10:28 <04853>, <04855>, <04859> & <04860> - Announcement (2) 1,900, less the Exercise Expenses (as defined in the terms and conditions of the Warrants); in the case of Series B, the excess of the average of the quotations for the Index recorded at the end of every five-minute interval on the relevant Expiry Date over the relevant Strike Level, multiplied by HK$1.00, further multiplied by 10,000 and divided by 1,050, less the Exercise Expenses (as defined in the terms and conditions of the Warrants); in the case of Series C , (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); and in the case of Series D, (1) the Entitlement (subject to any adjustment) multiplied by (i) the relevant Exercise Price less (ii) 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 Expiry Date); 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 28th April, 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 27 per cent. 9.8x 5.3x 7.0 per cent. Series B 27 per cent. 17.5x 7.6x 8.9 per cent. Series C 26 per cent. 13.1x 6.9x 9.6 per cent. Series D 26 per cent. 11.9x 5.9x 5.5 per cent. The Warrants will constitute general unsecured contractual obligations of the Issuer and the Guarantor and no other person. Investors are relying upon the creditworthiness of the Issuer and the Guarantor and have no rights under the Warrants against any Company. The Guarantor's long term credit ratings are A+ by Standard and Poor's Ratings Group, AA- by Fitch IBCA Ltd, and Aa3 by Moody's Investors Service. The Issuer and Guarantor have undertaken until the Expiry Date for each series of Warrants to make documents containing details of the Warrants and financial and other information on the Issuer and Guarantor available for inspection by holders of the Warrants. The documents available for inspection are a copy of the Base Listing Document dated 28th April, 2004, together with any addenda or successor document to the Base Listing Document (both the English version and the Chinese