09:51     <03862>, <03863>, <03864> & <03865> - Announcement (2)              

    30th September, 2005   2,000    HK$3.10                                   
                                                                              
     1st September, 2005   2,000    HK$6.20                                   
                                                                              
    20th September, 2005  10,000   HK$22.00                                   
                                                                              
    The Warrants are European style and may only be exercised on the          
    relevant Expiry Date. The Warrants are in registered form and             
    exercisable only in the trading board lots specified above. Every         
    Warrant (in case of Series A, Series B and Series C) and every ten        
    Warrants (in case of Series D) will entitle the holder on exercise        
    thereof to receive from the Issuer a payment of an amount in Hong Kong    
    dollars calculated by the Issuer (the "Cash Settlement Amount") equal     
    to: (1) the Entitlement (subject to any adjustment) multiplied by (i)     
    the arithmetic mean of the closing price of one Share (as derived from    
    the Daily Quotation Sheet of the Stock Exchange (subject to any           
    adjustment)) for each Valuation Date (being each of the five Business     
    Days (as defined in the terms and conditions of the Warrants))            
    immediately preceding the relevant Expiry Date less (ii) the relevant     
    Exercise Price; less (2) the Exercise Expenses (as defined in the terms   
    and conditions of the Warrants).                                          
                                                                              
    If on any Expiry Date the Cash Settlement Amount is greater than zero,    
    the Warrants will be automatically exercised (without notice being        
    given to the holders of the Warrants) and the Issuer or its agent will    
    pay to such holders an amount calculated in the manner described above.   
                                                                              
    The payment and delivery obligations of the Issuer in relation to the     
    Warrants will be unconditionally and irrevocably guaranteed by KBC Bank   
    NV (the "Guarantor").                                                     
                                                                              
    The Warrants will not be offered, transferred or sold as part of the      
    initial distribution, or at any time thereafter, to or for the benefit    
    of any persons resident, incorporated, established or having their        
    usual residence in the United States. The offering of the Warrants will   
    comply with all applicable rules in the countries in which they are       
    offered.                                                                  
                                                                              
    An application will be made to the Stock Exchange for the listing of,     
    and permission to deal in the Warrants on the Stock Exchange. The date    
    of commencement of dealings is expected to be 4th February, 2005.         
                                                                              
    All necessary arrangements will be made to enable the Warrants to be      
    admitted to the Central Clearing and Settlement System.                   
                                                                              
    Other than the Guarantor being a licensed bank in Hong Kong regulated     
    by the Hong Kong Monetary Authority, neither the Issuer nor the           
    Guarantor is regulated by any of the bodies referred to in Rule           
    15A.13(2) or (3) of the Rules. The Guarantor is supervised by the         
    Belgian Banking and Finance Commission.                                   
                                                                              
    The implied volatility, gearing, effective gearing and premium of the     
    Warrants are detailed below. These values may not be comparable to        
    similar information provided by other issuers of derivative warrants as   
    each Issuer may use different pricing models.                             
                                                                              
    Warrants Implied Volatility Gearing Effective gearing       Premium       
                                                                              
    Series A       32 per cent.   15.6x              5.7x   15 per cent.      
                                                                              
    Series B       32 per cent.   10.7x              5.4x  9.4 per cent.      
                                                                              
    Series C       35 per cent.   21.6x              6.6x 18.4 per cent.