2.835 16:19 07DEC07
      7Y EF NOTES

  4172 **12/        3.520 05DEC17  103.380  103.680   3.150   3.115 16:10 07DEC07
      10Y EF NOTES