09:13     DB-HWL @EP0503D<04470> - Announcement (2)                           

    creditworthiness of the Issuer and have no rights under the Warrants      
    against the Company.                                                      
                                                                              
    The issue of the New Warrants is conditional upon the Stock Exchange      
    granting listing of, and permission to deal in, the New Warrants.         
    Application will be made to the Stock Exchange for the listing of, and    
    permission to deal in, the New Warrants. The date of commencement of      
    dealings is expected to be 20th 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 New 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 Document dated 10th September, 2004 (both the English version     
    and the Chinese translation) and the Second Supplemental Listing          
    Document to be dated on or about 19th January, 2005 (both the English     
    version and the Chinese translation) will be available for inspection     
    until the 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.            
                                                                              
    Before purchasing the Warrants you should ensure that you fully           
    understand their potential risks and rewards and independently            
    determine that they are appropriate for you given your objectives,        
    experience, financial and operational resources and other relevant        
    circumstances. You should consult with such advisers as you deem          
    necessary to assist you in making these determinations.                   
                                                                              
    Investors are warned that the price of the Warrants may fall in value     
    as rapidly as it may rise and holders may sustain a total loss of their   
    investment. Prospective purchasers should therefore ensure that they      
    understand the nature of the Warrants and carefully study the risk        
    factors set out in the Base Listing Document, the Supplemental Listing    
    Document and the Second Supplemental Listing Document and, where          
    necessary, seek professional advice before they invest in the Warrants.   
                                                                              
    The Issuer acting through its appointed liquidity provider may be the     
    only market participant in the Warrants and the secondary market for      
    the Warrants may be limited. The Issuer has appointed Deutsche            
    Securities Asia Limited (Broker ID Number 9533, Tel: (852) 2203 6116,     
    Address: 55/F, Cheung Kong Center, 2 Queen's Road Central, Hong Kong)     
    as its liquidity provider. The liquidity provider will provide            
    liquidity by responding to requests for bid and offer quotes. A quote     
    may be obtained by calling the above telephone number.                    
                                                                              
    In the secondary market, the Issuer or any of its affiliates may from     
    time to time implement promotion programmes with a selected number of     
    brokers or banks within a selected period of time. Under such             
    programmes, retail investors may be offered a partial or total            
    commission rebate or other forms of incentives in connection with         
    certain warrants issued by the Issuer.                                    
                                                                              
    Hong Kong, 17th January, 2005