RNS Number:8530O
FIMBank (UK) Ltd
20 August 2003


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR
FROM THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN


EMBARGOED UNTIL 7.00 a.m.                                         20 August 2003


                             Recommended cash offer

                                   by WestLB
                       on behalf of FIMBank (UK) Limited,

                          a wholly owned subsidiary of

                   First International Merchant Bank p.l.c.,

                       for London Forfaiting Company Plc



                    Level of Acceptances and Offer Extension

On 22 July 2003, the Boards of London Forfaiting and FIMBank (UK) announced a
recommended cash offer for the entire issued and to be issued share capital of
London Forfaiting. The Offer was made by WestLB on behalf of FIMBank (UK) by
means of the Offer Document which was posted on 22 July 2003.

FIMBank (UK) announces that as at 3.00 p.m. (London time) on Tuesday 19 August
2003, being the second closing date of the recommended cash offer, valid
acceptances of the Offer had been received from the holders of, in aggregate,
67,819,743 London Forfaiting Shares, representing approximately 64.7 per cent.
of the London Forfaiting Shares to which the Offer relates.

Prior to making the Offer, FIMBank (UK) had received irrevocable undertakings to
accept (or procure the acceptance of) the Offer in respect of, in aggregate,
38,970,897 London Forfaiting Shares, representing approximately 37.2 per cent.
of the issued share capital of London Forfaiting. Valid acceptances of the Offer
have been received in respect of all of the London Forfaiting Shares which were
the subject of such irrevocable undertakings and are included in the total
number of valid acceptances referred to above.

The Offer has been extended and will remain open for acceptance until 3.00 p.m.
on 26 August 2003. London Forfaiting Shareholders who have not yet accepted the
Offer are urged to do so as soon as possible.

London Forfaiting Shareholders, holding London Forfaiting Shares in certificated
form, who wish to accept the Offer should complete the Form of Acceptance
enclosed with the Offer Document and return it, together with supporting
documents, to the receiving agents to the Offer, Capita IRG Plc, at Corporate
Actions, PO Box 166, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TH as
soon as possible but, in any event, so that their acceptances are received not
later than 3.00p.m. on Tuesday 26 August, 2003.

Additional Forms of Acceptance are available from Capita IRG Plc, by telephoning
0870 162 3100 (if calling from within the UK) or +44 20 8639 2157 (if calling
from outside the UK). London Forfaiting Shareholders, who hold their London
Forfaiting Shares in uncertificated form, wishing to accept the Offer should do
so using the procedure set out in the Offer Document.

Save as disclosed in this announcement or in the Offer Document, neither
FIMBank, FIMBank (UK) nor any persons acting or deemed to be acting in concert
with them, held any London Forfaiting Shares (or rights over any London
Forfaiting Shares) prior to the Offer Period and neither FIMBank, FIMBank (UK)
nor persons acting or deemed to be acting in concert with them have acquired or
agreed to acquire any London Forfaiting Shares (or rights over any London
Forfaiting Shares) since the commencement of the Offer Period.

Terms used in this announcement shall have the meaning given to them in the
Offer Document, save where the context requires otherwise.

Enquiries
FIMBank - Margrith Lutschg-Emmenegger                            +356 23 280 180
WestLB - Ian Soanes                                                020 7020 4000
Bell Pottinger - David Rydell                                      020 7861 3865


This announcement does not constitute an offer or invitation to purchase any
securities or a solicitation of an offer to buy any securities pursuant to the
Offer or otherwise. The full terms and conditions of the Offer (including
details of how the Offer may be accepted) are set out in the Offer Document and
the Form of Acceptance.

WestLB, authorised and regulated in the United Kingdom by the FSA, is acting
exclusively for FIMBank and FIMBank (UK) as financial adviser (within the
meaning of the Rules of the FSA) and for no one else in connection with the
Offer and will not be responsible to anyone other than FIMBank and FIMBank (UK)
for providing the protections afforded to its customers or for providing advice
in relation to the Offer.

Dawnay, Day, authorised and regulated in the United Kingdom by the FSA, is
acting exclusively for FIMBank and FIMBank (UK) as financial adviser (within the
meaning of the Rules of the FSA) and for no one else in connection with the
Offer and will not be responsible to anyone other than FIMBank and FIMBank (UK)
for providing the protections afforded to its customers or for providing advice
in relation to the Offer.

The Offer will not be made, directly or indirectly, in, into or from or by the
use of the mails or any means of instrumentality (including without limitation,
facsimile transmission, telex, telephone or internet) of the United States, or
in, into or from Canada, Australia or Japan or any other jurisdiction if to do
so would constitute a violation of the relevant laws of such jurisdiction.
Accordingly, copies of this announcement are not being, and must not be, mailed
or otherwise distributed or sent in, or into or from the United States, Canada,
Australia or Japan. Persons receiving this announcement (including without
limitation custodians, nominees and trustees) must not distribute or send it in,
or into or from the United States, Australia, Canada or Japan.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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