Frequently Asked Questions

You can choose between:

1. Dematerialised KBC Ancora shares.
   A dematerialised share is represented by an entry in an account, in the name of the owner or the holder, held at a recognised account holder or clearing institute. KBC Bank and CBC Banque will not charge a custody fee for this service.
2. Entry in the KBC Ancora register of shareholders.
3. Continue - during a transitional phase (see below) - to hold your shares in material form. This is possible if you already held your shares in material form prior to 1 January 2008.

From 1 January 2008, the share capital of Belgian companies can be represented only by entry in the register of shareholders or in the form of dematerialised shares held in a securities account. Under the new legislation, the holding of bearer shares will be gradually phased out. Bearer shares are 'printed' shares (material form) and bearer shares held in securities accounts.

This change in the law has the following implications for KBC Ancora shareholders:

• From 1 January 2008, KBC Ancora shares will no longer be printed.
• With effect from 1 January 2008, all bearer shares held in a securities account will be converted by law into dematerialised shares.
• From 1 January 2008, bearer shares which are not yet held in a securities account (in practice these will be only shares in material form) will be converted by law to dematerialised shares as soon as they are recorded in a securities account.
• Bearer shares which are not recorded in a securities account will be converted by law to dematerialised shares on 1 January 2014.

1. In this case you can
   a. Go to a financial institution:
   i. To deposit your material KBC Ancora shares and have them converted to dematerialised KBC Ancora shares held in a securities account
   ii. To deposit your material KBC Ancora shares and apply for an entry in the register of shareholders
   b. Or continue to hold your KBC Ancora shares in material form (until 31 December 2013 at the latest).

‘Almancora’ shares in material form were printed prior to the name change from Almancora to KBC Ancora which took effect on 15 June 2007 (on the same date the shares were also split by a factor of 1.4). These printed shares therefore bear the company name ‘Almancora’ rather than ‘KBC Ancora’.

If you hold ‘Almancora’ shares in material (printed) form, you can take the same steps as outlined in the preceding question.

However, please take note of the following:

1. All future dividend payments (after 15 June 2007) will be linked to ‘KBC Ancora’ shares. This means that, in order to receive KBC Ancora dividends paid after 15 June 2007, you must convert your material Almancora shares into dematerialised KBC Ancora shares.
2. If you wish to attend a general meeting of KBC Ancora shareholders, you will need to deposit your shares with a financial institution. They will subsequently be automatically converted into dematerialised KBC Ancora shares. It will no longer be possible to retrieve the deposited material shares after the meeting, since that will no longer be permitted by law. Your shares will consequently be recorded in a securities account in dematerialised form.

A normal broker’s fee is charged on the purchase or sale of KBC Ancora shares. Your KBC or CBC branch will give you all the information you need. In addition, when buying or selling KBC Ancora shares you pay tax on the stock exchange transaction. Under the current regulations, this tax amounts to 0.22% (to a maximum of EUR 650 per transaction).

No. The KBC Ancora shares were obtained as the result of a contribution in kind of Almanij shares. Tax regulations provide for VVPR strips only in the event of a contribution in cash. KBC Ancora dividends are therefore subject to 25% withholding tax (under the current regulations).

(*) ‘VVPR stands for ‘Verlaagde Voorheffing’ (‘Reduced Withholding Tax’). If a dividend is collected on a Belgian share together with a VVPR strip for that share (bearing the same coupon number), withholding tax is levied on the dividend at 21% rather than the usual 25%. Consequently, VVPR strips are marketable securities entitling the holder to a reduced rate of withholding tax.