09:55     <02173><02206><02210><02154> - 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 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   2173         2206         2210         2154                  
    Company /    Hang Seng    China        China        HSBC                  
    Index        China        Mobile       Mobile       Holdings              
                 Enterprises  (Hong Kong)  (Hong Kong)  Plc                   
                 Index        Limited      Limited                            
    Shares       Not          Existing     Existing     Existing              
                 applicable   issued       issued       issued                
                              ordinary     ordinary     ordinary              
                              shares of    shares of    shares of             
                              HK$0.10      HK$0.10      US$0.50               
                              each of the  each of the  each of the           
                              Company      Company      Company               
    Type         Put          Call         Put          Call                  
    Issue Size   400,000,000  388,000,000  228,000,000  148,000,000           
    Expiry Date  28th         28th         28th         31st                  
                 January,     January,     January,     January,              
                 2005         2005         2005         2005                  
    Exercise     5,000        HK$25.00     HK$25.00     HK$120.00             
    Price/                                                                    
    Strike                                                                    
    Level                                                                     
    Board Lot    10,000       5,000        5,000        4,000                 
    Entitlement  10,000 /     10 Warrants  10 Warrants  10 Warrants           
    Ratio/       4,900 X      for 1        for 1        for 1 Share           
    Index        HK$1.00      Share        Share                              
    Currency                                                                  
    Amount                                                                    
    Last         24th         24th         24th         25th                  
    Trading      January,     January,     January,     January,              
    Date         2005         2005         2005         2005                  
    Closing      HK$0.073      HK$0.013     HK$0.081     HK$1.40              
    Price of                                                                  
    the                                                                       
    Warrants as                                                               
    at 18th                                                                   
    January,                                                                  
    2005                                                                      
    Closing      4,646.75     HK$24.25     HK$24.25     HK$128.00             
    Price of                                                                  
    the                                                                       
    Shares/Closi                                                              
    ng Level of                                                               
    the Index                                                                 
    as at 18th                                                                
    January,                                                                  
    2005                                                                      
    In/Out of    7.065% in    3.00% out    3.00% in     6.67% in              
    the money    the          of the               the               the      
                                                                              
    as at 18th   money        money           money        money              
    January,                                                                  
    2005                                                                      
                                                                              
                                                                              
                                                                              
    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 (in        
    the case of Stock Codes 2206, 2210 and 2154) and each board lot of        
    10,000 Warrants (in the case of Stock Code 2173) 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.                                                                        
    In the case of Stock Codes 2206 and 2154, (1) the Entitlement