09:14 <03573>, <04512>, <04513> & <04612> - 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 3573 4512 4513 4612 Company Swire Pacific Limited Aluminum Corporation of China Limited China Telecom Corporation Limited Yanzhou Coal Mining Company Limited Shares Existing issued ordinary A shares of HK$0.60 each of the Company Existing issued ordinary H shares of RMB1.00 each of the Company Existing issued ordinary H shares of RMB1.00 each of the Company Existing issued ordinary H shares of RMB1.00 each of the Company Type Call Call Call Call Issue Size 200,000,000 80,000,000 145,000,000 200,000, 000 Expiry Date 30 May 2005 30 May 2005 30 May 2005 30 May 2005 Exercise Price HK$68.00 per ten Warrants HK$3.88 per Warrant HK$2.38 per Warrant HK$9.10 per ten Warrants Board Lot 5,000 Warrants 2,000 Warrants 2,000 Warrants 20,000 Warrants Entitlement One Share One Share One Share One Share Exercise Amount Ten Warrants One Warrant One Warrant Ten Warrants Last Trading Date 24 May 2005 24 May 2005 24 May 2005 24 May 2005 Closing price of the Warrants as of 18 May 2005 HK$0.036 HK$0.173 HK$0.255 HK$0.068 Closing price of the Shares as of 18 May 2005 HK$64.000 HK$3.950 HK$2.625 HK$9.850 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 May 2005