Mr. W.E. Clarke, Managing Director of BNS (Ja.) and Mr. Joseph A. Matalon, President of Chief Executive Officer of Mechala Group Ja. Ltd. announced on November 7, 1996 that BNS has granted an option to Mechala to acquire 50% of its equity in Industrial Finance Holdings Ltd. This option is exerciseable at any time up to December 31, 1996 at a price of J$501 million.