CONFIDENTIAL

104201,

MDLIAN 9732

PARTNERS AS LESS THAN FIRM. THERE IS NOT MUCH SCOPE FOR CHINESE

COMPANIES SWITCHING GROUPS LATER TO QUOTE BACK THE WINNER UNQUOTE SINCE THE RULES OPERATED BY THE HONG KONG GOVERNMENT NORMALLY REQUIRE THAT GROUPS WHICH HAVE PRE-QUALIFIED CANNOT CHANGE THEIR COMPOSITION RADICALLY THEREAFTER.

4.

I UNDERSTAND THAT MALWYN JONES AND PROBABLY SIR ROBERT DAVIDSON (CHAIRMAN) AND PRENTICE (DIRECTOR) ARE LIKELY TO BE IN

HONG KONG IN ABOUT THREE WEEKS. PRENTICE HAS ALSO BEEN HERE THIS

WEEK. THEY ARE MAKING A COMMENDABLE EFFORT AND ARE FOLLOWING

THROUGH AT THE RIGHT LEVEL.

HEAP

YYYY

ΜΑΙΝ

20

LIMITED

HKD

FED

NNNN

DISTRIBUTION

20

SIR J COLES

PAGE 2 CONFIDENTIAL

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