XN000022-1991-08-13 — Page 8

TUESDAY, AUGUST 13, 1991

7.08 PER CENT

6.60 PER CENT

7.56 PER CENT

6.60 PER CENT

7

PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER OCTOBER 24, 1990 AND BEFORE JANUARY 30, 1991;

PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER JANUARY 30, 1991 AND BEFORE MAY 29, 1991;

PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER MAY 29, 1991 AND BEFORE JULY 3, 1991; AND

PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER JULY 3, 1991 AND BEFORE AUGUST 14, 1991.

36

BUT THEY ARE ALWAYS SUBJECT TO THE GENERAL RULE WITHOUT AFTER

MONTHS COMPLETE CEASES TO ACCRUE PAYMENT OF TAX.

THAT INTEREST SURRENDER FOR

EXAMPLE: $1,000 CERTIFICATES

PURCHASED ON

1991,

AUGUST 14,

RESPECTIVELY, SEPTEMBER 14, 1991 AND OCTOBER 14, 1991 SURRENDERED IN PAYMENT OF TAX DUE ON NOVEMBER 13, 1991 WILL HAVE INTEREST CALCULATED AS FOLLOWS:

ON $1,000, AUGUST 14, 1991 TO NOVEMBER 13, 1991

+

3 COMPLETE MONTHS AT $5.00 PER MONTH

=$15.00

ON $1,000, SEPTEMBER 14, 1991 TO NOVEMBER 13, 1991 2 COMPLETE MONTHS AT $5.00 PER MONTH

=$10.00

ON $1,000, OCTOBER 14, 1991 TO NOVEMBER 13, 1991 1 COMPLETE MONTH AT $5.00 PER MONTH

=$ 5.00

$30.00

HONG KONG GOVERNMENT EXCHANGE FUND

HKEG

TUESDAY 13 AUGUST 1991

Y193

HKD 516 MN

EXCHANGE FUND BILLS TENDER RESULTS

ISSUE NUMBER

Q133

AMOUNT APPLIED

HKD 1,561 MN

AMOUNT ALLOTTED

HKD 500 MN

5.56 PCT

AVERAGE ACCEPTED YIELD

HIGHEST ACCEPTED YIELD

PRO RATA RATIO

5.59 PCT

ABOUT 57 PCT

HKD 200 MN

6.42 PCT

6.45 PCT

ABOUT 63 PCT

/ONG KONG