09:06     KC-HSBC @XC0401<09391> - Announcement (3)                           

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    Investors should note that the description `Locked-in Return' refers      
    to the calculation of the return on the Warrants only; there is no        
    guaranteed return on the Warrants where the arithmetic mean of the        
    closing price (calculated in accordance with the terms and conditions     
    of the Warrants) of the Shares on the five Valuation Dates in respect     
    of each Quarterly Fixing Date is less than the Exercise Price. Please     
    refer to the terms and conditions of the Warrants in the relevant         
    Supplemental Listing Document.                                            
                                                                              
    Details of the Warrants can also be found on website                      
    www.kbcwarrants.com.hk.                                                   
                                                                              
    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 as its liquidity provider for the Warrants      
    (Broker ID Number 9523; Tel: 2238 6133; Address: 1202-03 Citibank         
    Tower, Citibank Plaza, 3 Garden Road, Central, Hong Kong). The            
    liquidity provider 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.         
                                                                              
                                                                              
    By Order of the Board                                                     
    KBC Financial Products International Ltd.                                 
                                                                              
      Hong Kong, 24th January, 2003