09:38     CA-C MOB@EC0503<04503> & CA-CPAIR@EC0503<04517> - Ann (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.                                                             
                                                                              
    Notice of Expiry of Warrants                                              
                                                                              
    Issuer:         Calyon Financial Products (Guernsey) Limited              
                    (incorporated in Guernsey, Channel Islands, with limited  
    liability)                                                                
                                                                              
    Guarantor:      CALYON                                                    
                    (incorporated in France with limited liability)           
                                                                              
    Lead Manager    CALYON                                                    
      and Sponsor:  CORPORATE AND INVESTMENT BANK                             
                                                                              
    400,000,000 European Style (Cash Settled) Call Warrants 2004-2005         
    being warrants relating to existing issued ordinary shares                
    of HK$0.10 each in                                                        
    China Mobile (Hong Kong) Limited                                          
    (the " Series A Warrants")                                                
    (Stock Code: 4503)                                                        
                                                                              
    300,000,000 European Style (Cash Settled) Call Warrants 2004-2005         
    being warrants relating to existing issued ordinary shares                
    of HK$0.20 each in                                                        
    Cathay Pacific Airways Limited                                            
    (the "Series B Warrants")                                                 
    (Stock Code: 4517)                                                        
                                                                              
    At 10:00 a.m. (Hong Kong time) on 31st 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.                                      
                                                                              
                                        Series A          Series B            
                                                                              
    Last trading day of the Warrants                                          
      on the Stock Exchange:            23rd March, 2005  23rd March, 2005    
    Last date of the Warrants being                                           
      listed on the Stock Exchange                                            
      expected to be:                   31st March, 2005  31st March, 2005    
    Closing price of the Warrants                                             
      on 17th March, 2005               HK$0.23           HK$0.20             
    Closing price of the shares                                               
      on 17th March, 2005               HK$26.30          HK$14.90            
    Exercise price:                     HK$23.50          HK$15.00            
                                         per ten Warrants  per Warrant        
                                                                              
    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.                                       
                                                                              
    In respect of the Series A Warrants, every ten Warrants held will         
    entitle the warrantholder to receive from the Issuer an amount in Hong    
    Kong dollars equal to the sum of:                                         
                                                                              
    Closing Price - Exercise Price - Exercise Expenses,                       
                                                                              
    where: (i) "Closing Price" is the arithmetic mean of the closing price    
    of one share (taken from the Daily Quotation Sheet of the Stock           
    Exchange (subject to any adjustment)) for each Valuation Date (being      
    each of the five Business Days (as defined in the terms and conditions    
    of the Warrants) immediately preceding the Expiry Date), (ii) "Exercise   
    Price" means HK$23.50 for every ten Warrants, and (iii) Exercise          
    Expenses has the meaning given to that term in the terms and conditions   
    of the Warrants.                                                          
                                                                              
    In respect of the Series B Warrants, each Warrant held will entitle the   
    warrantholder to receive from the Issuer an amount in Hong Kong dollars   
    equal to the sum of:                                                      
                                                                              
    Closing Price - Exercise Price - Exercise Expenses,                       
                                                                              
    where: (i) "Closing Price" is the arithmetic mean of the closing price    
    of one share (taken from the Daily Quotation Sheet of the Stock           
    Exchange (subject to any adjustment)) for each Valuation Date (being      
    each of the five Business Days (as defined in the terms and conditions    
    of the Warrants) immediately preceding the Expiry Date), (ii) "Exercise   
    Price" means HK$15.00 for each Warrant, and (iii) Exercise Expenses has   
    the meaning given to that term in the terms and conditions of the         
    Warrants.