09:42     KC-HSI @EC0511C<04974> & KC-HSI @EP0511D<04978> - Ann. (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 Put Warrants 2005         
    relating to the Hang Seng Index                                           
     ("Series B")                                                             
                                                                              
    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") and in respect of Series B, every 3,800 warrants relating to     
    one index unit of the Index.                                              
                                                                              
                                                                     Trading  
    Warrants   Index            Issue Price          Expiry Date  Board Lots  
    Strike Level                                                              
                                                                              
    Series A   Hang Seng Index     HK$0.255  29th November, 2005      10,000  
         13,600                                                               
                                                                              
    Series B   Hang Seng Index     HK$0.250  29th November, 2005      10,000  
         13,800                                                               
                                                                              
    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) and 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        
    3,800, less the Exercise Expenses (as defined in the terms and            
    conditions of the Warrants).                                              
                                                                              
    If on any Expiry Date the Cash Settlement Amount is greater than zero,    
    the Warrants will be automatically exercised (without notice being        
    given to the holders of the Warrants) and the Issuer or its agent will    
    pay to such holders an amount calculated in the manner described above.   
                                                                              
    The payment and delivery obligations of the Issuer in relation to the     
    Warrants will be unconditionally and irrevocably guaranteed by KBC Bank   
    NV (the "Guarantor").                                                     
                                                                              
    The Warrants will not be offered, transferred or sold as part of the      
    initial distribution, or at any time thereafter, to or for the benefit    
    of any persons resident, incorporated, established or having their        
    usual residence in the United States. The offering of the Warrants will   
    comply with all applicable rules in the countries in which they are       
    offered.                                                                  
                                                                              
    An application will be made to the Stock Exchange for the listing of,     
    and permission to deal in the Warrants on the Stock Exchange. The date