09:40     KC-SHK P@EC0505<03520> & KC-HWL @EC0506C<03617> - Ann. (3)          

    office of KBC Financial Products Hong Kong Limited, which is presently    
    at Suite 806-814, 8/F, Two International Finance Centre, 8 Finance        
    Street, Central, Hong Kong. Information on the KBC Financial Products     
    Group and the Guarantor can also be found on website www.kbcfp.com and    
    www.kbc.be respectively.                                                  
                                                                              
    Before purchasing the Warrants you should ensure that you fully           
    understand its potential risks and rewards and independently determine    
    that it is appropriate for you given your objectives, experience,         
    financial and operational resources, and other relevant circumstances.    
    You should consult with such advisers as you deem necessary to assist     
    you in making these determinations.                                       
                                                                              
    Investors are warned that the price of the Warrants may fall in value     
    as rapidly as it may rise and holders may sustain a total loss of their   
    investment. Prospective purchasers should therefore ensure that they      
    understand the nature of the Warrants and carefully study the risk        
    factors set out in the Base Listing Document and the relevant             
    Supplemental Listing Documents and, where necessary, seek professional    
    advice, before they invest in the Warrants.                               
                                                                              
    The Issuer and its appointed liquidity provider may be the only           
    purchasers of the Warrants and the secondary market for the Warrants      
    may be limited. The Issuer has appointed KBC Financial Products Trading   
    Hong Kong Limited (Broker ID Number: 9569; Tel: 2238 6133; Address:       
    Suite 806-814, 8/F, Two International Finance Centre, 8 Finance Street,   
    Central, Hong Kong) as its liquidity provider for the Warrants, who       
    will provide liquidity by responding to requests for bid and offer        
    quotes. A quote may be obtained by calling its telephone number.          
                                                                              
    Neither the Issuer nor the Guarantor are the ultimate holding company     
    of the group to which the Issuer and the Guarantor belong and with        
    which the Issuer's and the Guarantor's names are identified. The          
    ultimate holding company of the group to which the Issuer and the         
    Guarantor belong is KBC Bank and Insurance Holding Company NV.            
                                                                              
    In the primary market, the Issuer normally pays a selling commission to   
    the brokers who place the Warrants. In the secondary market, the Issuer   
    or any of its affiliates may from time to time implement commission       
    promotional programmes with a selected number of brokers, on a selected   
    list of Warrants within a selected period of time for a partial or        
    total commission rebate for investors in the Warrants.                    
                                                                              
    By Order of the Board                                                     
    KBC Financial Products International Ltd.                                 
    Hong Kong, 5th January, 2005