09:44     <04585> & <04583> - 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  4585  4583                                                    
                                                                              
    Company   HSBC Holdings plc  Cheung Kong                                  
        (Holdings) Limited                                                    
                                                                              
    Shares  Existing issued   Existing issued                                 
      ordinary shares of    ordinary shares of                                
      US$0.50 each  HK$0.50 each                                              
      of the Company  of the Company                                          
                                                                              
    Type  Call  Put                                                           
                                                                              
    Issue Size                            250,000,000          250,000,000    
                                                                              
    Maturity Date                       2nd May, 2005        2nd May, 2005    
                                                                              
    Expiry Date                      29th April, 2005     29th April, 2005    
                                  (being the Business  (being the Business    
                                      Day immediately      Day immediately    
                                        preceding the        preceding the    
                                       Maturity Date)       Maturity Date)    
                                                                              
    Exercise Price                          HK$130.00             HK$66.00    
                                                                              
    Board Lots                         4,000 Warrants      10,000 Warrants    
                                                                              
    Exercise Amount                       10 Warrants          10 Warrants    
                                                                              
    Expected Last Trading Day        25th April, 2005     25th April, 2005    
                                                                              
    Closing price per Warrant as of                                           
      18th April, 2005                       HK$0.010             HK$0.010    
                                                                              
    Closing price per Share as of                                             
      18th April, 2005                      HK$122.50             HK$70.50    
                                                                              
    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 4585, the Cash Settlement Amount is equal to     
    (1) the Entitlement (as defined in the terms and conditions of Stock      
    Code 4585) (subject to adjustment) multiplied by (i) the arithmetic       
    mean of the closing price of the relevant 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 4585)) immediately preceding    
    the Expiry Date less (ii) the relevant Exercise Price (subject to         
    adjustment); less (2) the Exercise Expenses (as defined in the terms      
    and conditions of Stock Code 4585).                                       
                                                                              
    In respect of Stock Code 4583, the Cash Settlement Amount is equal to     
    (1) the Entitlement (as defined in the terms and conditions of Stock      
    Code 4583) (subject to adjustment) multiplied by (i) the relevant         
    Exercise Price (subject to adjustment) less (ii) the arithmetic mean of   
    the closing price of the relevant 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 4583)) immediately preceding the