09:39 KC-SHK P@EC0505<03520> & KC-HWL @EC0506C<03617> - Ann. (1) This announcement appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Warrants 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. Further issuance of 200,000,000 European Style (Cash Settled) Call Warrants 2004-2005 relating to existing issued ordinary shares ofHK$0.50 each of Sun Hung Kai Properties Limited (Stock Code: 3520)("Series A") Further issuance of 200,000,000 European Style (Cash Settled) Call Warrants 2004-2005 relating to existing issued ordinary shares ofHK$0.25 each of Hutchison Whampoa Limited (Stock Code: 3617)("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 Warrants detailed below (the "Warrants"). In respect of Series A, a further issue of 200,000,000 European Style (Cash Settled) Call Warrants 2004-2005, every ten warrants relating to one existing issued ordinary share of HK$0.50 each of Sun Hung Kai Properties Limited (the "New SHK Warrants") and in respect of Series B, a further issue of 200,000,000 European Style (Cash Settled) Call Warrants 2004-2005, every ten warrants relating to one existing issued ordinary share of HK$0.25 each of Hutchison Whampoa Limited (the "New HWL Warrants"). Warrants Share Company Issue Price Series A HK$0.50 Sun Hung Kai HK$0.305 Properties Limited Series B HK$0.250 Hutchison HK$0.490 Whampoa Limited Trading Expiry Date Board Lots Exercise Price 19th May, 2005 10,000 HK$80.00 6th June, 2005 10,000 HK$72.00 In respect of Series A, the New SHK Warrants shall be consolidated and form a single series with an existing issue of 188,000,000 European Style (Cash Settled) Call Warrants 2004-2005 (Stock Code: 3520) (the "Existing SHK Warrants") relating to Sun Hung Kai Properties Limited issued by the Issuer and unconditionally and irrevocably guaranteed by KBC Bank N.V. (the "Guarantor") and listed on the Stock Exchange in which dealings first commenced on 19th November, 2004, and details of which are contained in a Supplemental Listing Document dated 18th November, 2004. The terms and conditions of the New SHK Warrants are identical in all material respects to the terms and conditions of the Existing SHK Warrants. The closing price of the Existing SHK Warrants as at 3rd January, 2005 was HK$0.365 per warrant. In respect of Series B, the New HWL Warrants shall be consolidated and form a single series with an existing issue of 188,000,000 European Style (Cash Settled) Call Warrants 2004-2005 (Stock Code: 3617) (the "Existing HWL Warrants") relating to Hutchison Whampoa Limited issued by the Issuer and unconditionally and irrevocably guaranteed by KBC Bank N.V. (the "Guarantor") and listed on the Stock Exchange in which dealings first commenced on 6th December, 2004, and details of which are contained in a Supplemental Listing Document dated 3rd December, 2004. The terms and conditions of the New HWL Warrants are identical in all material respects to the terms and conditions of the Existing HWL