09:29     BI-HWL  @EC0505<03574> - 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.                                                        
                                                                              
    BOCI ASIA LIMITED                                                         
    (incorporated in Hong Kong with limited liability)                        
    Notice of Expiry                                                          
    of                                                                        
    200,000,000 European cash-settled call warrants in Global Registered      
    Form 2004-2005                                                            
    (the `Warrants')                                                          
    in relation to existing issued ordinary shares of                         
    HK$0.25 each of Hutchison Whampoa Limited                                 
    (the `Shares')                                                            
    (Stock Code: 3574)                                                        
    issued by                                                                 
    BOCI Asia Limited (the `Issuer')                                          
                                                                              
    The board of directors of the Issuer would like to remind holders of      
    warrants (the `Warrantholders') that under the terms and conditions       
    of the warrants (the `Conditions'), the rights to exercise the            
    warrants (the `Warrants') will expire at 10:00 am (Hong Kong time) on     
    30 May 2005 (the `Expiry Date'). The warrants (the `Warrants') are        
    European style and exercisable in Board Lots of 10,000 warrants or        
    integral multiples thereof only on the Expiry Date.                       
                                                                              
    Every board lot of Warrants will give the Warrantholder the right to      
    payment (if any) in cash of the Cash Settlement Amount (as defined        
    below) less the relevant Exercise Expenses (as defined in the             
    Conditions).                                                              
                                                                              
    The Cash Settlement Amount is calculated as follows:                      
    Cash Settlement      =                    Entitlement** x                 
    Amount per Board                          (Average Price* -               
    Lot:                                      Exercise Price) x               
                                              one Board Lot                   
                                             --------------------             
                                              Number of                       
                                              Warrant(s) per                  
                                              Entitlement                     
                                                                              
    *                                                                         
    `Average Price' shall be the arithmetic mean of the closing prices        
    of one Share (as derived from the Daily Quotation Sheet of the Stock      
    Exchange, subject to any adjustments (as determined by the Issuer in      
    accordance with the Conditions as set out in the Base Listing             
    Document) to such closing prices as may be necessary to reflect any       
    capitalisation, rights issue, distribution or the like) for each          
    Valuation Date (as defined in the Conditions).                            
                                                                              
    **                                                                        
    `Entitlement' means one Share, subject to adjustments in accordance       
    with Condition 6 as set out in the Base Listing Document.                 
                                                                              
    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 zero on the     
    Expiry Date, the Warrantholder will lose the value of the investment.     
                                                                              
    The Cash Settlement Amount shall be dispatched no later than three        
    Business Days following the Expiry Date.                                  
                                                                              
    The last trading day of the Warrants on the Stock Exchange is             
    expected to be 24 May 2005.                                               
                                                                              
    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.                                                       
                                                                              
    The closing prices of the Warrants and of the Shares as quoted on         
    the Stock Exchange on 20 May 2005 was HK$0.087 per Warrant and            
    HK$67.00 per Share respectively. The Exercise Price of the Warrants       
    is HK$68.00 per 10 Warrants. Based on the Exercise Price, the             
    Warrants are 1.47% out of the money.                                      
                                                                              
    23 May 2005