Confidentiality procedures

Ken

Further to my earlier voice-mail, I attach a copy of a Restricted List
procedure we put together with the assistance of Slaughter and May. The
procedure has not yet been rolled out (since the then OTC product had not
developed to a stage requiring implementation), but was intended to be sent
to all business heads in Europe (ie desk heads, and staff at VP level and
above, not just in trading).

I hope you are able to assist us in putting together the procedures
(including a form of consent letter) based on our discussion on Thursday and
would be grateful if you could confirm.

Many thanks and best regards

Paul