XN000022-1993-10-18 — Page 9

INTEREST PAYMENT DATES

TENDER AMOUNT

:

OTHER DETAILS

:

MONDAY, OCTOBER 18, 1993

APRIL 26, 1994, OCTOBER 26, 1994 APRIL 26, 1995, OCTOBER 26, 1995 APRIL 26, 1996, OCTOBER 28, 1996

AMOUNT EACH TENDER MUST BE FOR AN

OF HKD 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

MEMORANDUM

PLEASE SEE INFORMATION PUBLISHED OR APPROACH MARKET MAKERS OR RECOGNISED DEALERS

ORDERS-ON-HAND OF MANUFACTURERS IN AUGUST

*

MANUFACTURERS EARLIER,

THE VOLUME OF ORDERS-ON-HAND FOR THE 200 LARGEST DECREASED SLIGHTLY BY 1% IN AUGUST THIS YEAR OVER A YEAR ACCORDING TO A MONTHLY SURVEY CONDUCTED BY THE CENSUS AND STATISTICS DEPARTMENT.

OF

THE VOLUME OF ORDERS-ON-HAND IS MEASURED IN TERMS OF THE NUMBER MONTHS THAT MANUFACTURERS WILL REQUIRE TO COMPLETE THE ORDERS OUTSTANDING AS AT THE END OF THE REFERENCE MONTH.

COMPARED WITH THE SAME MONTH LAST YEAR, ORDERS IN THE TEXTILES AND THE WEARING APPAREL INDUSTRIES DECREASED MODERATELY BY 6% AND RESPECTIVELY.

5%

ORDERS POSITION SHOWED LITTLE CHANGE IN THE FABRICATED METAL

PRODUCTS INDUSTRY.

ON THE OTHER HAND, APPRECIABLE INCREASES WERE RECORDED IN THE PLASTIC PRODUCTS AND THE ELECTRICAL AND ELECTRONIC PRODUCTS INDUSTRIES, BY 13% AND 4% RESPECTIVELY.

COMPARED WITH THE PRECEDING MONTH, ORDERS FOR ALL THE MANUFACTURERS SURVEYED REMAINED VIRTUALLY UNCHANGED.

ORDERS POSITION IN THE PLASTIC PRODUCTS INDUSTRY DECREASED SIGNIFICANTLY BY 12% OVER THE PRECEDING MONTH. THE WEARING APPAREL AND THE TEXTILES INDUSTRIES BOTH REGISTERED A DECREASE OF 1%.

ON THE OTHER HAND, ORDERS IN THE ELECTRICAL AND ELECTRONIC PRODUCTS INDUSTRY REPORTED LITTLE CHANGE. A SLIGHT INCREASE WAS RECORDED IN THE FABRICATED METAL PRODUCTS INDUSTRY, BY 3%.

THE MONTHLY SURVEY OF ORDERS-ON-HAND COVERS A PANEL OF THE 200 LARGEST MANUFACTURERS CHOSEN BY REFERENCE TO THEIR EMPLOYMENT SIZES IN SEPTEMBER 1986.

/A SPOKESMAN