XN000022-1996-05-20 — Page 13

-

12 -

Amount on offer

Maturity

Maturity date

Interest rate

Interest Payment Dates

Tender amount

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

stock for the Monetary Authority

: Seven years

: May 28, 2003

: 7.60% per annum payable semi annually in arrears

: 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, May 28, 2002, Nov 28, 2002, May 28, 2003

: 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

Other details

: Please see Information Memorandum published or

approach market makers or recognised dealers

End

Hong Kong Monetary Authority money market operations

Cumulative

Time

$ million (hours)

change ($million)

Opening balance in the account

2,082

0930

-119

Closing balance in the account

1,961

1000

-119

Change attributable to:

1100

-119

Money market activity

-121

1200

-119

LAF today

NIL

1500

-119

1600

-121

LAF rate 4.00% bid/6.00% offer TWI 124.0 *+0.2* 20.5.96