Laws of the People's Republic of China

Letter of China Banking Regulatory Commission on Approving the Banco Nacional Ultramarino, S. A. to Set up Shanghai Representative Office

Banco Nacional Ultramarino, S. A.,

The letter from chairman of the Executive Committee of your bank Mr. Herculano Jorge de Sousato this Commission on August 23, 2005 has been received.

Under the Measures for Administering Foreign-funded Financial Institutions' Representative Offices in China (Decree No. 8 [2002] of the People's Bank of China, hereinafter referred to as the present Measures), you are hereby approved to establish a representative office in Shanghai. Its Chinese name is "大西洋银行股份有限公司上海代表处" and English name "Shanghai Representative Office of Banco Nacional Ultramarino, S. A.".

Under the related regulations of the present Measures, Kan Cheok Kuan is authorized to assume the position of the chief representative of this Representative Office.

China Banking Regulatory Commission

February 16, 2006