10:28 <04853>, <04855>, <04859> & <04860> - Announcement (3) translation) and the Supplemental Listing Documents to be dated 27th April, 2005 (both the English version and the Chinese translation). These documents will be available for inspection at the 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: 9595, 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. The Hang Seng China Enterprises Index is published and compiled by HSI Services Limited (the "Index Compiler") pursuant to a licence from Hang Seng Data Services Limited ("Hang Seng Data Services"). The mark and name "Hang Seng China Enterprises Index" is proprietary to Hang Seng Data Services. The Index Compiler and Hang Seng Data Services have agreed to the use of, and reference to, the Index by the Issuer in connection with the Warrants but neither the Index Compiler nor Hang Seng Data Services warrants or represents or guarantees to any broker or holder of the Warrants or any other person the accuracy or completeness of the Index and its computation or any information related thereto and no warranty or representation or guarantee of any kind whatsoever relating to the Index is given or may be implied. The process and basis of computation and compilation of the Index and any of the related formula or formulae, constituent stocks and factors may at any time be changed or altered by the Index Compiler without notice. No responsibility of liability is accepted by the Index Compiler or Hang Seng Data Services in respect of the use of and/or reference to the Index by the Issuer in connection with the Warrants, or for any inaccuracies, omissions, mistakes or errors of the Index Compiler in the computation of the Index or for any economic or other loss which may be directly or indirectly sustained by any broker or holder of the Warrants or any other person dealing with the Warrants as a result thereof and no claims, actions or legal proceedings may be brought against the Index Compiler and/or Hang Seng Data Services in connection with the Warrants in any manner whatsoever by any broker, holder or other person dealing with the Warrants. Any broker, holder or other person dealing with the Warrants does so therefore in full knowledge of this disclaimer and can place no reliance whatsoever on the Index Compiler and/or Hang Seng Data Services. For the avoidance of doubt, this disclaimer does not create any contractual or quasi-contractual relationship between any broker, holder or other person and the Index Compiler and/or Hang Seng Data Services and must not be construed to have created such relationship. By Order of the Board KBC Financial Products International Ltd. Hong Kong, 22nd April, 2005