09:16     CA-PINAN@EC0605<03839> - Announcement (2)                           

    Issuer and Guarantor 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 29th July, 2004    
    (both the English version and the Chinese translation), an addendum to    
    the Base Listing Document dated 5th January, 2005 (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 and the           
    Guarantor. The Supplemental Listing Document to be dated 26th 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 Computershare Hong Kong         
    Investor Services Limited, which is presently at Shops 1712-1716, 17/F    
    Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong. Information   
    on the Guarantor can also be found on the website of the group of         
    companies to which the Issuer and Guarantor belongs, which is             
    www.calyon.com.                                                           
                                                                              
    Before purchasing the Warrants you should ensure that you fully           
    understand the potential risks and rewards and independently determine    
    that it is 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 and the Supplemental         
    Listing Document, and, where necessary, seek professional advice,         
    before they invest in the Warrants.                                       
                                                                              
    The Issuer and its appointed liquidity provider may be the only           
    purchasers of the Warrants and the secondary market for the Warrants      
    may be limited. The Issuer has appointed Tai Fook Securities Co. Ltd.     
    (Broker ID Number 9605) (Tel: (852) 2801 2450; Address: 24-26/F, New      
    World Tower I, 16-18 Queen's Road Central, Hong Kong) as the liquidity    
    provider for the Warrants. The Liquidity Provider will provide            
    liquidity by responding to requests for bid and offer quotes. A quote     
    may be obtained by calling the telephone number of the Liquidity          
    Provider.                                                                 
                                                                              
    The Issuer will have brokerage services agreements in place with          
    certain brokers. Under such agreements, the Issuer agrees to rebate       
    commissions to investors in the Warrants through such brokers.            
                                                                              
    21st January, 2005