10:37 <03938>, <03939>, <03942> & <03943> - Announcement (2) "Closing Level" is equal to the arithmetic mean of the quotations for the Index recorded at the end of every five minute period on the Expiry Date; and "Exercise Expenses" is defined in the terms and conditions of the relevant series of Warrants. If on the relevant Expiry Date the Cash Settlement Amount in respect of the relevant series is greater than zero, such series of Warrants will be automatically exercised (without notice being given by 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 BNP Paribas (the "Guarantor"). The Warrants have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and will not be offered, sold, delivered or traded, at any time, indirectly or directly, in the United States or to, or for the account or benefit of, any U.S. person. The Warrants may only be offered, sold, delivered or transferred at any time, directly or indirectly, to persons (including legal entities) established, resident or domiciled outside the Netherlands. The Issuer declares that any offer of the Warrants at any time complies with the relevant rules of any state where the Warrants are or will be offered. An application will be made to the Stock Exchange for the listing of and permission to deal in each series of the Warrants on the Stock Exchange. The date of commencement of dealings is expected to be 4 March 2005. All necessary arrangements will be made to enable each series of the Warrants to be admitted to the Central Clearing and Settlement System. Other than the Guarantor being a licensed bank 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 Banque de France. The implied volatility, effective gearing, gearing and premium of each series of the Warrants are specified below respectively. These values may not be comparable to similar information provided by other issuers of derivative warrants as each issuer may use different pricing models. Warrants Implied Volatility Effective Gearing Gearing Premium Series A 28.00% 5.97X 10.29X 5.73% Series B 28.00% 6.93X 15.75X 10.18% Series C 28.00% 5.75X 14.36X 10.95% Series D 28.00% 4.78X 9.18X 7.77% The Warrants will constitute general unsecured contractual obligations of the Issuer and the Guarantor and no other person. Investors are relying upon the creditworthiness of the Issuer and the Guarantor and have no rights under the Warrants against any company comprising the Index. The Guarantor's long term credit ratings are AA by Standard and Poor's Ratings Group, AA by Fitch IBCA Ltd, and Aa2 by Moody's Investors Service. The Issuer and the Guarantor have undertaken during the period in which any structured products issued by the Issuer are listed on the Stock Exchange to make documents containing details of the Warrants and financial and other information on the Issuer and Guarantor available for inspection by holders of the Warrants. The documents available for inspection are copies of the Base Listing Document dated 27 May 2004 (both the English version and the Chinese translation), the Addendum to the Base Listing Document dated 23 February 2005 (both the English version and the Chinese translation) and the latest publicly available annual report and interim report (if any) of the Issuer and the Guarantor. The relevant Supplemental Listing Document of each series of the Warrants to be dated on or about 3 March 2005 (both the English version and the Chinese translation) will be available for inspection until the relevant Expiry Date. These documents will be available for inspection at the office of Mallesons Stephen Jaques, which is presently at 37th Floor, Two International Finance Centre, 8 Finance Street, Central, Hong Kong. Before purchasing any series of the Warrants you should ensure that you fully understand their potential risks and rewards and independently determine that they are appropriate for you given your objectives, experience, financial and operational resources, and other relevant circumstances. You should consult with such advisers as you deem necessary to assist you in making these determinations. Investors are warned that the price of the Warrants may fall in value as rapidly as it may rise and holders may sustain a total loss of their investment. Prospective purchasers should therefore ensure that they understand the nature of the Warrants and carefully study the risk factors set out in the Base Listing Document and the relevant Supplemental Listing Document and, where necessary, seek professional advice, before they invest in the Warrants.