CONFIDENTIAL

151133

MDHIAN 1273

6. GRATEFUL FOR YOUR PRELIMINARY VIEWS, AND THOSE OF BTC, ON APPROPRIATENESS OF A FURTHER APPROACH AND ON THE BEST WAY OF MAKING THE APPROACH IF ONE IS THOUGHT SUITABLE. I SHOULD EMPHASISE THAT WE ARE NOT (NOT) ASKING YOU TO TAKE ANY ACTION AT THIS STAGE: WE ARE ENGAGED IN WIDER CONSULTATIONS AT THIS END. BUT IT WOULD BE VERY HELPFUL TO HAVE YOUR PRELIMINARY REACTIONS.

7

I AM CONSCIOUS OF COURSE THAT MANZIE (AJC) AND DEWE MATTHEWS (SCHRODERS) ARE CURRENTLY IN HONG KONG AND WILL

SHORTLY BE IN TOKYO. YOU ARE OF COURSE FREE TO TOUCH ON THESE ISSUES WITH THEM, THOUGH OUR FINAL POSITION WILL NO DOUBT HAVE TO TAKE INTO ACCOUNT WIDER CONSIDERATIONS AS WELL.

GRATEFUL FOR EARLY RESPONSE.

8.

YYYY

ΜΑΙΝ

20

LIMITED

HKD

ADDITIONAL

5

DISTRIBUTION

25

FED

MR BURNS

MR STEPHENS, ECGD

MR PENTECOST, ECGD MR MEADWAY, OT2, DTI

MR GALLAHER, PEP, DTI MR ROGERS, PEP, DTI

NNNN

PAGE 3 CONFIDENTIAL

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