Ann: Dispatch of Rights Issue Offer documents, page-104

Thanks for that balanced reply.

I think the problems with world markets will continue for a while as US companies get hammered - and that applies to overseas companies as well. There will be more falls now but not to the large extent over the last two days. Markets are spooked and there is a huge amount of uncertainty around. So far only China has retaliated, and Canada has put a 25% tariff on motor vehicles from the US. Markets will continue to respond with every nation that puts on retaliatory tariffs and the EU has already indicated that it will do so.

I do believe that the "short term pain for long term gain" is way oversimplistic - there will be long term pain. World is moving away from relying on negotiated agreements to taking up more options in limiting trade with the US.

Most of European exports to the US are in the "luxury" sector and I guess rich Americans will still be able to buy them at higher prices.

At the moment, US companies will not invest in new factories if the cost of production is three times more than producing in say Vietnam. Plus, they don't know how long the tariffs will remain in place.

Plus, the tariff table was full of misinformation - Vietnam actually has an "average" of just 1% tariff not 90% so even giving that up only gives a mall savings of 1%.