TNAG-1773-FCO40-2525-Hong-Kong-Exchange-Fund-Hong-Kong-Futures-Exchange-Limited--1988 — Page 85

TABLE 1

CONFIDENTIAL

5 -

Closing exchange rates against the U.S. dollar

End 1986

High (date)

Low (date)

End 1987

HKD

7.8020

7.7560 (15.12.87) (26.10.87)

7.8210

7.7650

CHF

1.6100

1.2693 (31.12.87)

1.6283 (5.1.87)

1.2693

DEM

1.9210

1.5705 (31.12.87)

1.9305 (5.1.87)

1.5705

GBP

1.4845

1.8865 (31.12.87)

1.4710 (5.1.87)

1.8865

JPY

158.05

121.05 (31.12.87)

159.30 (5.1.87)

121.05

Rates are the mid-points between closing buying and selling rates in

New York except for the Hong Kong dollar, which is a selling rate

quoted in Hong Kong.

CONFIDENTIAL