TNAG-1950-FCO40-2778-Hong-Kong-Exchange-Fund-1989 — Page 22

CONFIDENTIAL

045122

MDLIAN 8890

OF '' AS MENTIONED IN OUR TELNO 804, WE DO NOT WISH TO

THERE ARE OTHER INTRODUCE A BILL TO DEAL WITH THIS IN ISOLATION. MATTERS IN THE ORDINANCE THAT WILL NEED TO BE REVIEWED AND WILL ALMOST CERTAINLY REQUIRE AMENDMENT. THERE WILL BE AN OPPORTUNITY TO DEAL WITH SECTION 3(3). BUT WE DO NOT AS YET HAVE TIMETABLE.

WILSON

HAVE A DEFINITE

YYYY

ΜΑΙΝ

LIMITED

HKD

18

LEGAL ADVISERS

NNNN

DISTRIBUTION

18

MR MCLAREN

MR GILLMORE

2

PAGE CONFIDENTIAL