09:18     <03581>,<03582>,<03579>,<03514> & <03566> - 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 3581       3582       3579       3514       3566               
    Company/In Hang Seng  Hang Seng  Cheung     Hutchison  Cheung             
    dex        Index      Index      Kong       Whampoa    Kong               
                                     (Holdings) Limited    (Holdings)         
                                                            Limited           
                                     Limited                                  
    Shares     Not        Not        Existing   Existing   Existing           
               applicable applicable issued     issued     issued             
                                     ordinary   ordinary   ordinary           
                                     shares of  shares of  shares of          
                                     HK$0.50    HK$0.25    HK$0.50            
                                     each of    each of    each of            
                                     the        the        the                
                                     Company    Company    Company            
    Type       Put        Put        Call       Call       Call               
    Issue Size 1,000,000, 400,000,00 188,000,00 208,000,00 128,000,00         
               000        0          0          0          0                  
    Expiry     30th May,  30th May,  31st May,  1st June,  1st June,          
    Date       2005       2005       2005       2005       2005               
    Exercise   13,600     14,200     HK$76.00   HK$64.00   HK$68.00           
    Price/Stri                                                                
    ke                                                                        
    Level                                                                     
    Board Lot  10,000     10,000     10,000     10,000     10,000             
    Entitlemen 10,000/5,0 10,000/6,2 10         10         10                 
    t          00 X       00 X       Warrants   Warrants   Warrants           
    Ratio/Inde HK$1.00    HK$1.00    for 1      for 1      for 1              
    x                                Share      Share      Share              
    Currency                                                                  
    Amount                                                                    
    Last       24th May,  24th May,  25th May,  26th May,  26th May,          
    Trading    2005       2005       2005       2005       2005               
    Date                                                                      
    Closing    HK$0.027   HK$0.098   HK$0.017   HK$0.32    HK$0.26            
    Price of                                                                  
    the                                                                       
    Warrants                                                                  
    as at                                                                     
    18th May,                                                                 
    2005                                                                      
    Closing    13,627.01  13,627.01  HK$70.50   HK$67.25   HK$70.50           
    Price of                                                                  
    the                                                                       
    Shares/                                                                   
    Closing                                                                   
    Level of                                                                  
    the Index                                                                 
    as at                                                                     
    18th May,                                                                 
    2005                                                                      
    In/Out of  0.20% out  4.04% in   7.24% out  5.08% in   3.68% in           
    the money  of the     the        of the     the        the                
    as at      money      money      money      money      money              
    18th May,                                                                 
    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 3579, 3514 and 3566) and each board lot of        
    10,000 Warrants (in the case of Stock Codes 3581 and 3582) 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: