10:51     <04535>,<04448>,<04488>,<04521> & <04525> - 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 4535       4448       4488       4521       4525               
    Company /  Ping An    Hang Seng  Hang Seng  Hang Seng  Hang Seng          
    Index      Insurance  Index      Index      China      China              
               (Group)                          Enterprise Enterprise         
               Company                          s          s Index            
               of China,                        Index                         
               Limited                                                        
    Shares     Existing   Not        Not        Not        Not                
               issued     applicable applicable applicable applicable         
               ordinary                                                       
               H shares                                                       
               of                                                             
               RMB1.00                                                        
               each of                                                        
               the                                                            
               Company                                                        
    Type       Call       Put        Put        Call       Put                
    Issue Size 100,000,00 888,000,00 888,000,00 400,000,00 388,000,00         
               0          0          0          0          0                  
    Expiry     30th       30th       30th       30th       30th               
    Date       March,     March,     March,     March,     March,             
               2005       2005       2005       2005       2005               
    Exercise   HK$12.60   13,000     13,400     4,600      4,500              
    Price/                                                                    
    Strike                                                                    
    Level                                                                     
    Board Lot  500        10,000     10,000     10,000     10,000             
    Entitlemen 1 Warrant  10,000/    10,000/    10,000/    10,000/            
    t Ratio/   for 1      5,500 X    6,200 X    3,200 X    3,650 X            
    Index      Share      HK$1.00    HK$1.00    HK$1.00    HK$1.00            
    Currency                                                                  
    Amount                                                                    
    Last       22nd       22nd       22nd       22nd       22nd               
    Trading    March,     March,     March,     March,     March,             
    Date       2005       2005       2005       2005       2005               
    Closing    HK$0.29    HK$0.01    HK$0.01    HK$0.1     HK$0.01            
    Price of                                                                  
    the                                                                       
    Warrants                                                                  
    as at                                                                     
    15th                                                                      
    March,                                                                    
    2005                                                                      
    Closing    HK$12.80   13,816.75  13,816.75  4,920.25   4,920.25           
    Price of                                                                  
    the                                                                       
    Shares/                                                                   
    Closing                                                                   
    Level of                                                                  
    the Index                                                                 
    as at                                                                     
    15th                                                                      
    March,                                                                    
    2005                                                                      
    In/Out of  1.59% in   6.28% out  3.11% out  6.96% in   9.34% out          
    the money  the        of the     of the     the        of the             
    as at      money      money      money      money      money              
    15th                                                                      
    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 Warrant (in the         
    case of Stock Code 4535) and each board lot of 10,000 Warrants (in        
    the case of Stock Codes 4448, 4488, 4521 and 4525) will entitle the       
    holder on exercise thereof to receive from the Issuer a payment of an