10:56     KBC FINANCIAL PRODUCTS INT'L LTD - Announcement (2)                 

                                                           October,           
                                                           2004# 3rd          
                                                           January,           
                                                           2005# 1st          
                                                           April,             
                                                           2005               
    9755       PCCW       Call       One        0.27       2nd July,          
               Limited               Warrant               2004# 4th          
                                                           October,           
                                                           2004# 3rd          
                                                           January,           
                                                           2005# 1st          
                                                           April,             
                                                           2005 4th           
                                                           July,              
                                                           2005 3rd           
                                                           October,           
                                                           2005               
    9514       PCCW       Call       One        0.00       1st                
               Limited               Warrant               April,             
                                                           2004# 2nd          
                                                           July,              
                                                           2004# 4th          
                                                           October,           
                                                           2004# 3rd          
                                                           January,           
                                                           2005# 1st          
                                                           April,             
                                                           2005 4th           
                                                           July,              
                                                           2005               
    9079       China      Call       One        3.715      2nd                
               Telecom               Warrant               January,           
               Corporatio                                  2004# 1st          
               n                                           April,             
               Limited                                     2004# 2nd          
                                                           July,              
                                                           2004# 4th          
                                                           October,           
                                                           2004# 3rd          
                                                           January,           
                                                           2005# 1st          
                                                           April,             
                                                           2005               
    9125       PetroChina Call       One        4.32       2nd                
                Company              Warrant               January,           
               Limited                                     2004# 1st          
                                                           April,             
                                                           2004# 2nd          
                                                           July,              
                                                           2004# 4th          
                                                           October,           
                                                           2004# 3rd          
                                                           January,           
                                                           2005# 1st          
                                                           April,             
                                                           2005               
    9042       BOC Hong   Call       One        28.13      2nd                
               Kong                  Warrant               January,           
               (Holdings)                                  2004# 1st          
                                                           April,             
               Limited                                     2004# 2nd          
                                                           July,              
                                                           2004# 4th          
                                                           October,           
                                                           2004# 3rd          
                                                           January,           
                                                           2005# 1st          
                                                           April,             
                                                           2005               
    9121       BOC Hong   Call       One        16.38      2nd                
               Kong                  Warrant               January,           
               (Holdings)                                  2004# 1st          
                                                           April,             
               Limited                                     2004# 2nd          
                                                           July,              
                                                           2004# 4th          
                                                           October,           
                                                           2004# 3rd          
                                                           January,           
                                                           2005# 1st          
                                                           April,             
                                                           2005               
                                                                              
    #  Investors should note that the Quarterly Cash Settlement Amount        
    (cumulative to date) of the Warrants set out above reflect the sum of     
    the Quarterly Cash Settlement Amount in respect of these dates only.      
                                                                              
                                                                              
    ## Investors should note that the Warrants are European style and may