09:29     DB-SHK P@EC0506<03585> & DB-HSBC @EP0506<03536> - 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                         3585                         3536      
                                                                              
    Company                    Sun Hung Kai            HSBC Holdings plc      
                         Properties Limited                                   
                                                                              
    Shares                  Existing issued              Existing issued      
                         ordinary shares of           ordinary shares of      
                               HK$0.50 each                 US$0.50 each      
                             of the Company               of the Company      
                                                                              
    Type                               Call                          Put      
                                                                              
    Issue Size                  250,000,000                  400,000,000      
                                                                              
    Expiry Date              6th June, 2005               6th June, 2005      
                                                                              
    Exercise Price                 HK$81.00                    HK$135.00      
                                                                              
    Board Lots              10,000 Warrants               4,000 Warrants      
                                                                              
    Exercise Amount             10 Warrants                  10 Warrants      
                                                                              
    Expected Last                                                             
      Trading Day            31st May, 2005               31st May, 2005      
                                                                              
    Closing price per                                                         
      Warrant as of                                                           
      24th May, 2005                HK$0.01                      HK$1.15      
                                                                              
    Closing price per                                                         
      Share as of                                                             
      24th May, 2005               HK$73.50                    HK$124.00      
                                                                              
    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).                                      
                                                                              
    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 3585, the Cash Settlement Amount is equal to     
    (1) the Entitlement (as defined in the terms and conditions of Stock      
    Code 3585) (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 3585)) 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 3585).                                       
                                                                              
    In respect of Stock Code 3536, the Cash Settlement Amount is equal to     
    (1) the Entitlement (as defined in the terms and conditions of Stock      
    Code 3536) (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 3536)) immediately preceding the       
    Expiry Date; less (2) the Exercise Expenses (as defined in the terms      
    and conditions of Stock Code 3536).