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9.

Issue and Settlement Date: Tuesday December 19, 1995

Amount on Offer

: $500 million plus an additional $100 million as reserve

stock for the Monetary Authority

: Five years

Maturity

Maturity Date

: December 19, 2000

Interest Rate

Interest Payment Dates

Tender Amount

Other details

End

: 6.38% per annum payable semi-annually in arrears

: Jun 19, 1996, Dec 19, 1996 Jun 19, 1997, Dec 19, 1997 Jun 19, 1998, Dec 21, 1998 Jun 21, 1999, Dec 20, 1999 Jun 19, 2000, Dec 19, 2000

: Each tender must be for an amount of $50,000 or integral multiples thereof. Members of the public who wish to tender for the notes may approach market makers or recognised dealers on the published list

: Please see Information Memorandum published or

approach market makers or recognised dealers

Promotions in the administrative service

*

The Government announced today (Monday) the following promotions in the Administrative Service with effect from January 1, 1996:

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