Certificate of Appreciation for Global Payments and Cash Management from HSBC Bank

February 19, 2007

On February 19, 2007, HSBC Bank USA, N.A. had awarded its 2006 Certificate of Appreciation for global payments and cash management to ACLEDA Bank Plc, a leading commercial bank in Cambodia. This certificate was signed by Hersel Mehani, Senior Vice President, and Michael B. Gallagher, Executive Vice President.

With business activities with HSBC Bank, ACLEDA Bank has expanded a broad range of banking services to its customers in local and global which operates 160 offices and branches through 24 provinces/towns in Cambodia and will be continuing this expansion to other neighboring countries.

HSBC is one of the largest banking and financial services organisations in the world and headquartered in London. HSBC's international network comprises over 9,500 offices in 76 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With listings on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by nearly 200,000 shareholders in some 100 countries and territories. The shares are traded on the New York Stock Exchange in the form of American Depository Receipts.