TNAG-2427-FCO40-3529-Hong-Kong-Her-Majesty-s-Overseas-Civil-Service-(HMOCS)-poli-1992 — Page 93

HONG KONG HMOCS OPTIONS: Sterling safeguards

Table A:

Present value, as at 1 October 1991 of the estimated costs of option A, in UK£ million

:when the exchange rate from 1 July 1997 is assumed to be

Trigger level HK$

HK$ worthless

HK$28

13.76

377

192

16

324

139

22

236

51

30

173

0

Table B:

Present value, as at 1 October 1991 of the estimated costs of option B, in UK£ million

:when the exchange rate from 1 July 1997 is assumed to be

HK$ worthless

HK$28

Trigger

level

(see note)

0

25

33

50

Note:

384

308

289

256

% above rate at retirement or % above HK$14.40

199

122

104

71