09:26 PAK TAK INT'L<02668> - Announcement (3) A circular will be despatched as soon as practicable to the Shareholders containing, among other things, further details of the Contract. GENERAL As at the date of this announcement, the Board comprises Mr. Cheng Chi Tai, Mr. Cheng Kwai Chun, John, Mr. Lin Chick Kwan, Mr. Lin Wing Chau, who are executive Directors and Ms. Ko Hay Yin, Karen, Mr. Chow Chan Lum and Ms. Ho Man Yee, Esther, who are independent non-executive Directors. DEFINITIONS "Acquisition" the acquisition of computerized knitting machines by the Purchaser from the Seller for a total consideration of US$3,333,000 (equivalent to HK$25,997,400) pursuant to the Contract "associates" shall have the meanings as prescribed under the Listing Rules "Board" the board of Directors (including the independent non-executive Directors) of the Company "Company" Pak Tak International Limited, a company incorporated in Bermuda with limited liability and the issued shares of which are listed on the Stock Exchange "connected persons" shall have the meanings as prescribed under the Listing Rules "Contract" the unconditional contract entered into between the Purchaser and the Seller on 10 March 2005 in relation to the Acquisition "Directors" the directors of the Company "Group" the Company and its subsidiaries "Hong Kong" the Hong Kong Special Administrative Region of the PRC "HK$" Hong Kong dollars, the lawful currency of Hong Kong from time to time "Listing Rules" the Rules Governing the Listing of Securities on the Stock Exchange "OEM" original equipment manufacturing, under which products are manufactured in whole or in part in accordance with a customer's specifications and are marked under the customer's own brand name "PRC" People's Republic of China (and for the purpose of this announcement, excludes Hong Kong, the Macau Special Administrative Region of the PRC and Taiwan) "Purchaser" Pak Tak Knitting & Garment Factory Limited, a company incorporated in Hong Kong with limited liability and is a wholly-owned subsidiary of the Company "Seller" H. Stoll GmbH & Co. KG, a company incorporated in Germany. To the best of the Directors' knowledge, information and belief having made all reasonable enquiry, the Seller and its ultimate beneficial owners are not connected with the directors, the chief executives or the 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. Announcement Issuer: Calyon Financial Products (Guernsey) Limited (incorporated in Guernsey, Channel Islands, with limited liability) Guarantor: CALYON (incorporated in France with limited liability) Lead Manager and Sponsor: CALYON CORPORATE AND INVESTMENT BANK 108,000,000 European Style (Cash Settled) Average Return* Call Warrants 2004-2005being warrants relating to existing issued ordinary shares of US$0.01 each in Brilliance China Automotive Holdings Limited (the "Warrants") (Stock Code: 4614) In respect of the Warrants listed below, Calyon Financial Products (Guernsey) Limited would like to announce the Periodic Reference Price in respect of the Periodic Fixing Dates set out below. Capitalised terms not defined herein shall have the meanings given to them in the terms and conditions (the "Conditions") of the Warrants. Stock Exercise Code Company Type Amount 4614 Brilliance China Call One Warrant Automotive Holdings Limited Periodic Reference Price (cumulative Periodic to date)(1), (2) Fixing Dates HK$4.784 8th November, 2004(1) 10th January, 2005(1) 8th March, 2005(1) 10th May, 2005 11th July, 2005 8th September, 2005 8th November, 2005 (1) Investors should note that the Periodic Reference Price (cumulative to date) of the Warrants set out above reflects the Periodic Reference Price in respect of this date only. (2) Investors should note that the Warrants are European style and may only be exercised on the relevant Expiry Date. In respect of the Warrants, the Exercise Amount 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 (1) the sum of the Periodic Reference Prices divided by the number of Periodic Fixing Dates less (2) the Exercise Price and the Exercise Expenses. Investors should note that the calculation of the Cash Settlement Amount of the Warrants take into account the Periodic Reference Price at each Periodic Fixing Date. The average of all the Periodic Reference Prices is then compared with the Exercise Price before the Cash Settlement Amount is determined. The Cash Settlement Amount of the Warrants will not be the same as the relevant Periodic Reference Price set out above. * Investors should note that the description "Average Return" refers to the calculation of the return on the Warrants only; the return of the Average Return Call Warrants is calculated by reference to the average of the Periodic Reference Prices, that is, by reference to the sum of the Periodic Reference Prices divided by the number of the Periodic Fixing Dates; if on the Expiry Date, the average of the Periodic Reference Prices is less than the Exercise Price, the Warrantholders will not receive any payment from the Issuer and will sustain a total loss of their investment. Please refer to the Conditions of the Warrants set out in the relevant Supplemental Listing Document. 11th March, 2005