TNAG-2245-FCO40-3228-Bank-of-Credit-and-Commerce-Hong-Kong-Limited-(BCCHK)-1991 — Page 99

CONFIDENTIAL

Draft SJF0010.917 (2.9.91)

THE HONGKONG CHINESE BANK LIMITED

ANNOUNCEMENT

3/2

by HCB / LIPPO

The board of the Hongkong Chinese Bank Limited ("HCB") announces that conditional Heads of Agreement have been signed by HCB and the Provisional Liquidator of Bank of Credit and Commerce Hong Kong Limited and of its deposit-taking subsidiary (together "BCCHK"), for the acquisition by a new banking company, to be owned as to not lega than 51 by HCB, of the assets and recorded liabilition of BCCHK (the "Proposed Transaction"). Excluded from the Proposed Transaction will

be, inter alia, any unrecorded liabilities of BCCHK (which will remain with BCCHK), the share capital of BCCHX and the subordinated loan of HK$124 million due to the ultimate beneficial shareholders of BCCHK. Completion of the Proponed Transaction is subject, inter alia, to the following conditions:

1.

The completion of a banking, accounting and legal due diligence review satisfactory to HCB.

2.

KCB obtaining all necessary consents and approvals from relevant regulatory and other authorities, including the Commissioner of Banking.

3.

The provision to the Provisional Liquidator from the Government of Abu Dhabi and/or a commercial bank of a guarantee in relation

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LED S.THENED JUISTOEN

GENT

TEXTES JO