10:23 BP-HUA P@EC0504<09375> - 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 9375 Company Huaneng Power International, Inc. Shares Existing issued ordinary H shares of RMB1.00 each of the Company Type Call Issue Size 200,000,000 Expiry Date 28 April 2005 Exercise Price HK$6.50 per ten Warrants Board Lot 20,000 Warrants Entitlement Two Shares Exercise Amount Ten Warrants Last Trading Date 22 April 2005 Closing price of the Warrants as of 18 April 2005 HK$0.01 Closing price of the Shares as of 18 April 2005 HK$5.60 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. Reference is made to the announcement of the Issuer dated 6 April 2004 in relation to the adjustments made to the Warrants as a result of the bonus issue of the Company. With effect from and including 7 April 2004, (i) the Entitlement ratio has been changed from one Share to two Shares in respect of every ten Warrants; and (ii) the Exercise Price has been changed from HK$13.00 to HK$6.50 in respect of every ten Warrants. 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: (Closing Price - Exercise Price) x 2 - 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) appearing in the register kept by the Registrar (as defined below). The Issuer has made the following arrangements regarding dealings in and transfers and exercise of the Warrants: 1 In order to facilitate the transfer and exercise of Warrants by holders of Warrants who have not registered such Warrants in their own names, the following arrangements have been made with Computershare Hong Kong Investor Services Limited (the "Registrar"). Holders of Warrants who have not registered such Warrants in their names and wish to exercise the Warrants should lodge with the Registrar at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Hong Kong at or before 10:00 a.m. (Hong Kong time) on the Expiry Date the following: (i) the relevant duly executed instruments of transfer in respect of the Warrants; and (ii) the relevant certificates for the Warrants. Such holders of Warrants may need to bear the cost of any expedited registration service. 2 Application will 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