09:08     DB-HSBC @EC0508<03852> & DB-SHK P@EC0508<03853> - Ann (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.                                                             
                                                                              
    200,000,000 European Style (Cash Settled) Call Warrants 2005              
    relating to existing issued ordinary shares of US$0.50 each of            
    HSBC Holdings plc                                                         
    ("Series A")                                                              
                                                                              
    200,000,000 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 B")                                                              
                                                                              
    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                              
    Warrants Company            Put       Amount Par Value                    
                                                                              
    Series A HSBC Holdings plc  Call 10 Warrants   US$0.50                    
                                                                              
    Series B Sun Hung Kai       Call 10 Warrants   HK$0.50                    
             Properties Limited                                               
                                                                              
                                    Trading  Exercise                         
    Issue Price      Expiry Date Board Lots     Price                         
                                                                              
        HK$0.59 8th August, 2005      4,000 HK$127.00                         
                                                                              
        HK$0.43 8th August, 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. Every         
    Exercise Amount of each such series relate to one existing issued         
    ordinary share of the relevant par value (the "Shares") of the relevant   
    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 each series, the Cash Settlement Amount is equal to (1)     
    the Entitlement (as defined in the terms and conditions of the relevant   
    series) (subject to adjustment) multiplied by (i) 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 relevant series)) immediately preceding the Expiry      
    Date less (ii) the Exercise Price (subject to adjustment); less (2) the   
    Exercise Expenses (as defined in the terms and conditions of the          
    relevant series).                                                         
                                                                              
    If, on the relevant 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 relevant 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         Effective                               
    Warrants       Volatility Gearing   Gearing         Premium               
                                                                              
    Series A  14.85 per cent.  21.78X    10.89X  3.42 per cent.               
    Series B  24.65 per cent.  16.69X     7.01X  6.34 per cent.               
                                                                              
    The Warrants will constitute general unsecured contractual obligations