09:56     CA-HWL  @EC0508<03916> - Announcement (2)                           

    The Issuer and the Guarantor have undertaken to make documents            
    containing details of the Warrants and financial and other information    
    on the Issuer and the 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 23rd         
    February, 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 the Guarantor belongs, which   
    is www.calyon.com.                                                        
                                                                              
    Before purchasing the Warrants investors should ensure that they fully    
    understand the potential risks and rewards and independently determine    
    that it is appropriate for them given their objectives, experience,       
    financial and operational resources, and other relevant circumstances.    
    They should consult with such advisers as they deem necessary to assist   
    them 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 Kingston Securities Limited      
    (Broker ID Number 9607) (Tel: (852) 2298 6359; Address: 2801, One         
    International Finance Centre, 1 Harbour View Street, 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.            
                                                                              
                                                                              
    18th February, 2005