09:13     DB-HWL @EP0503D<04470> - 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.                                                             
                                                                              
    Further Issue                                                             
    of                                                                        
                                                                              
    250,000,000 European Style (Cash Settled) Put Warrants 2004-2005          
    relating to existing issued ordinary shares of HK$0.25 each of            
    Hutchison Whampoa Limited                                                 
    (Stock Code: 4470)                                                        
                                                                              
    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 further issue the series of Warrants           
    detailed below (the "New Warrants").                                      
                                                                              
                               Call/   Exercise                               
    Company                    Put       Amount  Par Value  Issue Price       
                                                                              
    Hutchison Whampoa Limited  Put  10 Warrants   HK$0.25      HK$0.017       
                                                                              
                         Trading  Exercise                                    
    Expiry Date       Board Lots     Price                                    
                                                                              
    14th March, 2005      10,000  HK$58.00                                    
                                                                              
    The New Warrants will, from their date of issue, be consolidated and      
    form a single series with an existing issue of 250,000,000 European       
    Style (Cash Settled) Put Warrants 2004-2005 (Stock Code: 4470) relating   
    to existing issued ordinary shares of HK$0.25 each of Hutchison Whampoa   
    Limited (the "Original Warrants" together with the New Warrants, the      
    "Warrants"). The closing price of the Original Warrants on 13th           
    January, 2005 was HK$0.016.                                               
                                                                              
    The terms and conditions of the New Warrants are identical in all         
    material respects to the terms and conditions of the Original Warrants.   
                                                                              
    The Warrants are European style and may only be exercised on the Expiry   
    Date. The Warrants are in registered form and exercisable only in the     
    trading board lots specified above. Every Exercise Amount relate to one   
    existing issued ordinary share of the par value (the "Shares") of the     
    Company specified above. 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.                                                      
                                                                              
    The Cash Settlement Amount is equal to (1) the Entitlement (as defined    
    in the terms and conditions of the Warrants) (subject to adjustment)      
    multiplied by (i) the Exercise Price (subject to adjustment) less (ii)    
    the arithmetic mean of the closing price of the 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 the Warrants)) immediately         
    preceding the Expiry Date; less (2) the Exercise Expenses (as defined     
    in the terms and conditions of the Warrants).                             
                                                                              
    If, on the Expiry Date, the Cash Settlement Amount is greater than        
    zero, the Warrants will be automatically exercised (without any notice    
    being given by the holders of the Warrants) and the Issuer will pay to    
    the holders the Cash Settlement Amount calculated as described above.     
                                                                              
    The implied volatility, gearing, effective gearing and premium 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.                             
                                                                              
    Implied Volatility  Gearing  Effective Gearing           Premium          
                                                                              
    29.50 per cent.    413.23X              19.42X   17.68 per cent.          
                                                                              
    The Warrants will constitute general unsecured contractual obligations    
    of the Issuer and no other person. Investors are relying upon the