10:37     <03938>, <03939>, <03942> & <03943> - Announcement (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. 
                                                                              
    600,000,000 European Style (Cash Settled) Index Call Warrants 2005        
    relating to the Hang Seng Index                                           
    ("Series A")                                                              
    600,000,000 European Style (Cash Settled) Index Call Warrants 2005        
    relating to the Hang Seng Index                                           
    ("Series B")                                                              
    600,000,000 European Style (Cash Settled) Index Put Warrants 2005         
    relating to the Hang Seng Index                                           
    ("Series C")                                                              
    600,000,000 European Style (Cash Settled) Index Put Warrants 2005         
    relating to the Hang Seng Index                                           
    ("Series D")                                                              
                                                                              
    issued by                                                                 
    BNP PARIBAS ARBITRAGE ISSUANCE B.V.                                       
    (incorporated in the Netherlands with its statutory seat in Amsterdam)    
                                                                              
    unconditionally and irrevocably guaranteed by                             
                                                                              
    BNP Paribas                                                               
    (incorporated in France)                                                  
                                                                              
    Sponsor                                                                   
    Paribas Asia Equity Limited                                               
                                                                              
    Announcement                                                              
                                                                              
    The directors of BNP Paribas Arbitrage Issuance B.V. (the "Issuer")       
    announce their intention to issue each series of the Warrants detailed    
    below ("Warrants").  In respect of each series, the Warrants are European 
    style, issued at the relevant issue price ("Issue Price") and may only be 
    exercised on the expiry date (the "Expiry Date") at the strike level (the 
    "Strike Level") and in the board lot (the "Board Lot") or integral        
    multiples thereof, all of which are specified below.                      
                                                                              
    Warrants        Type    Index   Board Lot       Issue Price per Warrant   
    Expiry Date     Strike Level                                              
    Series A        Call    Hang Seng Index 10,000  HK$0.253        29        
    September 2005  13,500                                                    
    Series B        Call    Hang Seng Index 10,000  HK$0.255        29        
    September 2005  14,600                                                    
    Series C        Put     Hang Seng Index 10,000  HK$0.251        29        
    September 2005  13,500                                                    
    Series D        Put     Hang Seng Index 10,000  HK$0.251        29        
    September 2005  14,500                                                    
                                                                              
    Each series of the Warrants is represented by a global certificate in the 
    name of HKSCC Nominees Limited in registered form.  Every 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") as follows:                                      
                                                                              
    In the case of a series of Call Warrants:                                 
                                                                              
    (Closing Level - Strike Level) x Index Currency Amount - Exercise Expenses
                                                                              
    In the case of a series of Put Warrants:                                  
                                                                              
    (Strike Level - Closing Level) x Index Currency Amount - Exercise Expenses
                                                                              
    Where:                                                                    
                                                                              
    in respect of Series A Warrants                                           
                                                                              
    "Index Currency Amount"  =            10,000 x HK$1.00                    
                                          ----------------                    
                                                5,400                         
                                                                              
    in respect of Series B Warrants                                           
                                                                              
    "Index Currency Amount"  =            10,000 x HK$1.00                    
                                          ----------------                    
                                                3,500                         
                                                                              
    in respect of Series C Warrants:                                          
                                                                              
    "Index Currency Amount"  =            10,000 x HK$1.00                    
                                          ----------------                    
                                                3,900                         
                                                                              
    in respect of Series D Warrants                                           
                                                                              
    "Index Currency Amount"  =            10,000 x HK$1.00                    
                                          ----------------                    
                                                6,100