10:48     KBC FINANCIAL PRODUCTS INT'L LTD - Announcement (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.                                                        
                                                                              
    Locked-in Return Call 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                                  
                                                                              
    Announcement                                                              
                                                                              
    In respect of each issue of Locked-In Return* Call Warrants listed        
    below (the `Warrants'), KBC Financial Products International Ltd.         
    (the `Issuer') would like to announce the Quarterly Cash Settlement       
    Amount in respect of the Quarterly Fixing Dates set out below.            
                                                                              
    Capitalised terms not defined herein shall have the meanings given        
    to them in the terms and conditions (the `Conditions') of the             
    Warrants.                                                                 
                                                                              
    Stock Code Company    Type       Exercise   Quarterly  Quarterly          
                                     Amount     Cash       Fixing             
                                                Settlement Dates              
                                                 Amount                       
                                                (cumulativ                    
                                                e to                          
                                                date)                         
                                                before                        
                                                dividing                      
                                                by the                        
                                                number of                     
                                                Quarterly                     
                                                Fixing                        
                                                Dates                         
                                                ##                            
                                                                              
    9097       Cheung     Call       Ten        51.4       2nd                
               Kong                  Warrants              January,           
               (Holdings)                                  2004# 1st          
                                                           April,             
               Limited                                     2004# 2nd          
                                                           July,              
                                                           2004# 4th          
                                                           October,           
                                                           2004# 3rd          
                                                           January,           
                                                           2005# 1st          
                                                           April,             
                                                           2005               
    9078       Cheung     Call       Ten        22.3       2nd                
               Kong                  Warrants              January,           
               (Holdings)                                  2004# 1st          
                                                           April,             
               Limited                                     2004# 2nd          
                                                           July,              
                                                           2004# 4th          
                                                           October,           
                                                           2004# 3rd          
                                                           January,           
                                                           2005# 1st          
                                                           April,             
                                                           2005               
    9102       Cheung     Call       Ten        8.90       2nd                
               Kong                  Warrants              January,           
               (Holdings)                                  2004# 1st          
                                                           April,             
               Limited                                     2004# 2nd          
                                                           July,              
                                                           2004# 4th          
                                                           October,           
                                                           2004# 3rd          
                                                           January,           
                                                           2005# 1st          
                                                           April,             
                                                           2005