10:50     DB-HSCEI@EC0503<04465> & DB-HSCEI@EP0503<04469> - 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                               4465                     4469    
    Index                               Hang Seng                Hang Seng    
                          China Enterprises Index  China Enterprises Index    
    Type                                     Call                      Put    
    Issue Size                        400,000,000              400,000,000    
    Expiry Date                  30th March, 2005         30th March, 2005    
    Strike Level                            4,300                    4,200    
    Divisor                                 3,000                    2,500    
    Board Lots                    10,000 Warrants          10,000 Warrants    
    Exercise Amount               10,000 Warrants          10,000 Warrants    
    Expected Last Trading Day    22nd March, 2005         22nd March, 2005    
    Closing price per Warrant as                                              
      of 15th March, 2005                HK$0.204                 HK$0.012    
    Closing level of the Index as                                             
      of 15th March, 2005                4,920.25                 4,920.25    
                                                                              
    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 4465, the Cash Settlement Amount is equal to     
    the arithmetic mean of the quotations of the Index taken at five minute   
    intervals on the relevant Expiry Date, rounded down to the nearest        
    whole number, less the relevant Strike Level, multiplied by HK$1.00,      
    further multiplied by 10,000 and divided by the relevant Divisor, less    
    the Exercise Expenses (as defined in the terms and conditions of Stock    
    Code 4465).                                                               
                                                                              
    In respect of Stock Code 4469, the Cash Settlement Amount is equal to     
    the relevant Strike Level less the arithmetic mean of the quotations of   
    the Index taken at five minute intervals on the relevant Expiry Date,     
    rounded down to the nearest whole number, multiplied by HK$1.00,          
    further multiplied by 10,000 and divided by the relevant Divisor, less    
    the Exercise Expenses (as defined in the terms and conditions of Stock    
    Code 4469).                                                               
                                                                              
    If, on the relevant Expiry Date, the relevant Cash Settlement Amount is   
    greater than zero, the relevant 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. If the relevant Cash     
    Settlement Amount is less than or equal to zero, a holder of the          
    relevant Warrants will lose the value of his investment in such           
    Warrants.                                                                 
                                                                              
    The relevant Cash Settlement Amount (if any) shall be despatched no       
    later than three Business Days following the relevant Expiry Date, by     
    way of cheque, drawn in favour of the Warrantholder (or in the case of    
    joint Warrantholders, the first-named Warrantholder) appearing in the     
    register kept by the Registrar (as defined below).                        
                                                                              
    The Issuer has made the following arrangements regarding dealings in      
    and transfers and exercise of the Warrants:-                              
                                                                              
    1.   In order to facilitate the transfer and exercise of Warrants by      
    holders of Warrants who have not registered such Warrants in their own    
    names, the following arrangements have been made with Computershare       
    Hong Kong Investor Services Limited (the "Registrar"). Holders of         
    Warrants who have not registered such Warrants in their names and wish