09:49     <04547>, <04584> & <04588> - 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 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                                            4547                
                                                                              
    Company                                      China Telecom                
                                           Corporation Limited                
                                                                              
    Shares                                     Existing issued                
                                          ordinary H shares of                
                                                  RMB1.00 each                
                                                of the Company                
                                                                              
    Type                                                  Call                
                                                                              
    Issue Size                                     250,000,000                
                                                                              
    Expiry Date                               18th April, 2005                
                                                                              
    Exercise Price                                     HK$2.70                
                                                                              
    Board Lots                                  2,000 Warrants                
                                                                              
    Exercise Amount                                  1 Warrant                
                                                                              
    Expected Last                                                             
      Trading Day                             12th April, 2005                
                                                                              
    Closing price per                                                         
      Warrant as of                                                           
      6th April, 2005                                 HK$0.041                
                                                                              
    Closing price per                                                         
      Share as of                                                             
      6th April, 2005                                 HK$2.725                
                                                                              
                                                                              
      4584  4588                                                              
                                                                              
                 HSBC Holdings plc                 HSBC Holdings plc          
                                                                              
                                                                              
                   Existing issued                   Existing issued          
                ordinary shares of                ordinary shares of          
                      US$0.50 each                      US$0.50 each          
                    of the Company                    of the Company          
                                                                              
                              Call                               Put          
                                                                              
                       250,000,000                       250,000,000          
                                                                              
                  18th April, 2005                  18th April, 2005          
                                                                              
                         HK$126.00                         HK$125.00          
                                                                              
                    4,000 Warrants                    4,000 Warrants          
                                                                              
                       10 Warrants                       10 Warrants          
                                                                              
                  12th April, 2005                  12th April, 2005          
                                                                              
                          HK$0.045                          HK$0.219          
                                                                              
                         HK$123.00                         HK$123.00          
                                                                              
    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).