TNAG-2475-FCO40-3605-Hong-Kong-exchange-fund-report-and-accounts-for-1991-1992 — Page 66

CONFIDENTIAL

53 -

EXCEPTIONS TO INVESTMENT POLICY

Paragraph 6(b) Embargoes have been placed on further purchases of obligations issued or guaranteed by the following

governments :-

Government

Eire

Australia

Effective date

23 March 1984

6 July 1990

and (d)

Paragraph 6(c) With effect from 6 July 1990, an embargo has been

placed on the further purchase of obligations issued or guaranteed by Australian states.

CONFIDENTIAL