09:56     CA-HWL  @EC0508<03916> - 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.                                                             
                                                                              
    This announcement appears for information purposes only and does not      
    constitute an invitation or offer to acquire, purchase or subscribe for   
    securities.                                                               
                                                                              
                                                                              
    Issuer: Calyon Financial Products (Guernsey) Limited                      
            (incorporated in Guernsey, Channel Islands, with limited          
            liability)                                                        
                                                                              
    Guarantor: CALYON                                                         
               (incorporated in France with limited liability)                
                                                                              
    Manager and Sponsor: CALYON CORPORATE AND INVESTMENT BANK                 
                                                                              
    The Issuer intends to issue the Call Warrants detailed below (the         
    "Warrants").                                                              
                                                                              
                                       Issue       Expiry  Board              
    Warrants                           Price         Date   Lots              
                                                                              
    300,000,000 Warrants, relating  HK$0.333 24th August, 10,000              
    to the existing issued ordinary                  2005                     
    shares of HK$0.25 each in                                                 
    Hutchison Whampoa Limited                                                 
    (the "Company").                                                          
                                                                              
    Exercise     Implied           Effective                                  
    Price    Volatility*  Gearing*   Gearing*  Premium*                       
                                                                              
    HK$72.0        22.0    21.10X      9.39X      7.23                        
              per cent.                       per cent.                       
                                                                              
    * The values marked with an asterisk may not be comparable to similar     
    information provided by other issuers as each issuer may use different    
    pricing models.                                                           
                                                                              
    The Warrants are "European Style" and may only be exercised on the        
    relevant Expiry Date.                                                     
                                                                              
    Cash Settlement                                                           
                                                                              
    Ten Warrants will entitle the warrantholder to receive the cash           
    equivalent of (a) the Entitlement (as defined in the terms and            
    conditions of the Warrants) multiplied by (i) the average of the          
    closing prices (taken from the Daily Quotation Sheet of the Stock         
    Exchange) of one share in the Company for the 5 business days on which    
    such quotations are available immediately preceding the Expiry Date       
    less (ii) the Exercise Price less (b) the Exercise Expenses (as defined   
    in the terms and conditions of the Warrants) (the "Cash Settlement        
    Amount"). If certain events affecting the share capital of the Company    
    occur, the Entitlement may be adjusted in accordance with the terms and   
    conditions of the Warrants.                                               
                                                                              
    If the Cash Settlement Amount is more than zero on the exercise date,     
    warrantholders will automatically become entitled to receive a cash       
    payment.                                                                  
                                                                              
    Other Information                                                         
                                                                              
    The Issuer's obligations in relation to the Warrants will be unsecured    
    and will be unconditionally and irrevocably guaranteed by CALYON.         
    CALYON's obligations in relation to the Warrants will be unsecured.       
    Investors are relying upon the creditworthiness of the Issuer and the     
    Guarantor and have no rights under the Warrants against the Company.      
    Other than the Hong Kong Branch of the Guarantor being a Licensed Bank    
    in Hong Kong regulated by the Hong Kong Monetary Authority, neither the   
    Issuer nor the Guarantor is regulated by any of the bodies referred to    
    in Rule 15A.13(2) or (3) of the Rules. The Guarantor is regulated by      
    the French Commission Bancaire. The Guarantor is rated Aa2 by Moody's     
    Investor Service, AA- by Standard and Poor's and AA by Fitch Ratings.     
                                                                              
    The Issuer will only issue the Warrants if the Stock Exchange agrees to   
    list the Warrants and grants permission for the Warrants to be dealt in   
    on the Stock Exchange. An application will be made for the listing of     
    and permission to deal in the Warrants. It is expected that dealings in   
    the Warrants will commence on or about 24th February, 2005.