09:10     <02291>,<09981>&<04460> - 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      2291            9981            4460                      
    Company         Hutchison       BOC Hong Kong   Cheung Kong               
                    Whampoa         (Holdings)      (Holdings)                
                    Limited         Limited         Limited                   
    Shares          Existing        Existing        Existing                  
                    issued          issued          issued                    
                    ordinary        ordinary        ordinary                  
                    shares of       shares of       shares of                 
                    HK$0.25 each    HK$5.00 each    HK$0.50 each              
                    of the Company  of the          of the Company            
                                    Company                                   
    Type            Call            Call            Call                      
    Issue Size      388,000,000     400,000,000     408,000,000               
    Expiry Date     1st March, 2005 1st March, 2005 10th March,               
                                                    2005                      
    Exercise Price  HK$62.00        HK$13.00        HK$72.00                  
    Board Lot       10,000          5,000           10,000                    
    Entitlement     10 Warrants     10 Warrants     10 Warrants               
    Ratio           for 1           for 1           for 1 Share               
                    Share           Share                                     
    Last Trading    23rd February,  23rd February,  4th March,                
    Date            2005            2005            2005                      
    Closing Price   HK$0.85         HK$0.167        HK$0.20                   
    of the                                                                    
    Warrants as at                                                            
    17th February,                                                            
    2005                                                                      
    Closing Price   HK$70.25        HK$14.65        HK$73.25                  
    of the Shares                                                             
    as at 17th                                                                
    February,                                                                 
    2005                                                                      
    In / Out of     13.31% in the   12.69% in the   1.74% in the              
    the money as    money           money           money                     
    at 17th                                                                   
    February,                                                                 
    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 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 2291 and 4460, (1) the Entitlement             
    (subject to any adjustment) multiplied by (i) the arithmetic mean of      
    the closing price of one Share (as derived from the Daily Quotation       
    Sheet of the Stock Exchange (subject to any adjustments)) for each        
    Valuation Date (being each of the five Business Days (as defined in       
    the terms and conditions of the Warrants)) immediately preceding the      
    relevant Expiry Date less (ii) the relevant Exercise Price; less (2)      
    the Exercise Expenses (as defined in the terms and conditions of the      
    Warrants).                                                                
                                                                              
    2.                                                                        
    In the case of Stock Code 9981, (1) the arithmetic mean of the            
    closing price of one Share (as derived from the Daily Quotation Sheet     
    of the Stock Exchange (subject to any adjustments)) for each