TNAG-2245-FCO40-3228-Bank-of-Credit-and-Commerce-Hong-Kong-Limited-(BCCHK)-1991 — Page 100

CONFIDENTIAL

2

to any unrecorded liabilities of BCCHX satisfactory to the

Provisional Liquidator.

4.

The passing of legislation in Hong Kong to effect transfers of

assets and liabilities to the new banking company.

5.

HCB obtaining agreement from large depositors to deferral and/or conversion on appropriate terms of deposits in an aggregate amount and for a period satisfactory to HCB, the Provisional

Liquidator and the Commissioner of Banking.

6.

No circumstances occurring which, in the opinion of the

Provisional Liquidator, would render it better in the bast interests of creditors of BCCHK to proceed with its liquidation and generally the Provisional Liquidator obtaining all necessary approvals from the court in relation to the consideration-of-the proposed transaction.

It is intended that the new banking company will have a paid-up capital sufficient to meet the capital adequacy requirements of the Commissioner of Banking, which will be contributed, as necessary, in cash by its shareholders, HCB will fund its portion of this capital by an issue of new shares to its existing shareholders.

the finest & W KER

By order of the Board

JP Lea

Director

3rd September 1991

180.

7-

£0 d

0890 628 298+

LE SWEDI CHISTEY

GENUT

1061-DUS-70