09:59 ICBC (ASIA)<00349> - Announcement (2) Floor Licence Agreement which was entered into by the Company with ICEA within twelve months from the Licence Agreement, for the purposes of determining the relevant category in which the two transactions falls under. The Company expects that the maximum aggregate annual values (excluding the charges payable on reimbursement basis) for the transaction under the Licence Agreement and the 26th Floor Licence Agreement in respect of the initial term for each of the two years ending 31 December 2005 and 2006 and the five months ending 31 May 2007 respectively will be approximately as follows: Year ending 31 Year ending 31 Five months December December ending 31 May 2005 2006 2007 Expected total HK$800,000 HK$1,200,000 HK$550,000 amount under the Licence Agreement Expected total HK$6,200,000 HK$6,300,000 HK$2,600,000 amount under the 26th Floor Licence Agreement Aggregated HK$7,000,000 HK$7,500,000 HK$3,150,000 amount ANNUAL CAP Based on the expected total value of the transaction (excluding the charges payable on reimbursement basis) under the Licence Agreement, the expected maximum aggregate annual value, also referred to as the `annual caps' for the two years ending 31 December 2005 and 2006, and the five months ending 31 May 2007 will be HK$800,000, HK$1,200,000 and HK$550,000 respectively. INFORMATION ON THE COMPANY, ICBC AND ICEA The Company is a full licensed bank incorporated in Hong Kong and whose Shares are listed on the Stock Exchange. The Company is principally engaged in banking, financial and other financial related services with a focus on commercial and retail banking businesses as well as corporate banking business. As at the date of this announcement, the Group has 42 retail branches, 5 business centers and one wealth management center (including those currently operating under the name of `Belgian Bank') in Hong Kong, and an overseas branch established in the Cayman Islands. The Company is the listed flagship for the overseas banking business of ICBC in Hong Kong and ICBC is an enterprise established under the laws of the PRC. ICEA is ultimately held as to 75% equity interest by ICBC and ICEA engages in the provision of management and administrative services. Definitions Terms used in this announcement shall have the following meanings unless the context requires otherwise: `Board' or `Directors' the board of directors of the Company including independent non-executive directors; `Building' ICBC Tower, 3 Garden Road, Central, Hong Kong; `Company' Industrial and Commercial Bank of China (Asia) Limited; `Group' the Company and its subsidiaries from time to time; `HK$' Hong Kong Dollars, the lawful currency of Hong Kong; `Hong Kong' Hong Kong Special Administrative Region of the PRC; `ICBC' The Industrial and Commercial Bank of China, an enterprise established under the laws of the PRC; `ICEA' ICEA Services Limited, a company incorporated in Hong Kong and a wholly owned subsidiary of ICEA Finance Holdings Limited, which in turn is held as to 75% by ICBC; `Lease' a lease dated 23 March 2005 entered into by the Company with an entity (including its ultimate beneficial owner) who is independent of, and not connected with, the Group and connected persons of the Group for the lease of the Property for a term of 110 months commencing on 1 April 2005 and expiring on 31 May 2014 (both days inclusive);