09:59     <03520>,<03519>,<03534>,<03533> & <03548> - 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 3520       3519       3534       3533       3548               
    Company    Sun Hung   China      Ping An    Hutchison  Semiconduc         
               Kai        Life       Insurance  Whampoa    tor                
               Properties Insurance  (Group)    Limited    Manufactur         
                Limited   Company    Company               ing                
                          Limited    of China,             Internatio         
                                     Limited               nal                
                                                           Corporatio         
                                                           n                  
    Shares     Existing   Existing   Existing   Existing   Existing           
               issued     issued     issued     issued     issued             
               ordinary   ordinary   ordinary   ordinary   ordinary           
               shares of  H shares   H shares   shares of  shares of          
               HK$0.50    of         of         HK$0.25    US$0.0004          
               each of    RMB1.00    RMB1.00    each of    each of            
               the        each of    each of    the        the                
               Company    the        the        Company    Company            
                          Company    Company                                  
    Type       Call       Call       Call       Call       Call               
    Issue Size 388,000,00 248,000,00 88,000,000 128,000,00 288,000,00         
               0          0                     0          0                  
    Expiry     19th May,  23rd May,  23rd May,  23rd May,  25th May,          
    Date       2005       2005       2005       2005       2005               
    Exercise   HK$80.00   HK$6.10    HK$14.20   HK$60.00   HK1.78             
    Price                                                                     
    Board Lot  10,000     1,000      500        10,000     1,000              
    Entitlemen 10         1 Warrant  1 Warrant  10         1 Warrant          
    t Ratio    Warrants   for 1      for 1      Warrants   for 1              
               for 1      Share      Share      for 1      Share              
               Share                            Share                         
    Last       12th May,  17th May,  17th May,  17th May,  19th May,          
    Trading    2005       2005       2005       2005       2005               
    Date                                                                      
    Closing    HK$0.01    HK$0.01    HK$0.04    HK$0.97    HK$0.03            
    Price of                                                                  
    the                                                                       
    Warrants                                                                  
    as at 6th                                                                 
    May,                                                                      
    2005                                                                      
    Closing    HK$75.50   HK$5.25    HK$12.10   HK$70.25   HK$1.53            
    Price of                                                                  
    the                                                                       
    Shares as                                                                 
    at 6th                                                                    
    May,                                                                      
    2005                                                                      
    In/Out of  5.63% out  13.93%     14.79%     17.08% in  14.04%             
    the money  of the     out of     out of     the        out of             
    as at 6th  money      the        the        money      the                
    May, 2005             money      money                 money              
                                                                              
                                                                              
                                                                              
    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 3520 and 3533) and every Warrant (in the case     
    of Stock Codes 3519, 3534 and 3548) 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) 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