09:25 <03795>, <03796>, <03797> & <03799> - Announcement (1) This announcement appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Warrants described below. 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. 400,000,000 European Style (Cash Settled) Index Call Warrants 2005 relating to the Hang Seng Index ("Series A") 400,000,000 European Style (Cash Settled) Index Call Warrants 2005 relating to the Hang Seng Index ("Series B") 400,000,000 European Style (Cash Settled) Index Put Warrants 2005 relating to the Hang Seng Index ("Series C") 250,000,000 European Style (Cash Settled) Call Warrants 2005 relating to existing issued ordinary shares of HK$0.50 each of Sun Hung Kai Properties Limited ("Series D") issued by DEUTSCHE BANK AG (incorporated under the laws of Federal Republic of Germany) acting through its London Branch Deutsche Bank AG (the "Issuer") acting through its London Branch announces its intention to issue the series of Warrants detailed below (the "Warrants"). Call/ Exercise Par Warrants Index/Company Put Amount Value Issue Price Series A Hang Seng Index Call 10,000 Warrants - HK$0.250 Series B Hang Seng Index Call 10,000 Warrants - HK$0.255 Series C Hang Seng Index Put 10,000 Warrants - HK$0.250 Series D Sun Hung Kai Call 10 Warrants HK$0.50 HK$0.485 Properties Limited Trading Strike Level/ Expiry Date Board Lots Exercise Price Divisor 28th July, 2005 10,000 13,800 3,700 28th July, 2005 10,000 13,400 4,300 28th July, 2005 10,000 13,400 4,500 25th July, 2005 10,000 HK$72.00 - The Warrants are European style and may only be exercised on the relevant Expiry Date. The Warrants are in registered form and exercisable only in the trading board lots specified above. In respect of the Series A Warrants, every 3,700 Warrants of such series relate to one unit of the Index specified above. In respect of the Series B Warrants, every 4,300 Warrants of such series relate to one unit of the Index specified above. In respect of the Series C Warrants, every 4,500 Warrants of such series relate to one unit of the Index specified above. In respect of the Series D Warrants, every Exercise Amount of such series relate to one existing issued ordinary share of the par value (the "Shares") of the Company specified above. In respect of each series, every Exercise Amount will entitle the holder on exercise thereof 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 the Series A Warrants and the Series B Warrants, the Cash Settlement Amount is equal to the arithmetic mean of the quotations of the Index taken at five minute intervals on the Expiry Date, rounded down to the nearest whole number, less the Strike Level, multiplied by HK$1.00, further multiplied by 10,000 and divided by the Divisor, less the Exercise Expenses (as defined in the terms and conditions of the Series A Warrants or the Series B Warrants (as applicable)). In respect of the Series C Warrants, the Cash Settlement Amount is equal to the Strike Level less the arithmetic mean of the quotations of the Index taken at five minute intervals on the Expiry Date, rounded down to the nearest whole number, multiplied by HK$1.00, further multiplied by 10,000 and divided by the Divisor, less the Exercise Expenses (as defined in the terms and conditions of the Series C