09:50     DB-HSI  @EC0509<04715> - 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                                           
                                                                              
    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                                    
    Index            Put            Amount  Issue Price                       
                                                                              
    Hang Seng Index  Call  10,000 Warrants      HK$0.25                       
                                                                              
                               Trading  Strike                                
      Expiry Date           Board Lots   Level  Divisor                       
                                                                              
      29th September, 2005      10,000  13,600    3,900                       
                                                                              
    The Warrants are European style and may only be exercised on the Expiry   
    Date. The Warrants are in global registered form and exercisable only     
    in the trading board lots specified above. Every 3,900 Warrants relate    
    to one unit of the Index 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 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 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                    Effective                                      
    Volatility        Gearing    Gearing         Premium                      
                                                                              
    23.40 per cent.    14.17X      7.79X  5.49 per cent.                      
                                                                              
    The Warrants will constitute general unsecured contractual obligations    
    of the Issuer and no other person. Investors are relying upon the         
    creditworthiness of the Issuer and have no rights under the Warrants      
    against the companies constituting the Index or HSI Services Limited      
    (the "Index Compiler").                                                   
                                                                              
    The issue of the Warrants is conditional upon the Stock Exchange          
    granting listing of, and permission to deal in, the Warrants.             
    Application will be made to the Stock Exchange for the listing of, and    
    permission to deal in, the Warrants. The date of commencement of          
    dealings is expected to be 23rd March, 2005.                              
                                                                              
    The Warrants have not been and will not be registered under the U.S.      
    Securities Act of 1933, as amended, and will not be offered, sold,        
    delivered or traded, at any time, indirectly or directly, in the United   
    States or to, or for the account or benefit of, any U.S. person.          
                                                                              
    All necessary arrangements will be made to enable the Warrants to be      
    admitted to the Central Clearing and Settlement System.                   
                                                                              
    Other than being a licensed bank regulated by the Hong Kong Monetary