09:54     <09814>, <09925> & <09890> - Announcement (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                                                          
    of                                                                        
    348,000,000 European Style (Cash Settled) Call Warrants 2004-2005         
    relating to the existing issued ordinary shares of                        
    HK$0.25 each of PCCW Limited                                              
    (Stock Code: 9814)                                                        
    ("Series A")                                                              
                                                                              
    380,000,000 European Style (Cash Settled) Put Warrants 2004-2005          
    relating to the existing issued ordinary shares of                        
    HK$0.10 of China Mobile (Hong Kong) Limited                               
    (Stock Code: 9925)                                                        
    ("Series B")                                                              
                                                                              
    68,000,000 European Style (Cash Settled) Call Warrants 2004-2005          
    relating to the existing issued ordinary shares of                        
    US$0.50 each of HSBC Holdings plc                                         
    (Stock Code: 9890)                                                        
    ("Series C")                                                              
                                                                              
    issued by                                                                 
                                                                              
    Fortis Bank S.A./N.V.                                                     
    (incorporated in Belgium)                                                 
                                                                              
    Sponsor                                                                   
                                                                              
    ICBC (Asia) Securities Limited                                            
    (Formerly known as Fortis Securities Asia HK Limited)                     
                                                                              
    Fortis Bank S.A./N.V. (the "Issuer") would like to remind holders of      
    the Series A, Series B and Series C Warrants ("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 18th January, 2005 (subject to adjustment) (the "Expiry          
    Date"). The Warrants are European Style and exercisable only on the       
    Expiry Date. Each Warrant in respect of Series A and every ten Warrants   
    in respect of Series B and Series C, gives each Warrantholder the right   
    to payment (if any) of the Cash Settlement Amount being an amount in      
    Hong Kong dollars calculated by the Issuer as equal to:                   
                                                                              
    (a)  in respect of Series A, (1) the arithmetic mean of the closing       
    price of one ordinary share of PCCW Limited (as derived from the Daily    
    Quotation Sheet of the Stock Exchange (subject to any adjustment)) for    
    each Valuation Date (being each of the five Business Days immediately     
    preceding the Expiry Date) less (2) the Exercise Price (as defined        
    below) less (3) the Exercise Expenses (as defined in the Conditions);     
                                                                              
    (b)  in respect of Series B, (1) the Exercise Price (as defined below)    
    less (2) the arithmetic mean of the closing price of one ordinary share   
    of China Mobile (Hong Kong) Limited (as derived from the Daily            
    Quotation Sheet of the Stock Exchange (subject to any adjustment)) for    
    each Valuation Date (being each of the five Business Days immediately     
    preceding the Expiry Date) less (3) the Exercise Expenses (as defined     
    in the Conditions); or                                                    
                                                                              
    (c)  in respect of Series C, (1) the arithmetic mean of the closing       
    price of one ordinary share of HSBC Holdings plc (as derived from the     
    Daily Quotation Sheet of the Stock Exchange (subject to any               
    adjustment)) for each Valuation Date (being each of the five Business     
    Days immediately preceding the Expiry Date) less (2) the Exercise Price   
    (as defined below) less (3) the Exercise Expenses (as defined in the      
    Conditions).                                                              
                                                                              
    If on the Expiry Date the Cash Settlement Amount is greater than zero     
    then the Warrants will be deemed automatically exercised by each          
    Warrantholder. If the Cash Settlement Amount is less than or equal to     
    zero on the Expiry Date, the Warrantholder will lose the value of his     
    investment.                                                               
                                                                              
    The Cash Settlement Amount shall be despatched no later than three        
    Business Days following the 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 register kept by the      
    Registrar (as defined below).                                             
                                                                              
    The Issuer has made the following arrangements regarding dealings in