09:26 <03795>, <03796>, <03797> & <03799> - Announcement (2) Warrants). In respect of the Series D Warrants, the Cash Settlement Amount is equal to (1) the Entitlement (as defined in the terms and conditions of the Series D Warrants) (subject to adjustment) multiplied by (i) the arithmetic mean of the closing price of the Shares (as derived from the Daily Quotation Sheet of the Stock Exchange, subject to adjustment) for each Valuation Date (being each of the five Business Days (as defined in the terms and conditions of the Series D Warrants)) immediately preceding the Expiry Date less (ii) the Exercise Price (subject to adjustment); less (2) the Exercise Expenses (as defined in the terms and conditions of the Series D Warrants). If, on the relevant Expiry Date, the Cash Settlement Amount is greater than zero, the Warrants will be automatically exercised (without any notice being given by the holders of the Warrants) and the Issuer will pay to the holders the relevant Cash Settlement Amount calculated as described above. The implied volatility, gearing, effective gearing and premium of the Warrants are detailed below. These values may not be comparable to similar information provided by other issuers of derivative warrants as each issuer may use different pricing models. Implied Effective Warrants Volatility Gearing Gearing Premium Series A 28.45 per cent. 14.63X 7.02X 8.82 per cent. Series B 28.45 per cent. 12.34X 6.54X 7.13 per cent. Series C 28.45 per cent. 12.03X 5.65X 9.29 per cent. Series D 27.90 per cent. 14.74X 7.67X 7.48 per cent. The Warrants will constitute general unsecured contractual obligations of the Issuer and no other person. Investors are relying upon the creditworthiness of the Issuer and have no rights under the Warrants against the companies constituting the Index or HSI Services Limited (the "Index Compiler") (in respect of the Series A Warrants, the Series B Warrants, and the Series C Warrants) or the Company (in respect of the Series D Warrants). The issue of the Warrants is conditional upon the Stock Exchange granting listing of, and permission to deal in, the Warrants. Application will be made to the Stock Exchange for the listing of, and permission to deal in, the Warrants. The date of commencement of dealings is expected to be 18th January, 2005. The Warrants have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and will not be offered, sold, delivered or traded, at any time, indirectly or directly, in the United States or to, or for the account or benefit of, any U.S. person. All necessary arrangements will be made to enable the Warrants to be admitted to the Central Clearing and Settlement System. Other than being a licensed bank regulated by the Hong Kong Monetary Authority and, for the purpose of investment business in the U.K., by the Financial Services Authority, the Issuer is not regulated by any of the bodies referred to in Rule 15A.13(2) or (3) of the Rules. The Issuer is regulated by the Federal Banking Supervisory Office. The Issuer's senior long term debt is rated Aa3 by Moody's Investors Service, Inc., AA- by Standard and Poor's Ratings Group and AA- by Fitch IBCA Ltd. The Issuer has undertaken to make documents containing details of the Warrants and financial and other information on the Issuer available for inspection by holders of the Warrants. The documents available for inspection during the period that any structured products issued by the Issuer are listed on the Stock Exchange are a copy of the Base Listing Document dated 7th May, 2004 (the "Base Listing Document") (both the English version and the Chinese translation), the addendum to the Base Listing Document dated 15th November, 2004 (both the English version and the Chinese translation), together with any additional addenda or successor to the Base Listing Document (both the English version and the Chinese translation) and the latest publicly available annual report and interim report (if any) of the Issuer. The Supplemental Listing Documents to be dated on or about 17th January, 2005 (both the English version and the Chinese translation) will be available for inspection until the relevant Expiry Date. These documents will be available for inspection at the office of Deutsche Securities Asia Limited, which is presently at 55/F, Cheung Kong Center, 2 Queen's Road Central, Hong Kong. Information on the Issuer can also be found on the website of the group of companies to which the Issuer belongs, which is www.db.com.