TNAG-2119-FCO40-3025-Future-of-Hong-Kong-general-1990 — Page 173

BANKERS TRUST SECURITIES RESEARCH

William H. Overholt, "Deng, Not Gorbachev, May Get the Laurels,”

International Herald Tribune. June 27, 1990.

This is a research product prepared and issued by Bankers Trust Securities (Pacific) Limited ("BTSP") based on diverse sources. BTSP endeavors to ensure the accuracy of all information provided, consistent with timely transmission of market influences. BTSP accepts no responsibility or liability whatsoever for special, incidental or consequential damages however caused. BTSP, Bankers Trust Company, its subsidiaries, associated companies, directors and employees may maintain positions in securities mentioned here and may receive brokerage fees or act as principal in dealings with respect to them.

HONG KONG:

Admiralty Centre. Tower 1. 30th Floor. 18 Harcourt Road.

Hong Kong

Tel: (852) 861 8300. Fax: (852) 865 6732

AUSTRALIA.

Tel (612) 251 1622 Fax (612) 221 7028

INDONESIA.

Tel (6221) 578 0029 Fax (6221) 578 0124

LONDON:

1 Appold Street, Broadgate, London EC2A 2HE

Tel: (071) 982 3235-3252, Fax: (071) 982 3379

Telex: 291936 BTSPLNG

SINGAPORE/MALAYSIA:

Tel (65) 224 9233 Fax (65) 226 0025

TAIWAN

Tel (8862) 322 5000 Fax (8862) 322 4976

KOREA:

Tel (822) 778 9010. Fax (822) 756 2648

PHILIPPINES:

Tel (632) 819 0231 Fax (632) 818 7349

THAILAND:

Tel (662) 237 7788. Fax (662) 236 2769

For pacific reuters pages See BTWA onwards