09:50     <04614>, <04615> & <04622> - Announcement (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.                                                             
                                                                              
    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  CORPORATE AND INVESTMENT BANK                               
      and Sponsor:                                                            
                                                                              
    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 "Series A Warrants")                                                 
    (Stock Code: 4614)                                                        
                                                                              
    50,000,000 European Style (Cash Settled) Average Return* Call Warrants    
    2004-2005being warrants relating to existing issued ordinary H shares     
    of RMB1.00 each in                                                        
    Sinotrans Limited                                                         
    (the "Series B Warrants")                                                 
    (Stock Code: 4615)                                                        
                                                                              
    200,000,000 European Style (Cash Settled) Average Return* Call Warrants   
    2004-2005being warrants relating to existing issued ordinary shares       
    of HK$0.10 each in                                                        
    Denway Motors Limited                                                     
    (the "Series C Warrants")                                                 
    (Stock Code: 4622)                                                        
                                                                              
                                                                              
    In respect of each of the Series A, Series B and Series C 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                                                       
                                                                              
    4615      Sinotrans Limited           Call        One Warrant             
                                                                              
    4622      Denway Motors               Call        One Warrant             
                Limited                                                       
                                                                              
                        Periodic                                              
                 Reference Price                                              
                     (cumulative          Periodic                            
                to date)(1), (2)          Fixing Dates                        
                                                                              
                         HK$6.13          8th November, 2004(1)               
                                          10th January, 2005(1)               
                                          8th March, 2005(1)                  
                                          10th May, 2005(1)                   
                                          11th July, 2005                     
                                          8th September, 2005                 
                                          8th November, 2005                  
                                                                              
                        HK$9.715          8th November, 2004(1)               
                                          10th January, 2005(1)               
                                          8th March, 2005(1)                  
                                          10th May, 2005(1)                   
                                          11th July, 2005                     
                                          8th September, 2005                 
                                          8th November, 2005