10:27     KC-HSI @EP0505D<03581> - Announcement (3)                           

    Compiler and Hang Seng Data Services have agreed to the use of, and       
    reference to, the Index by the Issuer in connection with the Warrants     
    but neither the Index Compiler nor Hang Seng Data Services warrants or    
    represents or guarantees to any broker or holder of the Warrants or any   
    other person the accuracy or completeness of the Index and its            
    computation or any information related thereto and no warranty or         
    representation or guarantee of any kind whatsoever relating to the        
    Index is given or may be implied. The process and basis of computation    
    and compilation of the Index and any of the related formula or            
    formulae, constituent stocks and factors may at any time be changed or    
    altered by the Index Compiler without notice. No responsibility of        
    liability is accepted by the Index Compiler or Hang Seng Data Services    
    in respect of the use of and/or reference to the Index by the Issuer in   
    connection with the Warrants, or for any inaccuracies, omissions,         
    mistakes or errors of the Index Compiler in the computation of the        
    Index or for any economic or other loss which may be directly or          
    indirectly sustained by any broker or holder of the Warrants or any       
    other person dealing with the Warrants as a result thereof and no         
    claims, actions or legal proceedings may be brought against the Index     
    Compiler and/or Hang Seng Data Services in connection with the Warrants   
    in any manner whatsoever by any broker, holder or other person dealing    
    with the Warrants. Any broker, holder or other person dealing with the    
    Warrants does so therefore in full knowledge of this disclaimer and can   
    place no reliance whatsoever on the Index Compiler and/or Hang Seng       
    Data Services. For the avoidance of doubt, this disclaimer does not       
    create any contractual or quasi-contractual relationship between any      
    broker, holder or other person and the Index Compiler and/or Hang Seng    
    Data Services and must not be construed to have created such              
    relationship.                                                             
                                                                              
                                                                              
    By Order of the Board                                                     
    KBC Financial Products International Ltd.                                 
    Hong Kong, 7th February, 2005