TNAG-2475-FCO40-3605-Hong-Kong-exchange-fund-report-and-accounts-for-1991-1992 — Page 15

TABLE 1

CONFIDENTIAL

5

Closing exchange rates against the US dollar

End 1990

High (date)

Low

(date)

End 1991

CAD

1.1598

1.1202

(1.11.91)

1.1633

1.1556

(24.1.91)

CHF

1.2710

1.2317

(6.2.91)

1.5908

(11.7.91)

1.3590

DEM

1.4913

1.4475

(11.2.91)

1.8349

(11.7.91)

1.5175

FRF

5.0715

4.9335

(6.2.91)

6.2175

(11.7.91)

5.1845

GBP

1.9335

2.0040

(6.2.92)

1.6030

(2.7.91)

1.8675

HKD

7.8060

7.7190

(22.6.91)

7.8070

(15.1.91)

7.7860

JPY

135.40

124.85

(31.12.91)

141.55

(10.6.91)

124.85

NLG

1.6835

1.6315

(11.2.91)

2.0658

(2.7.91)

1.7120

XEU

1.3717

1.4239

(11.2.91)

1.1176

1.3380

(4.7.91)

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

in New York except for the Hong Kong dollar (HKD) and the European

Currency Unit (XEU). For HKD, the rate is a selling rate quoted in

Hong Kong. For XEU, the rate is based on the mid-point between opening buying and selling rates quoted by HKAB.

CONFIDENTIAL

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