XN000022-1996-03-11 — Page 5

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Issue and Settlement Date: Tuesday, March 19, 1996

Amount on Offer

Maturity

Maturity Date

Interest Rate

Interest Payment Dates

Tender Amount

Other details

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

stock for the Monetary Authority

: Five years

: March 19, 2001

: 6.75% per annum payable semi-annually in arrears

: Sept 19, 1996, Mar 19, 1997, Sept 19, 1997, Mar 19, 1998, Sept 21, 1998, Mar 19, 1999, Sept 20, 1999, Mar 20, 2000, Sept 19, 2000, Mar 19, 2001

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

: Please see Information Memorandum published or

approach market makers or recognised dealers

End

Water storage figure

Storage in Hong Kong's reservoirs at 9 am today (Monday) stood at 79 per cent of capacity or 462.771 million cubic metres.

This time last year the reservoirs contained 399.409 million cubic metres of water, representing 68.2 per cent of capacity.

End