XN000022-1996-08-12 — Page 16

Amount on offer

Maturity

Maturity date

Interest rate

Interest payment dates

Tender amount

Other details

15 -

: $500 million plus an additional $100 million as reserve stock for the Monetary Authority

: Seven years

: August 20, 2003

: 7.24% per annum payable semi annually in arrears

: Feb 20, 1997, Aug 20, 1997, Feb 20, 1998, Aug 20, 1998, Feb 22, 1999, Aug 20, 1999, Feb 21, 2000, Aug 21, 2000,

Feb 20, 2001, Aug 20, 2001, Feb 20, 2002, Aug 20, 2002,

Feb 20, 2003, Aug 20, 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

: Please see information memorandum published or

approach market makers or recognised dealers

End