10:42     AA-CLIFE@EC0511<04848> & AA-HSBC @EC0512<04849> - Ann. (2)          

    Other than the Issuer being a licensed bank regulated by the Hong Kong    
    Monetary Authority, the Issuer is not regulated by any of the bodies      
    referred to in Rule 15A.13(2) or (3) of the Rules. The Issuer is also     
    regulated by the Dutch Central Bank (De Nederlandsche Bank N.V.).         
                                                                              
    The implied volatility, gearing, effective gearing and premium in respect 
    of each series of the Warrants are detailed below. These values may not be
    comparable to similar information provided by other issuers of derivative 
    warrants as each issuer may use different pricing models.                 
                                                                              
    Warrants  Implied Volatility    Effective Gearing       Gearing Premium   
    Series 1        12.80%  13.87x  30.75x  3.97%                             
    Series 2        28.00%  6.84x   13.70x  10.90%                            
                                                                              
    The Warrants will constitute general unsecured contractual obligations of 
    the Issuer and of no other person. Investors are relying upon the         
    creditworthiness of the Issuer and have no rights under the Warrants      
    against any Company.                                                      
                                                                              
    As at the date of this announcement, the Issuer's senior long term debt   
    ratings are Aa3 by Moody's Investors Service, Inc. and AA- by Standard and
    Poor's Ratings Group.                                                     
                                                                              
    The Issuer has undertaken to make documents containing details of the     
    Warrants and financial and other information on the Issuer available for  
    inspection by holders of the Warrants. The documents available for        
    inspection during the period in which any structured products issued by   
    the Issuer are listed on the Stock Exchange are copies of the Base Listing
    Document (in both the English version and the Chinese translation) and any
    addenda or successor document to the Base Listing Document (each in both  
    the English version and the Chinese translation) and the latest publicly  
    available annual report and interim report (if any) of the Issuer. The    
    Supplemental Listing Document in respect of each series of the Warrants to
    be dated on or about 27 April 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   
    the Hong Kong Branch of the Issuer, which is presently at 38th Floor,     
    Cheung Kong Centre, 2 Queen's Road Central, Hong Kong.                    
                                                                              
    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 carefully study the risk factors
    set out in the Base Listing Document (as supplemented by any addenda or   
    successor document) and the relevant Supplemental Listing Document and    
    fully understand the potential risks and rewards and independently        
    determine whether the Warrants are appropriate for them given their       
    objectives, experience, financial and operational resources, and other    
    relevant circumstances. Prospective purchasers should consult with such   
    advisers as they deem necessary to assist them in making these            
    determinations.                                                           
                                                                              
    The Issuer has appointed ABN AMRO Asia Limited (Address: 40th Floor,      
    Cheung Kong Center, 2 Queen's Road Central, Hong Kong; Telephone Number:  
    +852 2700 5800; Broker ID Number: 9603) as its liquidity provider for the 
    Warrants who will respond to requests for bid and offer quotes for the    
    purpose of making a market in the Warrants. The Issuer or its appointed   
    liquidity provider may be the only market participant for the Warrants    
    therefore the secondary market for the Warrants may be limited.           
                                                                              
    The Issuer may, from time to time give a commission (whether in the form  
    of a discount, rebate or otherwise) to certain brokers and/or any of its  
    affiliates for placing the Warrants.                                      
                                                                              
                                                                              
    Hong Kong, 22 April 2005