XN000022-1991-11-22 — Page 4

3

+ DAY.

1001

A.

BUT

DEPOSITORS (PRIMARILY DEPOSITORS AND OTHER ACCOUNT HOLDERS, NOT GENERAL CREDITORS SUCH AS TRADE CREDITORS) ARE TO BE TREATED IN THE FOLLOWING MANNER

(1) DEPOSITORS WITH AGGREGATE NET CREDIT BALANCES ON THEIR ACCOUNT AS AT 17TH JULY 1991 (THE DATE OF MR GLEESON'S APPOINTMENT AS PROVISIONAL LIQUIDATOR) WILL BE TREATED AS FOLLOWS

(2)

J

(A) THOSE DEPOSITORS WITH AN AGGREGATE UNENCUMBERED BALANCE NOT EXCEEDING $100,000 AS AT 17TH JULY 1991 WOULD BE ENTITLED TO PAYMENT IN FULL ON THE DATE 3 MONTHS AFTER THE BANK COMMENCES BUSINESS LESS THE 25% INTERIM RELIEF ALREADY PAID BY THE SPECIAL MANAGERS;

(B) THOSE DEPOSITORS WITH AN AGGREGATE UNENCUMBERED DEPOSIT BALANCE EXCEEDING $100,000 AS AT 17TH JULY 1991 WOULD BE ENTITLED TO PAYMENT OF 85% OF SUCH AMOUNT SUBJECT TO A MINIMUM PAYMENT OF $100,000 (LESS THE 25% INTERIM RELIEF ALREADY PAID) ON THE FOLLOWING BASIS

(I)

—

$100,000 OR 30% OF THE ORIGINAL AGGREGATE UNENCUMBERED BALANCE (WHICHEVER IS THE GREATER) LESS ANY INTERIM RELIEF ALREADY PAID ON THE DATE 3 MONTHS AFTER THE NEW BANK COMMENCES BUSINESS;

(II) 15%

OF THE ORIGINAL AGGREGATE UNENCUMBERED BALANCE ON THE FIRST ANNIVERSARY OF THE DATE ON WHICH THE NEW BANK COMMENCES BUSINESS;

(III) EFFECTIVELY, THEREFORE, THESE TWO PAYMENTS WOULD GIVE THESE DEPOSITORS 45% 12 MONTHS AFTER THE NEW BANK COMMENCES BUSINESS;

(IV)

(V)

4 INSTALMENTS EACH OF 10% OF THE ORIGINAL AGGREGATE UNENCUMBERED BALANCE AT 6-MONTHLY INTERVALS AFTER THE FIRST ANNIVERSARY OF THE DATE ON WHICH THE NEW BANK COMMENCES BUSINESS;

THE LAST FOUR OF THE DEFERRED PAYMENTS WOULD BE TREATED AS NEW DEPOSITS WITH THE NEW BANK WHICH WOULD BE EVIDENCED BY NEGOTIABLE CERTIFICATES OF DEPOSIT TO BE ISSUED BY THE NEW BANK AS SOON AS REASONABLY PRACTICABLE AFTER THE COMMENCES BUSINESS BUT IN ANY EVENT THAN 31ST DECEMBER 1992.

DEPOSITORS WITH A NET DEBIT BALANCE AS AT 17TH WOULD BE TREATED AS FOLLOWS:

NEW BANK NOT LATER

JULY

1991

(A) SUCH DEPOSITOR WOULD BE ENTITLED TO REPAYMENT IN FULL ON DEMAND OF HIS AGGREGATE GROSS CREDIT BALANCE PROVIDED THAT HE DISCHARGES HIS OUTSTANDING DEBIT BALANCE IN FULL (AND IN SO DOING HE MAY TAKE INTO ACCOUNT THE CREDIT BALANCE IN SETTLING THE DEBIT

BALANCE);

/(P) THE