CONFIDENTIAL

163231 MDHIAN 3760

5. WE NEED QUICK DECISIONS. THE LONGER THE IVORY TRADERS GO ON IN THE BELIEF, HOWEVER MISTAKEN, THAT THEIR INTERESTS WILL BE PRESERVED BY EITHER AN INTERNATIONAL BUY-OUT OR A LENGTHY PERIOD OF RESERVATION THE MORE THEY CAN LEGITIMATELY CLAIM SYMPATHY AND SUPPORT FOR COMPENSATION DEMANDS WHEN THE SHUTTER FINALLY COMES DOWN. IF AN INTERNATIONAL BUY-OUT IS A NON-STARTER, AS SEEMS TO BE THE CASE FROM PRELIMINARY REACTIONS SO FAR, THEN THE SOONER THIS IS MADE CLEAR TO THE IVORY TRADERS THE BETTER. SIMILARLY, WE NEED TO BE CLEAR VERY SOON WHETHER A RESERVATION WILL BE ENTERED ON HONG KONG'S BEHALF OR WHETHER THERE IS SOME INSUPERABLE OBSTACLE FOR REASONS WHICH ARE NOT YET APPARENT HERE.

WILSON

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DISTRIBUTION

45

ΜΑΙΝ

45

LIMITED

HKD

MAED

NEWS DEPT

PS

PS/MRS CHALKER

PS/MR WALDEGRAVE

PS/MR MAUDE PS/PUS

MR BAYNE

MR GILLMORE

MR SLATER

MR MCLAREN

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CONFIDENTIAL

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