10:12     DS-PETCH@EC0501<02163>&DS-SHK P@EC0501<09030>-Announcement-1        

    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                                                                        
    100,000,000 European Style (Cash Settled) Call Warrants 2004-2005         
    relating to existing issued ordinary H shares of                          
    RMB1.00 each of PetroChina Company Limited                                
    (Stock Code: 2163)                                                        
                                                                              
    100,000,000 European Style (Cash Settled) Call Warrants 2004-2005         
    relating to existing issued ordinary shares of                            
    HK$0.50 each of Sun Hung Kai Properties Limited                           
    (Stock Code: 9030)                                                        
    (together, the `Warrants')                                                
                                                                              
    issued by                                                                 
    DBS Bank Ltd                                                              
    (incorporated with limited liability in the Republic of Singapore)        
                                                                              
    DBS Bank Ltd (the `Issuer') would like to remind holders of the           
    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 28th January, 2005 (subject to             
    adjustment) (the `Expiry Date'). The Warrants are European Style and      
    exercisable only on the Expiry Date.                                      
                                                                              
    In respect of Stock Code 2163, every Warrant gives each                   
    Warrantholder the right to payment (if any) of an amount in Hong Kong     
    dollars calculated by the Issuer (the `Cash Settlement Amount'). In       
    respect of Stock Code 9030, every ten Warrants give each                  
    Warrantholder the right to payment (if any) of the Cash Settlement        
    Amount.                                                                   
                                                                              
    In respect of Stock Code 2163, the Cash Settlement Amount is equal        
    to (1) the Entitlement (as defined in the Conditions) (subject to         
    adjustment) mulitplied by (i) the arithmetic mean of the closing          
    price of one ordinary H share of PetroChina Company Limited (as           
    derived from the Daily Quotation Sheet of the Stock Exchange (subject     
    to any adjustment)) for each Valuation Date (being each of the five       
    Business Days immediately preceding the Expiry Date) less (ii) the        
    Exercise Price (as defined below) less (2) the Exercise Expenses (as      
    defined in the Conditions).                                               
                                                                              
    In respect of Stock Code 9030, the Cash Settlement Amount is equal        
    to (1) the Entitlement (as defined in the Conditions) (subject to         
    adjustment) mulitplied by (i) the arithmetic mean of the closing          
    price of one ordinary share of Sun Hung Kai Properties Limited (as        
    derived from the Daily Quotation Sheet of the Stock Exchange (subject     
    to any adjustment)) for each Valuation Date (being each of the five       
    Business Days immediately preceding the Expiry Date) less (ii) the        
    Exercise Price (as defined below) less (2) the Exercise Expenses (as      
    defined 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) appearing in the register kept by the      
    Registrar (as defined below).                                             
                                                                              
    The Issuer has made the following arrangements regarding dealings in      
    and transfers and exercise of the Warrants:-                              
                                                                              
    1.                                                                        
    The last trading day of the Warrants on the Stock Exchange is             
    expected to be 24th January, 2005.                                        
                                                                              
    2.                                                                        
    In order to facilitate the transfer and exercise of Warrants by           
    holders of Warrants who have not registered such Warrants in their        
    own names, the following arrangements have been made with                 
    Computershare Hong Kong Investor Services Limited (the `Registrar').      
    Holders of Warrants who have not registered such Warrants in their        
    names and wish to exercise the Warrants should lodge with the             
    Registrar at Shops 1712-1716, 17th Floor, Hopewell Centre, 183            
    Queen's Road East, Hong Kong at or before 10:00 a.m. (Hong Kong time)     
    on the Expiry Date the following:-                                        
                                                                              
    (i)                                                                       
    the relevant duly executed instruments of transfer in respect of the      
    Warrants; and                                                             
                                                                              
    (ii)                                                                      
    the relevant certificates for the Warrants.                               
                                                                              
    Such holders of Warrants may need to bear the cost of any expedited       
    registration service.