09:34     <04522>,<04524>,<04531>,<04532>&<02254> - 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 4522       4524       4531       4532       2254               
    Company    Cheung     China      China      Hutchison  PetroChina         
               Kong       Life       Life       Whampoa     Company           
               (Holdings) Insurance  Insurance  Limited    Limited            
                          Company    Company                                  
               Limited    Limited    Limited                                  
    Shares     Existing   Existing   Existing   Existing   Existing           
               issued     issued     issued     issued     issued             
               ordinary   ordinary   ordinary   ordinary   ordinary           
               shares of  H shares   H shares   shares of  H shares           
               HK$0.50    of         of         HK$0.25    of                 
               each of    RMB1.00    RMB1.00    each of    RMB1.00            
               the        each of    each of    the        each of            
               Company    the        the        Company    the                
                          Company    Company               Company            
    Type       Put        Call       Call       Put        Put                
    Issue Size 208,000,00 358,000,00 108,000,00 148,000,00 100,000,00         
               0          0          0          0          0                  
    Expiry     24th       29th       29th       29th       30th               
    Date       March,     March,     March,     March,     March,             
               2005       2005       2005       2005       2005               
    Exercise   HK$65.00   HK$5.60    HK$4.80    HK$60.00   HK3.70             
    Price                                                                     
    Board Lot  10,000     1,000      1,000      10,000     2,000              
    Entitlemen 10         1 Warrant  1 Warrant  10         1 Warrant          
    t Ratio    Warrants   for 1      for 1      Warrants   for 1              
               for 1      Share      Share      for 1      Share              
               Share                            Share                         
    Last       18th       21st       21st       21st       22nd               
    Trading    March,     March,     March,     March,     March,             
    Date       2005       2005       2005       2005       2005               
    Closing    HK$0.01    HK$0.01    HK$0.45    HK$0.026   HK$0.01            
    Price of                                                                  
    the                                                                       
    Warrants                                                                  
    as at                                                                     
    14th                                                                      
    March,                                                                    
    2005                                                                      
    Closing    HK$70.75   HK$5.25    HK$5.25    HK$68.00   HK$4.90            
    Price of                                                                  
    the                                                                       
    Shares as                                                                 
    at 14th                                                                   
    March,                                                                    
    2005                                                                      
    In / Out   8.85% out  6.25% out  9.38% in   13.33%     32.43%             
    of the     of the     of the     the        out of     out of             
    money as   money      money      money      the        the                
    at 14th                                     money      money              
    March,                                                                    
    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 4522 and 4532) and every Warrant (in the case     
    of Stock Codes 4524, 4531 and 2254) 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: