09:39 BP-M I&S@EC0512<04808> & BP-YZ CM@EC0612<04809> - Ann. (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. 280,000,000 European Style (Cash Settled) Call Warrants 2005 relating to existing issued ordinary H shares of RMB1.00 each of Maanshan Iron & Steel Company Limited ("Series A") and 280,000,000 European Style (Cash Settled) Call Warrants 2005-2006 relating to existing issued ordinary H shares of RMB1.00 each of Yanzhou Coal Mining Company Limited ("Series B") 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 (the "Warrants"). Every Exercise Amount of each series relates to one share ("Share") of the relevant par value ("Par Value") of the relevant company (the "Company") all specified below. Warrants Type Exercise Amount Entitlement Par Value Company Issue Price Expiry Date Board Lot Exercise Price Series A Call One Warrant One Share RMB1.00 Maanshan Iron & Steel Company Limited HK$0.278 29 December 2005 2,000 HK$2.95 Series B Call Ten Warrants One Share RMB1.00 Yanzhou Coal Mining Company Limited HK$0.255 28 December 2006 20,000 HK$12.00 In respect of each series, the Warrants are European style and may only be exercised on the relevant Expiry Date. Each series of the Warrants are represented by a global certificate in the name of HKSCC Nominees Limited in registered form and exercisable only in integral multiples of the relevant board lot (the "Board Lot") specified above. In respect of each series, every 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") as follows: Cash Settlement Amount = Entitlement x (Closing Price - Exercise Price) - Exercise Expenses Where (i) "Closing Price" means the arithmetic mean of the closing price of one Share (as derived 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), and (ii) "Exercise Expenses" has the meaning given to this term in the terms and conditions of the Warrants. If on any Expiry Date the Cash Settlement Amount is greater than zero, the 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 18 April 2005.