Hong Kong Regulations

BANKING ORDINANCE (DEPOSIT-TAKING EXEMPTIONS) (CONSOLIDATION) NOTICE - SCHEDULE 1

PERSONS EXEMPT FROM SECTION 12

[paragraph 2(a)]

1. The Bishop of Victoria, Hong Kong, the sole trustee of the fund entitled
the Duppuy Fund, and all persons concerned with the administration of this
fund.

2. Arabian Gulf Investments (Far East) Limited subject to the following
conditions-

(1) that in carrying on any business of taking deposits of money in Hong Kong
or elsewhere, Arabian Gulf Investments (Far East) Limited shall not-

   (a)  issue, or have in its possession for the purposes of issue, any
        advertisement which to its knowledge is or contains an invitation to
        members of the public-

        (i)    to deposit money; or

        (ii)   to enter into, or offer to enter into, any agreement to deposit
               money;

   (b)  issue, or have in its possession for the purposes of issue, any
        document which to its knowledge contains such an advertisement; or

   (c)  in any other manner issue or make an invitation to members of the
        public to do any of the acts referred to in paragraph (a), where such
        issue, possession or making is not in contravention of section 92 of
        the Ordinance, except as the Financial Secretary may approve in
        writing from time to time;

(2) that The Hongkong and Shanghai Banking Corporation Limited or its nominee
is and shall at all times continue to be a beneficial owner of not less than
20% of the issued and paid up share capital of Arabian Gulf Investments (Far
East) Limited; and (L.N. 333 of 1989)

(3) that The Hongkong and Shanghai Banking Corporation Limited shall, by prior
written notice to the Financial Secretary, advise of any proposal or action
which may result in condition (2) not continuing to be fulfilled. (L.N. 333 of
1989) (Enacted 1986)