09:22     KC-BOCHK*U0304A<01824> & KC-CK(H)*U0306A<01825> - Ann (1)           

    This announcement appears for information purposes only and does not      
    constitute an invitation or offer to acquire, purchase or subscribe       
    for the ELIs described below.                                             
                                                                              
    The Stock Exchange of Hong Kong Limited (the `Stock Exchange') takes      
    no responsibility for the contents of this announcement, makes no         
    representation as to its accuracy or completeness and expressly           
    disclaims any liability whatsoever for any loss howsoever arising         
    from or in reliance upon the whole or any part of the contents of         
    this announcement.                                                        
                                                                              
    6,500,000 European Style Physically Settled Bull Equity Linked            
    Instruments                                                               
    due 28th April 2003                                                       
    relating to existing issued ordinary shares of HK$5.00 each of            
    BOC Hong Kong (Holdings) Limited                                          
    (`Series A')                                                              
                                                                              
    1,040,000 European Style Physically Settled Bull Equity Linked            
    Instruments                                                               
    due 10th June 2003                                                        
    relating to existing issued ordinary shares of HK$$0.50 each of           
    Cheung Kong (Holdings) Limited                                            
    (`Series B')                                                              
                                                                              
    issued by                                                                 
                                                                              
    KBC Financial Products International Ltd.                                 
    (Incorporated with limited liability in the Cayman Islands)               
                                                                              
    unconditionally and irrevocably guaranteed by                             
                                                                              
    KBC Bank NV                                                               
    (Incorporated with limited liability in Belgium)                          
                                                                              
    Sponsor/Manager                                                           
    KBC Financial Products Hong Kong Limited                                  
                                                                              
    Announcement                                                              
                                                                              
    The directors of KBC Financial Products International Ltd. (the           
    `Issuer'), announce their intention to issue the series of European       
    style physically settled equity linked instruments (`the ELIs'). Each     
    ELI of every series relates to one existing issued ordinary share of      
    the relevant par value specified below (the `Shares') of the relevant     
    company specified below (each a `Company').                               
                                                                              
    Company    ELIs       Share      Issue      Expiry     Board              
                                     Price      Date       Lots               
                                                                              
    BOC Hong   Series A   HK$5.00    HK$7.78    28th       500                
    Kong                                        April,                        
    (Holdings)                                  2003                          
    Limited                                                                   
                                                                              
    Cheung     Series B   HK$0.50    HK$48.39   10th       1,000              
    Kong                                        June,                         
    (Holdings)                                  2003                          
    Limited                                                                   
                                                                              
                                                                              
                                                                              
    The ELIs are European Style and may only be exercised on the              
    relevant Expiry Date. The ELIs are in global registered form and          
    exercisable only in board lots specified above. Each ELI will entitle     
    the holder on exercise thereof to receive from the Issuer the             
    Settlement Amount equal to:                                               
                                                                              
    (A)                                                                       
    if the closing price of one Share, as derived from the Daily              
    Quotation Sheet of the Stock Exchange (subject to adjustments) on the     
    Valuation Date (the `Closing Price') is at or above the Exercise          
    Price:                                                                    
                                                                              
    Expiry Amount - Exercise Expenses                                         
                                                                              
    (B)                                                                       
    if the Closing Price is below the Exercise Price:                         
    Entitlement subject to payment of the Exercise Expenses                   
                                                                              
    where, the undefined capatalised terms above have the following           
    meanings:                                                                 
                                                                              
    ELIs       Expiry     Exercise   Entitlement Valuation  Exercise          
               Amount     Price                  Date       Expenses          
                                                                              
    Series A   HK$8.363   HK$8.363   1 Share     28th       As                
                                                 April,     defined           
                                                 2003       in the            
                                                            terms and