Section 311 of the USA PATRIOT Act

Our Ref: B10/1C

16 September 2005

The Chief Executive
All Authorized Institutions

Dear Sir / Madam,

Section 311 of the USA PATRIOT Act

I am writing to inform you that the US Department of the Treasury, pursuant to Section 311 of the USA PATRIOT Act, has designated a bank located and licensed in Macau - Banco Delta Asia SARL - as a financial institution of "primary money laundering concern", in addition to another eight banks previously designated for the purpose. The relevant press release (dated 15 September 2005) can be found on the Treasury's website (http://www.ustreas.gov/press/law-enforcement.html). You are advised to consider taking appropriate actions (e.g. making reports to the Joint Financial Intelligence Unit) if you have any relationship with these designated banks. You are also reminded to browse the above website regularly for the latest information.

You may also wish to note that in conjunction with the above designation, the US Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued a proposed rule that, if adopted as final, will prohibit US financial institutions from directly or indirectly establishing, maintaining, administering or managing any correspondent account in the United Sates for or on behalf of Banco Delta Asia SARL.

The proposed rule issued by the FinCEN defines Banco Delta Asia SARL to include all its branches, offices, and subsidiaries operating in Macau or in any jurisdiction. These branches, offices and subsidiaries include, but not necessarily limited to, its branches in Macau, the Airport Service Centre (Macau), Financial Services Centre (Macau), Macao Administrative Centre (Macau), The Bank Centre (Macau), Delta Asia Credit Limited (Hong Kong), Delta Asia Insurance Limited (Macau), and the Tokyo Representative Office (Japan).

Yours faithfully,

William A. Ryback
Deputy Chief Executive