09:39     <04845>, <04856>, <04857> & <04858> - 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.                                                             
                                                                              
    400,000,000 European Style (Cash Settled) Index Call Warrants 2005        
    relating to the Hang Seng Index                                           
    ("Series A")                                                              
                                                                              
    400,000,000 European Style (Cash Settled) Index Put Warrants 2005         
    relating to the Hang Seng Index                                           
     ("Series B")                                                             
                                                                              
    400,000,000 European Style (Cash Settled) Index Put Warrants 2005         
    relating to the Hang Seng Index                                           
     ("Series C")                                                             
                                                                              
    400,000,000 European Style (Cash Settled) Index Put Warrants 2005         
    relating to the Hang Seng Index                                           
     ("Series D")                                                             
                                                                              
    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 4,000      
    warrants relating to one index unit of the Hang Seng Index (the           
    "Index"), in respect of Series B, every 4,800 warrants relating to one    
    index unit of the Index, in respect of Series C, every 4,000 warrants     
    relating to one index unit of the Index and in respect of Series D,       
    every 2,800 warrants relating to one index unit of the Index.             
                                                                              
    Warrants  Index          Issue Price  Expiry Date  Trading Board Lots     
    Strike                                                                    
    Level                                                                     
                                                                              
    Series A  Hang Seng Index   HK$0.250  29th November, 2005      10,000  13 
    ,800                                                                      
                                                                              
    Series B  Hang Seng Index   HK$0.250  28th October, 2005       10,000  14 
    ,000                                                                      
                                                                              
    Series C  Hang Seng Index   HK$0.250  28th October, 2005       10,000  13 
    ,600                                                                      
                                                                              
    Series D  Hang Seng Index   HK$0.250  28th October, 2005       10,000  13 
    ,000                                                                      
                                                                              
    The Warrants are European style and may only be exercised on the          
    relevant Expiry Date. The Warrants are in registered form and             
    exercisable only in the trading board lots specified above. Each board    
    lot of 10,000 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: in      
    the case of Series A, the excess of the average of the quotations for     
    the Index recorded at the end of every five-minute interval on the        
    relevant Expiry Date over the relevant Strike Level, multiplied by        
    HK$1.00, further multiplied by 10,000 and divided by 4,000, less the      
    Exercise Expenses (as defined in the terms and conditions of the          
    Warrants); in the case of Series B, the excess of the relevant Strike     
    Level over the average of the quotations for the Index recorded at the    
    end of every five-minute interval on the relevant Expiry Date,            
    multiplied by HK$1.00, further multiplied by 10,000 and divided by        
    4,800, less the Exercise Expenses (as defined in the terms and            
    conditions of the Warrants); in the case of Series C, the excess of the   
    relevant Strike Level over the average of the quotations for the Index    
    recorded at the end of every five-minute interval on the relevant         
    Expiry Date, multiplied by HK$1.00, further multiplied by 10,000 and      
    divided by 4,000, less the Exercise Expenses (as defined in the terms     
    and conditions of the Warrants) and in the case of Series D, the excess