10:18 <04735>,<04736>,<04737>,<04738>&<04739> - Announcement (2) If on any Expiry Date, the Cash Settlement Amount is greater than zero, the Warrants will be automatically exercised (without notice being given by 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 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 30th 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. Implied Effective Warrants Volatility Gearing Gearing Premium Series A 28.00 per cent. 6.20 x 4.01 x 5.09 per cent. Series B 18.00 per cent. 12.46 x 8.62 x -1.26 per cent. Series C 18.00 per cent. 11.26 x 6.31 x 1.32 per cent. Series D 22.00 per cent. 12.17 x 7.51 x 6.38 per cent. Series E 22.00 per cent. 10.74 x 6.23 x 8.85 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 any 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), the Supplemental Listing Documents to be dated on or about 29th March, 2005 (both the English version and the Chinese translation) and the latest publicly available annual report and interim report (if any) of the Issuer. 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 and the 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 UOB KayHian (Hong Kong) Limited as its liquidity provider for the Warrants (Address: 29 Queen's Road Central, AON China Building, Room 1501-150, Hong Kong; Broker ID