21-MAY-1992 11:36

C.S.B. (2) 8685069

¦

2

T

-852 34 6164

P.03

You will

note that we make

OX

mention

in

the attached document of incentives Ro stay beyond 1997, which we regard as a separate issue. If they are needed at all, and the case for them is still not apparent, then they can be offered separately in a way that clearly does not detract from the compensation due to all those who will lose their careers as members of HMOCS.

Yours sincerely, Michel Cottend

( MD Cartland ) Chairman

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