10:03     KCBOCHK@EC0412A<09180> & KC-HSBC @EC0412<09848> - Ann. (1)          

    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.                                                        
                                                                              
    Notice of Expiry relating to certain European Style (Cash Settled)        
    Warrants 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                                  
    This Notice of Expiry relates to the following warrants (together,        
    the `Warrants'):                                                          
                                                                              
    Stock Code           9180                 9848                            
    Company              BOC Hong Kong        HSBC Holdings Plc               
                         (Holdings)                                           
                         Limited                                              
    Shares               Existing issued      Existing issued                 
                         ordinary shares of   ordinary shares of              
                         HK$5.00 each of the  US$0.50 each of the             
                         Company              Company                         
    Type                 Call                 Call                            
    Issue Size           288,000,000          508,000,000                     
    Expiry Date          10th December, 2004  14th December, 2004             
    Exercise Price       HK$12.20             HK$125.00                       
    Board Lot            5,000                4,000                           
    Entitlement Ratio    10 Warrants for 1    10 Warrants for 1               
                         Share                Share                           
    Last Trading Date    6th December, 2004   8th December, 2004              
    Closing Price of     HK$0.24              HK$0.80                         
    the Warrants as at                                                        
    30th November,                                                            
    2004                                                                      
    Closing Price of     HK$14.60             HK$133.00                       
    the Shares as at                                                          
    30th November,                                                            
    2004                                                                      
    In/Out of the money  19.67% in the money  6.40% in the money              
    as at 30th                                                                
    November, 2004                                                            
                                                                              
                                                                              
                                                                              
    KBC Financial Products International Ltd. (the `Issuer') would like       
    to remind holders of the Warrants that under the terms and conditions     
    of the Warrants (the `Conditions'), the rights to exercise the            
    Warrants will expire at 10:00 a.m. (Hong Kong time) on the relevant       
    Expiry Date (subject to adjustment).                                      
                                                                              
    The Warrants are European Style and exercisable only on the relevant      
    Expiry Date. The Warrants are in registered form and exercisable only     
    in board lot or integral multiples thereof. Every ten Warrants will       
    entitle the holder on exercise thereof to receive from the Issuer a       
    payment of an amount in Hong Kong dollars calculated by the Issuer        
    (the `Cash Settlement Amount') equal to:                                  
                                                                              
    (1) the arithmetic mean of the closing price of one Share (as             
    derived from the Daily Quotation Sheet of the Stock Exchange (subject     
    to any adjustments)) for each Valuation Date (being each of the five      
    Business Days immediately preceding the relevant Expiry Date) less        
    (2) the relevant Exercise Price less (3) the Exercise Expenses (as        
    defined in the terms and conditions of the Warrants).                     
                                                                              
    If, on the relevant Expiry Date, the relevant Cash Settlement Amount      
    is greater than zero, then the relevant Warrants will be deemed           
    automatically exercised by each Warrantholder. If the relevant Cash       
    Settlement Amount is less than or equal to zero on the relevant           
    Expiry Date, the Warrantholder will lose the value of his investment.     
                                                                              
    The aggregate Cash Settlement Amount (less any Exercise Expenses),        
    shall be despatched no later than three Business Days following the       
    relevant Expiry Date, by way of cheque, drawn in favour of the            
    Warrantholder (or in the case of joint Warrantholders, the                
    first-named Warrantholder) appearing in the relevant register kept by     
    the Registrar (as defined below).                                         
                                                                              
    The Issuer has made the following arrangements regarding dealings in      
    and transfers and exercise of the Warrants:                               
                                                                              
    1.                                                                        
    In order to facilitate the transfer and exercise of Warrants by           
    relevant Warrantholders who have not registered such Warrants in          
    their own names, the following arrangements have been made with           
    Computershare Hong Kong Investor Services Limited (the `Registrar').      
    Relevant Warrantholders who have not registered such Warrants in