Sequestration of

SEAN MAN CUONG PHU

Formerly residing at 5 Springbank Terrace, Aberdeen

Offer of Composition

As agent for the accountant in bankruptcy of the sequestrated estate of Sean Man Cuong Phu, I, Michael Reid, hereby intimate that the debtor has made an offer of composition of 25p in the £ to his creditors on his whole debts, payable within one month of the acceptance of this offer. His solicitor has confirmed that the appropriate level of funds are held for this purpose, such funds having been provided by a third party in order to allow the offer of composition to proceed. The debtor has undertaken to pay the whole expenses of the sequestration and the remuneration of the permanent trustee as part of such offer. The offer has been considered by the accountant in bankruptcy who recommends that it should be placed before the creditors for consideration and approval.

The terms of this offer may be inspected at my office at 12 Carden Place, Aberdeen, AB10 1UR during normal working hours

Michael J M Reid CA, Agent for the Accountant in Bankruptcy

Meston Reid & Co, 12 Carden Place, Aberdeen AB10 1UR

23rd July 2004