XN000022-1995-11-20 — Page 24

- 23

The notes will mature on November 28, 2002, and will carry interest at the rate of 6.82% per annum payable semi- annually in arrears. Terms and conditions of the issue are described fully in the information memorandum.

Members of the public who wish to tender for the first quarterly 7-year notes may do so through any of the market makers or recognised dealers on the published list which can be obtained from HKMA at 30th floor, 3 Garden Road, Hong Kong, Tel 2878 8150.

notes:

Each tender must be for an amount of $50,000 or integra multiples thereof.

Following is the tender information for the first issue of 7-Year exchange fund

Issue number

Tender date and time

Issue and settlement date

Amount on offer

Maturity

Maturity date

Interest rate

Interest payment dates

: 7211

: Monday, November 27, 1995

9.30 am to 10.30 am

: Tuesday, November 28, 1995

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

stock for the Monetary Authority

: Seven years

November 28, 2002

: 6.82% per annum payable semi annually in arrears

: May 28, 1996, Nov 28, 1996

May 28, 1997, Nov 28, 1997

May 28, 1998, Nov 30, 1998

May 28, 1999, Nov 29, 1999

May 29, 2000, Nov 28, 2000

May 28, 2001, Nov 28, 2001

Tender amount

May 28, 2002, Nov 28, 2002

: 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