09:32     CLCLIFE@XC0503A<09718> - Announcement                               

    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 of Warrants                                              
                                                                              
    Issuer:         Calyon Financial Products (Guernsey) Limited              
                    (formerly known as Credit Lyonnais Financial Products     
                      (Guernsey) Limited)                                     
                    (incorporated in Guernsey, Channel Islands, with limited  
    liability)                                                                
                                                                              
    Guarantor:      Credit Lyonnais                                           
                    (incorporated in France with limited liability)           
                                                                              
    Lead Manager    CLSA                                                      
      and Sponsor:  EMERGING MARKETS                                          
                                                                              
    300,000,000 European Style (Cash Settled) Average Return Call Warrants    
    2004-2005being warrants relating to existing issued ordinary H shares     
    of RMB1.00 each in                                                        
    China Life Insurance Company Limited                                      
    (the "Warrants")                                                          
    (Stock Code: 9718)                                                        
                                                                              
    At 10:00 a.m. (Hong Kong time) on 1st March, 2005 (the "Expiry Date")     
    the above Warrants will, in the circumstances described below, be         
    exercised automatically. The Warrants are European style and              
    exercisable only on the Expiry Date.                                      
                                                                              
    Last trading day of the Warrants on                                       
      the Stock Exchange:                                    23rd February,   
    2005                                                                      
    Last date of the Warrants being listed on                                 
      the Stock Exchange expected to be:                     1st March, 2005  
    Closing price of the Warrants on 17th February, 2005:    HK$0.01          
    Closing price of the shares on 17th February, 2005:      HK$5.20          
    Exercise price per Warrant:                              HK$6.00          
                                                                              
    Automatic Cash Payment                                                    
                                                                              
    If the Warrants are out-of-the-money on the Expiry Date, warrantholders   
    will have no further entitlements in respect of the Warrants. If the      
    Warrants are in-the-money on the Expiry Date, warrantholders will be      
    entitled to receive a cash payment. Each Warrant held will entitle the    
    warrantholder to receive from the Issuer an amount in Hong Kong dollars   
    calculated by the Issuer (the "Cash Settlement Amount"), which is equal   
    to (1) the sum of the Periodic Reference Prices divided by the number     
    of Periodic Fixing Dates less (2) the Exercise Price (subject to          
    adjustment) and the Exercise Expenses, where (i) the Periodic Reference   
    Price is the arithmetic mean of the closing price of one Share (as        
    derived from the Daily Quotation Sheet of the Stock Exchange) (subject    
    to any adjustments) for each Valuation Date (being each of the five       
    Business Days (as defined in the terms and conditions of the Warrants))   
    immediately preceding a Periodic Fixing Date; (ii) Exercise Expenses      
    has the meaning given to this term in the terms and conditions of the     
    Warrants; (iii) Exercise Price means HK$6.00 for each Warrant; and (iv)   
    Periodic Fixing Dates are 1st June, 2004, 1st September, 2004, 1st        
    December, 2004 and 1st March, 2005. For the avoidance of doubt, if the    
    Cash Settlement Amount is a negative figure, it shall be deemed to be     
    zero.                                                                     
                                                                              
    The Issuer will despatch the cash payment not later than three business   
    days after the Expiry Date, having deducted the exercise expenses         
    payable by warrantholders in accordance with the terms and conditions     
    of the Warrants. Payments to warrantholders may be delayed in some        
    limited circumstances described in the terms and conditions of the        
    Warrants.                                                                 
                                                                              
    18th February, 2005