XN000022-1993-07-06 — Page 8

TENDER DATE

PAPER ON OFFER

ISSUE NUMBER

7

HONG KONG GOVERNMENT EXCHANGE FUND

TENDER RESULTS

AMOUNT APPLIED

AMOUNT ALLOTTED

AVERAGE YIELD ACCEPTED

HIGHEST YIELD ACCEPTED

PRO RATA RATIO

AVERAGE TENDER YIELD

TUESDAY, JULY 6, 1993

6 JUL 93

6 JUL 93

EF BILLS

Q327

HKD3,707 MN

HKD1,000 MN

EF BILLS

H368

HKD1,390 MN

HKD400 MN

3.38 PCT

3.57 PCT

3.38 PCT

3.58 PCT

ABOUT 94 PCT

3.43 PCT

ABOUT 73 PCT

3.59 PCT

HONG KONG GOVERNMENT EXCHANGE FUND

TENDERS TO BE HELD IN THE WEEK BEGINNING 12 JUL 1993

TENDER DATE

13 JUL 93

PAPER ON OFFER

ISSUE NUMBER

ISSUE DATE

EF BILLS

Q328

14 JUL 93

MATURITY DATE

13 OCT 93

TENOR

91 DAYS

AMOUNT ON OFFER

HKD1,000 + 200 MN

-

13 JUL 93

EF BILLS

Y391

14 JUL 93

13 JUL 94

364 DAYS

HKD300 + 90 MN

18