09:41     <04785>,<04786>,<04787>,<04788>&<04789> - Announcement (1)          

    This announcement appears for information purposes only and does not      
    constitute an invitation or offer to acquire, purchase or subscribe for   
    the Warrants described below.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.                                     
                                                                              
     388,000,000 European Style (Cash Settled) Index Call Warrants 2005       
    relating to the Hang Seng Index                                           
    ("Series A")                                                              
                                                                              
    400,000,000 European Style (Cash Settled) Index Call Warrants 2005        
    relating to the Hang Seng Index                                           
    ("Series B")                                                              
                                                                              
    400,000,000 European Style (Cash Settled) Call Warrants 2005              
    relating to existing issued ordinary shares of                            
    HK$0.10 each of China Mobile (Hong Kong) Limited                          
    ("Series C")                                                              
                                                                              
    118,000,000 European Style (Cash Settled) Call Warrants 2005-2006         
    relating to existing issued ordinary shares of                            
    US$0.50 each of HSBC Holdings plc                                         
    ("Series D")                                                              
                                                                              
    208,000,000 European Style (Cash Settled) Put Warrants 2005               
    relating to existing issued ordinary shares of                            
    US$0.50 each of HSBC Holdings plc                                         
    ("Series E")                                                              
                                                                              
    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                                  
                                                                              
    Announcement                                                              
                                                                              
    The directors of KBC Financial Products International Ltd. (the           
    "Issuer") announce their intention to issue the series of Warrants        
    detailed below (the "Warrants"). In respect of Series A, every 5,200      
    warrants relating to one index unit of the Hang Seng Index (the           
    "Index"), in respect of Series B, every 3,500 warrants relating to one    
    index unit of the Index, in respect of Series C, every ten warrants       
    relating to one existing issued ordinary share HK$0.10 of China Mobile    
    (Hong Kong) Limited, in respect of Series D, every ten warrants           
    relating to one existing issued ordinary share US$0.50 of HSBC Holdings   
    plc and in respect of Series E, every ten warrants relating to one        
    existing issued ordinary share of US$0.50 of HSBC Holdings plc.           
                                                                              
    Warrants    Share  Company / Index      Issue Price                       
                                                                              
    Series A      N/A  Hang Seng Index         HK$0.251                       
                                                                              
    Series B      N/A  Hang Seng Index         HK$0.250                       
                                                                              
    Series C  HK$0.10  China Mobile            HK$0.250                       
                        (Hong Kong) Limited                                   
                                                                              
    Series D  US$0.50  HSBC Holdings plc       HK$0.816                       
                                                                              
    Series E  US$0.50  HSBC Holdings plc       HK$0.438                       
                                                                              
                                             Exercise Price /                 
    Expiry Date         Trading Board Lots       Strike Level                 
                                                                              
    28th October, 2005              10,000             13,000                 
                                                                              
    28th October, 2005              10,000             14,000                 
                                                                              
    7th November, 2005               5,000           HK$24.80                 
                                                                              
    3rd April, 2006                  4,000          HK$120.00                 
                                                                              
    10th October, 2005               4,000          HK$122.00