09:55     <09125>, <09126> & <09138> - 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)        
    Locked-In* 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      9125            9126            9138                      
    Company         PetroChina      Sun Hung Kai    HSBC Holdings             
                    Company         Properties      plc                       
                    Limited         Limited                                   
    Shares          Existing        Existing        Existing                  
                    issued          issued          issued                    
                    ordinary H      ordinary        ordinary                  
                    shares of       shares of       shares of                 
                    RMB1.00 each    HK$0.50 each    US$0.50 each              
                    of the          of the          of the Company            
                    Company         Company                                   
    Type            Locked-In Call  Locked-In Call  Locked-In Call            
    Issue Size      268,000,000     100,000,000     128,000,000               
    Expiry Date     1st April, 2005 1st April, 2005 1st April,                
                                                    2005                      
    Exercise Price  HK$3.10         HK$60.00        HK$110.00                 
    Quarterly       2nd January,    2nd January,    2nd January,              
    Fixing          2004 1st        2004 1st        2004 1st                  
    Dates           April, 2004     April, 2004     April, 2004               
                    2nd July, 2004  2nd July, 2004  2nd July, 2004            
                    4th October,    4th October,    4th October,              
                    2004 3rd        2004 3rd        2004 3rd                  
                    January, 2005   January, 2005   January, 2005             
                    1st April,      1st April,      1st April,                
                    2005            2005            2005                      
    Board Lot       2,000           10,000          4,000                     
    Entitlement     1 Warrant for   10 Warrants     10 Warrants               
    Ratio           1 Share         for 1           for 1 Share               
                                    Share                                     
    Last Trading    24th March,     24th March,     24th March,               
    Date            2005            2005            2005                      
    Closing Price   HK$1.04         HK$0.99         HK$1.27                   
    of the                                                                    
    Warrants as at                                                            
    18th March,                                                               
    2005                                                                      
    Closing Price   HK$5.00         HK$73.00        HK$126.00                 
    of the Shares                                                             
    as at 18th                                                                
    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 9126 and 9138) and every Warrant (in the case     
    of Stock Code 9125) 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 the      
    sum of the Quarterly Cash Settlement Amounts (as defined below)           
    divided by the relevant number of Quarterly Fixing Dates (provided        
    that if any such Quarterly Fixing Date is not a Business Day, it          
    shall be the immediately preceding Business Day), less the Exercise       
    Expenses (as defined in the terms and conditions of the Warrants).        
                                                                              
    `Quarterly Cash Settlement Amount' means, in respect of every             
    Exercise Amount and in respect of each Quarterly Fixing Date, an          
    amount in Hong Kong dollars calculated by the Issuer as equal to, the     
    greater of (1) zero and (2) 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