09:17     CA-SMIC @EC0505<03571> - 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                                              
                                                                              
    Issuer:         Calyon Financial Products (Guernsey) Limited              
                    (incorporated in Guernsey, Channel Islands, with limited  
    liability)                                                                
                                                                              
    Guarantor:      CALYON                                                    
                    (incorporated in France with limited liability)           
                                                                              
    Lead Manager    CALYON                                                    
      and Sponsor:  CORPORATE AND INVESTMENT BANK                             
                                                                              
                                                                              
    180,000,000 European Style (Cash Settled) Call Warrants 2004-2005         
    being warrants relating to existing issued ordinary shares                
    of US$0.0004 each in                                                      
    Semiconductor Manufacturing International Corporation                     
    (the "Warrants")                                                          
    (Stock Code: 3571)                                                        
                                                                              
    At 10:00 a.m. (Hong Kong time) on 30th May, 2005 (the "Expiry Date")      
    the above Warrants will, in the circumstances described below, be         
    exercised automatically. The Warrants are European style and              
    exercisable only on the Expiry Date.                                      
                                                                              
    Last trading day of the Warrants on                                       
      the Stock Exchange:                              24th May, 2005         
    Last date of the Warrants being listed on                                 
      the Stock Exchange expected to be:               30th May, 2005         
    Closing price of the Warrants on 18th May, 2005:   HK$0.01                
    Closing price of the shares on 18th May, 2005:     HK$1.48                
    Exercise price per Warrant:                        HK$1.80                
                                                                              
    Automatic Cash Payment                                                    
                                                                              
    If the Warrants are out-of-the-money on the Expiry Date, warrantholders   
    will have no further entitlements in respect of the Warrants. If the      
    Warrants are in-the-money on the Expiry Date, warrantholders will be      
    entitled to receive a cash payment. Each Warrant held will entitle the    
    warrantholder to receive from the Issuer an amount in Hong Kong dollars   
    equal to the sum of:                                                      
                                                                              
    Entitlement x (Closing Price - Exercise Price) - Exercise Expenses,       
                                                                              
    where: (i) "Closing Price" is the arithmetic mean of the closing price    
    of one share (taken 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), (ii) "Exercise   
    Price" means HK$1.80 for each Warrant, and (iii) Exercise Expenses has    
    the meaning given to that term in the terms and conditions of the         
    Warrants. The Issuer will despatch the cash payment not later than        
    three business days after the Expiry Date, having deducted the exercise   
    expenses payable by warrantholders in accordance with the terms and       
    conditions of the Warrants. Payments to warrantholders may be delayed     
    in some limited circumstances described in the terms and conditions of    
    the Warrants.                                                             
                                                                              
    19th May, 2005