09:25 FB-BOCHK@EC0506<09736> - Announcement (2) and permission to deal in the New Warrants on the Stock Exchange. The date of commencement of dealings is expected to be 23rd March, 2005. All necessary arrangements will be made to enable the Warrants to be admitted to the Central Clearing and Settlement System. Other than being a licensed bank regulated by the Hong Kong Monetary Authority, the Issuer is not regulated by any of the bodies referred to in Rule 15A.13(2) or (3) of the Rules. The Issuer is regulated by the Banking, Finance and Assurance Commission of Belgium. 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. Effective Implied Volatility Gearing Gearing Premium 16.6 per cent. 61.0 x 18.8 x 4.5 per cent. The Warrants will constitute general unsecured contractual obligations of the Issuer and no other person. Investors are relying upon the creditworthiness of the Issuer and have no rights under the Warrants against the Company. The Issuer's senior long term debt is rated Aa3 by Moody's Investors Service, Inc., AA- by Standard & Poor's Ratings Services, a division of the McGraw-Hill Companies, Inc. and AA- by Fitch IBCA Limited. The Issuer has undertaken during the period in which any structured products issued by the Issuer are listed on the Stock Exchange to make documents containing details of the Warrants and financial and other information on the Issuer available for inspection by holders of the Warrants. The documents available for inspection are a copy of the Base Listing Document dated 13th May, 2004 (both the English version and the Chinese translation), any addenda or successor document to the Base Listing Document (both the English version and the Chinese translation) and the latest publicly available annual report and interim report (if any) of the Issuer. The Supplemental Listing Document dated 9th March, 2004 (both the English version and the Chinese translation), the Second Supplemental Listing Document dated 10th December, 2004 (both the English version and the Chinese translation), the Third Supplemental Listing Document dated 7th January, 2005 (both the English version and the Chinese translation) and the Fourth Supplemental Listing Document to be dated on or about 22nd March, 2005 (both the English version and the Chinese translation) will be available for inspection until the Expiry Date. These documents will be available for inspection at the office of Computershare Hong Kong Investor Services Limited, which is presently at Rooms 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Hong Kong. Before purchasing the Warrants you should ensure that you fully understand their potential risks and rewards and independently determine that they are 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, the Supplemental Listing Document, the Second Supplemental Listing Document, the Third Supplemental Listing Document and the Fourth Supplemental Listing Document and, where necessary, seek professional advice, before they invest in the Warrants. The Issuer and its appointed liquidity provider may be the only market participants for the Warrants and the secondary market for the Warrants may be limited. The Issuer has appointed Hui Kai Securities Limited as its liquidity provider for the Warrants (Address: 30/F., Gloucester Tower, The Landmark, Hong Kong; Broker ID Number 9519) who will provide prices for the Warrants in the secondary market for the life of the Warrants. A quote may be obtained by calling the following number: (852) 2579 9818. The Issuer does not have any special arrangements in place with any brokers with respect to the Warrants. Hong Kong, 18th March, 2005