09:22     KC-BOCHK*U0304A<01824> & KC-CK(H)*U0306A<01825> - Ann (3)           

    Before purchasing the ELIs 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 ELIs 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 ELIs and carefully study the risk            
    factors set out in the Base Listing Document and the Supplemental         
    Listing Document and, where necessary, seek professional advice,          
    before they invest in the ELIs.                                           
                                                                              
    The Issuer and its appointed liquidity provider may be the only           
    purchasers of the ELIs and the secondary market for the ELIs may be       
    limited. The Issuer has appointed Celestial Securities Limited as its     
    liquidity provider for the Series A ELIs (Broker ID Number 9535; Tel:     
    (852) 2287 8735; Address: 21/F Low Block, Grand Millennium Plaza, 181     
    Queen's Road Central, Hong Kong) and Sun Hung Kai Investment Services     
    Limited as its liquidity provider for the Series B ELIs (Broker ID        
    Number 9541; Tel: (852) 2822 5562; Address: Level 12, One Pacific         
    Place, 88 Queensway, Hong Kong). The liquidity providers will provide     
    liquidity by responding to request for bid and offer quotes. A quote      
    may be obtained by calling the telephone number above.                    
                                                                              
    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 ELIs. 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 ELIs within a selected period of time for a         
    partial or total commission rebate for investors in the ELIs.             
                                                                              
                                                                              
    By Order of the Board                                                     
    KBC Financial Products International Ltd.                                 
                                                                              
                                                                              
      Hong Kong, 28th November, 2002