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FROM TO P.05 FEB-27-1997 14:33 OLIA HETM NATTNTNC EKICAN EXPRESS DOES NOT END LEGAL PROCEEDINGS THAT EDMOND SAFRA HAS INITIATED AGAINST SEVERAL MEDIA ACCUSING THEM OF LIBEL. IN SWITZERLAND, THE BANKER HAS BROUGHT AN ACTION FOR LIBEL AGAINST OUR COLLEAGUES AT "L*HEBDO:" A FIRST HEARING IS SCHEDULED FOR AUGUST 23 IN GENEVA. IN 1983 EDMOND SAFRA SOLD THE TRADE DEVELOPMENT BANK IN GENEVA TO AMERICAN EXPRESS, RELATIONS BETWEEN THE BANKER OF LEBANESE ORIGIN AND THE AMERICAN GROUP DETERIORATED THEREAFTER. ON MARCH l, 1988, DATE OF EXPIRATION OF THE NON- COMPETITION CLAUSE AGREED ON IN 1983, MR. SAFRA OPENED IN GENEVA A BRANCH OF THE REPUBLIC NATIONAL BANK OF NEW YORK, A DIRECT COMPETITOR 2 Of TDB. THE AMERICAN EXPRESS LETTER JULY 24, 1989 DEAR EDMOND: BT 97% P.05 27-02-1997 20: 34