09:25     DB-HSBC @EC0502<02271> & DB-HSBC @EP0502<02275> - Ann. (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 Warrants                                              
                                                                              
    issued by                                                                 
    DEUTSCHE BANK AG                                                          
    (incorporated under the laws of the Federal Republic of Germany)          
    acting through its London Branch                                          
                                                                              
    This Notice of Expiry relates to the following warrants (together, the    
    "Warrants"):                                                              
                                                                              
    Stock Code                               2271                     2275    
    Company                     HSBC Holdings plc        HSBC Holdings plc    
    Shares               Existing issued ordinary Existing issued ordinary    
                                shares of US$0.50        shares of US$0.50    
                              each of the Company      each of the Company    
    Type                                     Call                      Put    
    Issue Size                        150,000,000              150,000,000    
    Expiry Date               25th February, 2005      25th February, 2005    
    Exercise Price                      HK$118.00                HK$115.00    
    Board Lots                     4,000 Warrants           4,000 Warrants    
    Exercise Amount                   10 Warrants              10 Warrants    
    Expected Last Trading Day 21st February, 2005      21st February, 2005    
    Closing price per Warrant as                                              
      of 14th February, 2005                  N/A                  HK$0.01    
    Closing price per Share                                                   
      as of 14th February, 2005         HK$132.50                HK$132.50    
                                                                              
    Deutsche Bank AG (the "Issuer") acting through its London Branch 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 the relevant   
    Expiry Date (subject to adjustment).                                      
                                                                              
    The Warrants are European Style and exercisable only on the relevant      
    Expiry Date. In respect of each series, every Exercise Amount will        
    entitle the holder to receive from the Issuer a payment of an amount in   
    Hong Kong dollars calculated by the Issuer (the "Cash Settlement          
    Amount") as follows.                                                      
                                                                              
    In respect of Stock Code 2271, the Cash Settlement Amount is equal to     
    (1) the Entitlement (as defined in the terms and conditions of Stock      
    Code 2271) (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 Stock Code 2271)) 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      
    Stock Code 2271).                                                         
                                                                              
    In respect of Stock Code 2275, the Cash Settlement Amount is equal to     
    (1) the Entitlement (as defined in the terms and conditions of Stock      
    Code 2275) (subject to adjustment) multiplied by (i) the Exercise Price   
    (subject to adjustment) less (ii) 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 Stock Code 2275)) immediately preceding the Expiry Date; less (2)      
    the Exercise Expenses (as defined in the terms and conditions of Stock    
    Code 2275).                                                               
                                                                              
    If, on the relevant Expiry Date, the relevant Cash Settlement Amount is   
    greater than zero, the relevant 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. If the relevant Cash     
    Settlement Amount is less than or equal to zero, a holder of the          
    relevant Warrants will lose the value of his investment in such           
    Warrants.                                                                 
                                                                              
    The relevant Cash Settlement Amount (if any) shall be despatched no       
    later than three Business Days following the relevant 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