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At the November meeting a decision was deferred pending further consideration of three questions: 1) Why should we buy the land when we can lease it for a nominal amount for the next eighteen years? 2) Are we convinced that the price is the most favorable that can be obtained? 3) Should we approach the Egyptian government concerning an out­right donation of the land? These questions have been investigated further. With regard to the first question, we have concluded that in light of the rapid privatization of government land in Egypt it is highly unlikely that the lease will be renewed at the end of the eighteen year period. The South Tahrir Agricultural Company is in the process of liquidation, and if we do not purchase the land there is every expectation either that it will be sold at a discounted price to another investor who will be able to sell it at a high price at the end of the lease period, or that the government may reluctantly continue to hold the lease under some special arrangement and will attempt to sell the land at the end of the lease period to the highest bidder. Given the rapid escalation of land values in the area, that price could be very high indeed. With regard to the second two questions, we have determined tha