09:45     <02207><02208><02236><02237><09168> - 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 2207       2208       2236       2237       9168               
    Company    HSBC       PetroChina HSBC       Hutchison  BOC Hong           
               Holdings    Company   Holdings   Whampoa    Kong               
               Plc        Limited    Plc        Limited    (Holdings)         
                                                            Limited           
    Shares     Existing   Existing   Existing   Existing   Existing           
               issued     issued     issued     issued     issued             
               ordinary   ordinary   ordinary   ordinary   ordinary           
               shares of  H shares   shares of  shares of  shares of          
               US$0.50    of         US$0.50    HK$0.25    HK$5.00            
               each of    RMB1.00    each of    each of    each of            
               the        each of    the        the        the                
               Company    the        Company    Company    Company            
                          Company                                             
    Type       Call       Call       Put        Put        Call               
    Issue Size 148,000,00 128,000,00 128,000,00 148,000,00 280,000,00         
               0          0          0          0          0                  
    Expiry     14th       14th       14th       14th       15th               
    Date       February,  February,  February,  February,  February,          
               2005       2005       2005       2005       2005               
    Exercise   HK$116.00  HK$3.80    HK$112.00  HK$54.00   HK$11.50           
    Price                                                                     
    Board Lot  4,000      2,000      4,000      10,000     5,000              
    Entitlemen 10         1 Warrant  10         10         10                 
    t Ratio    Warrants   for 1      Warrants   Warrants   Warrants           
               for 1      Share      for 1      for 1      for 1              
               Share                 Share      Share      Share              
    Last       3rd        3rd        3rd        3rd        3rd                
    Trading    February,  February,  February,  February,  February,          
    Date       2005       2005       2005       2005       2005               
    Closing    HK$1.70    HK$0.54    HK$0.015   HK$0.01    HK$0.275           
    Price of                                                                  
    the                                                                       
    Warrants                                                                  
    as at                                                                     
    28th                                                                      
    January,                                                                  
    2005                                                                      
    Closing    HK$129.00  HK$4.325   HK$129.00  HK$70.75   HK$14.25           
    Price of                                                                  
    the                                                                       
    Shares as                                                                 
    at 28th                                                                   
    January,                                                                  
    2005                                                                      
    In / Out   11.21% in  13.82% in  15.18%     31.02%     23.91% in          
    of the     the        the        out of     out of     the                
    money as   money      money      the        the        money              
    at 28th                          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 2207, 2236, 2237 and 9168) and every Warrant      
    (in the case of Stock Code 2208) 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: