XN000022-1996-01-15 — Page 11

- 10 -

Hong Kong Monetary Authority Exchange Fund Note Programme Tender Information

Tender information for the 10th issue of Three-year Exchange Fund Notes -

Issue Number

Tender Date and Time

: 3901

: Monday, 22 January 1996,

9.30 am to 10.30 am

Issue and Settlement Date: Tuesday, 23 January 1996

Amount on Offer

Maturity

Maturity Date

Interest Rate

Interest Payment Dates

Tender Amount

Other details

: HK$500 million plus an additional HK$100 million

as reserve stock for the Monetary Authority

: Three years

: 25 January 1999

: 5.57% per annum payable semi-annually in arrears

: 23 Jul 1996, 23 Jan 1997,

23 Jul 1997, 23 Jan 1998, 23 Jul 1998, 25 Jan 1999

: Each tender must be for an amount of HK$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

End

•