10:12 <09078>,<09079>,<09080>,<09081>,<09097> - Announcement(2) # As a result of the bonus issue of Huaneng Power International, Inc. (`Huaneng') effective on 7th April, 2004, the Exercise Price was adjusted from HK$9.00 to HK$4.50. Please also refer to the announcement made by KBC Financial Products International Ltd. (the `Issuer') on 6th April, 2004. 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 9078, 9080, 9081 and 9097) and every Warrant (in the case of Stock Code 9079) 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' (in the case of Stock Codes 9078, 9081, 9097 and 9079) 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 conditions of the Warrants) immediately preceding such Quarterly Fixing Date) less the relevant Exercise Price. `Quarterly Cash Settlement Amount' (in the case of Stock Codes 9080): (i) for the first two Quarterly Fixing Dates 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 conditions of the Warrants) immediately preceding such Quarterly Fixing Date) less the exercise price of HK$9.00; and (ii) for the remaining four Quarterly Fixing Dates 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 difference of (a) 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 such Quarterly Fixing Date) and (b) the exercise price of HK4.50, then multiplied by two. If, on the relevant Expiry Date, the relevant Cash Settlement Amount is greater than zero, then the relevant Warrants will be deemed automatically exercised by each Warrantholder. If the relevant Cash Settlement Amount is less than or equal to zero on the relevant Expiry Date, the Warrantholder will lose the value of his investment. The aggregate Cash Settlement Amount (less any Exercise Expenses), shall be despatched no later than three Business Days following the relevant Expiry Date, by way of cheque, drawn in favour of the Warrantholder (or in the case of joint Warrantholders, the first-named Warrantholder) appearing in the relevant register kept by the Registrar (as defined below). The Issuer has made the following arrangements regarding dealings in and transfers and exercise of the Warrants: 1. In order to facilitate the transfer and exercise of Warrants by relevant Warrantholders who have not registered such Warrants in their own names, the following arrangements have been made with Computershare Hong Kong Investor Services Limited (the `Registrar'). Relevant Warrantholders who have not registered such Warrants in their names and wish to exercise the Warrants should lodge with the Registrar at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Hong Kong at or before 10:00 a.m. (Hong Kong time) on the relevant Expiry Date the following: