09:24 <09040><09928><04598><04600><04616> - Announcement 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 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/Manager Paribas Asia Equity Limited Notice of Expiry relating to the following warrants (together the " Warrants"): Stock Code 9040 9928 4598 4600 4616 Company Sun Hung Kai Properties Limited China Mobile (Hong Kong) Limited Cheung Kong (Holdings) Limited Henderson Land Development Company Limited The Wharf (Holdings) Limited Shares Existing issued ordinary shares of HK$0.50 each of the Company Existing issued ordinary shares of HK$0.10 each of the Company Existing issued ordinary shares of HK$0.50 each of the Company Existing issued ordinary shares of HK$2.00 each of the Company Existing issued ordinary shares of HK$1.00 each of the Company Type Call Call Call Call Call Issue Size 215,000,000 380,000,000 100,000,000 165,000,000 180,000,000 Expiry Date 28 April 2005 28 April 2005 28 April 2005 28 April 2005 28 April 2005 Exercise Price HK$65.00 per ten Warrants HK$22.00 per ten Warrants HK$68.00 per ten Warrants HK$38.00 per ten Warrants HK$25.00 per ten Warrants Board Lot 10,000 Warrants 5,000 Warrants 10,000 Warrants 10,000 Warrants 10,000 Warrants Entitlement One Share One Share One Share One Share One Share Exercise Amount Ten Warrants Ten Warrants Ten Warrants Ten Warrants Ten Warrants Last Trading Date 22 April 2005 22 April 2005 22 April 2005 22 April 2005 22 April 2005 Closing price of the Warrants as of 18 April 2005 HK$0.640 HK$0.345 HK$0.310 HK$0.016 HK$0.051 Closing price of the Shares as of 18 April 2005 HK$71.25 HK$25.10 HK$70.50 HK$33.60 HK$24.50 BNP Paribas Arbitrage Issuance B.V. (the "Issuer") would like to remind holders of Warrants that under the terms and conditions of the Warrants ( the "Conditions"), the rights to exercise the Warrants will expire at 10: 00 a.m. (Hong Kong time) on the Expiry Date (subject to Adjustment). The Warrants are European Style and exercisable only on the Expiry Date. No registrar has been appointed. Every Exercise Amount gives the Warrantholder the right to payment (if any) of the Cash Settlement Amount being an amount in Hong Kong dollars calculated by the Issuer as equal to: Entitlement x (Closing Price - Exercise Price) - Exercise Expenses "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 adjustments)) for each Valuation Date (being each of five Business Days immediately preceding the Expiry Date). "Exercise Expenses" has the meaning given to it in the Conditions. If on the Expiry Date the Cash Settlement Amount is greater than zero then the Warrants will be deemed automatically exercised by each Warrantholder. If the Cash Settlement Amount is less than or equal to zero on the Expiry Date, the Warrantholder will lose the value of his investment. The Cash Settlement Amount shall be despatched no later than three Business Days following the Expiry Date, by way of cheque, drawn in favour of the Warrantholder (or in the case of joint Warrantholders, the first- named Warrantholder). Regarding the dealings in and transfers and exercise of the Warrants, the Issuer has arranged for an application to be made for the listing of the Warrants on the Stock Exchange to be withdrawn with effect from the close of business on the Expiry Date. Hong Kong, 19 April 2005