09:25     <03835>, <03836>, <03837> & <03838> - 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.                                                             
                                                                              
    400,000,000 European Style (Cash Settled) Index Call Warrants 2005        
    relating to the Hang Seng Index                                           
    ("Series A")                                                              
                                                                              
    168,000,000 European Style (Cash Settled) Call Warrants 2005              
    relating to existing issued ordinary shares of                            
    HK$0.25 each of Hutchison Whampoa Limited                                 
    ("Series B")                                                              
                                                                              
    88,000,000 European Style (Cash Settled) Call Warrants 2005               
    relating to existing issued ordinary H shares of                          
    RMB1.00 each of Ping An Insurance (Group) Company of China, Limited       
    ("Series C")                                                              
                                                                              
    400,000,000 European Style (Cash Settled) Call Warrants 2005-2006         
    relating to existing issued ordinary shares of                            
    HK$5.00 each of BOC Hong Kong (Holdings) Limited                          
    ("Series D")                                                              
                                                                              
    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, every 3,800      
    warrants relating to one index unit of the Hang Seng Index (the           
    "Index"), in respect of Series B, every ten warrants relating to one      
    existing issued ordinary share of HK$0.25 each of Hutchison Whampoa       
    Limited, in respect of Series C, every warrant relating to one existing   
    issued ordinary H share of RMB1.00 each of Ping An Insurance (Group)      
    Company of China, Limited and in respect of Series D, every ten           
    warrants relating to one existing issued ordinary share of HK$5.00 each   
    of BOC Hong Kong (Holdings) Limited.                                      
                                                                              
    Warrants    Share  Company / Index                Issue Price             
                                                                              
    Series A      N/A  Hang Seng Index                   HK$0.250             
                                                                              
    Series B  HK$0.25  Hutchison Whampoa Limited         HK$0.568             
                                                                              
    Series C  RMB1.00  Ping An Insurance (Group)         HK$0.800             
                         Company of China, Limited                            
                                                                              
    Series D  HK$5.00  BOC Hong Kong (Holdings) Limited  HK$0.250             
                                                                              
    Expiry Date          Trading   Exercise Price                             
                      Board Lots   / Strike Level                             
                                                                              
    28th July, 2005       10,000           14,000                             
                                                                              
    26th July, 2005       10,000         HK$70.00                             
                                                                              
    26th July, 2005          500         HK$13.40                             
                                                                              
    3rd October, 2006      5,000         HK$13.50                             
                                                                              
    The Warrants are European style and may only be exercised on the          
    relevant Expiry Date. The Warrants are in registered form and             
    exercisable only in the trading board lots specified above. Each board    
    lot of 10,000 warrants (in the case of Series A ), every ten Warrants     
    (in the case of Series B and Series D) and every Warrant (in the case     
    of Series C) will entitle the holder on exercise thereof to receive