09:45     <03978><03979>&<03982> - 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.                                                             
                                                                              
    200,000,000 European Style (Cash Settled) Index Call Warrants 2005        
    relating to the Hang Seng China Enterprises Index                         
    ("Series A")                                                              
                                                                              
    400,000,000 European Style (Cash Settled) Index Put Warrants 2005         
    relating to the Hang Seng Index                                           
    ("Series B")                                                              
                                                                              
    200,000,000 European Style (Cash Settled) Index Put Warrants 2005         
    relating to the Hang Seng China Enterprises Index                         
    ("Series C")                                                              
                                                                              
    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 Index             Put            Amount Issue Price              
                                                                              
    Series A Hang Seng China   Call  10,000 Warrants    HK$0.250              
             Enterprises Index                                                
                                                                              
    Series B Hang Seng Index   Put   10,000 Warrants    HK$0.255              
                                                                              
    Series C Hang Seng China   Put   10,000 Warrants    HK$0.250              
             Enterprises Index                                                
                                                                              
                            Trading                                           
    Expiry Date          Board Lots Strike Level  Divisor                     
                                                                              
    29th September, 2005     10,000        4,800    1,900                     
                                                                              
    29th September, 2005     10,000       13,800    4,000                     
                                                                              
    29th September, 2005     10,000        5,100    1,900                     
                                                                              
    The Warrants are European style and may only be exercised on the          
    relevant Expiry Date. The Warrants are in global registered form and      
    exercisable only in the trading board lots specified above. In respect    
    of the Series A Warrants and the Series C Warrants, every 1,900           
    Warrants of each such series relate to one unit of the relevant Index     
    specified above. In respect of the Series B Warrants, every 4,000         
    Warrants of such series relate to one unit of the Index 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, 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).                                                                
                                                                              
    In respect of the Series B and the Series C Warrants, the Cash            
    Settlement Amount is equal to the Strike Level less the arithmetic mean   
    of the quotations of the relevant 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 B Warrants or the Series C Warrants (as          
    applicable)).                                                             
                                                                              
    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.