09:53     <02155>, <02235>, <02239> & <09693> - 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   2155         2235         2239         9693                  
    Company      HSBC         Hang Seng    Hang Seng    BOC Hong              
                 Holdings     Bank         Bank         Kong                  
                 plc          Limited      Limited      (Holdings)            
                                                        Limited               
    Shares       Existing     Existing     Existing     Existing              
                 issued       issued       issued       issued                
                 ordinary     ordinary     ordinary     ordinary              
                 shares of    shares of    shares of    shares of             
                 US$0.50      HK$5.00      HK$5.00      HK$5.00               
                 each of the  each of the  each of the  each of the           
                 Company      Company      Company      Company               
    Type         Call         Call         Put          Call                  
    Issue Size   88,000,000   148,000,000  108,000,000  400,000,000           
    Expiry Date  1st April,   1st April,   1st April,   1st April,            
                 2005         2005         2005         2005                  
    Exercise     HK$112.00    HK$100.00    HK$98.00     HK$18.00              
    Price                                                                     
    Board Lot    4,000        1,000        1,000        5,000                 
    Entitlement  10 Warrants  10 Warrants  10 Warrants  10 Warrants           
    Ratio        for 1        for 1        for 1        for 1 Share           
                 Share        Share        Share                              
    Last         24th March,  24th March,  24th March,  24th March,           
    Trading      2005         2005         2005         2005                  
    Date                                                                      
    Closing      HK$1.38      HK$0.48      HK$0.082     HK$0.01               
    Price of                                                                  
    the                                                                       
    Warrants as                                                               
    at 18th                                                                   
    March,                                                                    
    2005                                                                      
    Closing      HK$126.00    HK$104.50    HK$104.50    HK$14.55              
    Price of                                                                  
    the Shares                                                                
    as at 18th                                                                
    March,                                                                    
    2005                                                                      
    In / Out of  12.50% in    4.50% in     6.63% out    19.17% out            
    the money    the          the          of the       of the                
    as at 18th   money        money        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 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 2155 and 2235, (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).