Please find the following report posted on S:\MG\AdministrationMeeting 
Reports\Tax - 14th June 2000.doc

'Notes of meeting with David Tregar (MG plc), Rod Sayers, Janine Juggins - 14 
June 2000
Meeting objective : to better understand why MGL holds warrants as part of 
its financial trading strategy. This is important because for US tax 
efficiency we would want to move the warrants out of MGL if possible.'