10:17     <04772>, <04773>, <04774> & <04776> - 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) Call Warrants 2005              
    relating to existing issued ordinary shares of HK$0.50 each of            
    Cheung Kong (Holdings) Limited                                            
    ("Series A")                                                              
                                                                              
    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 B")                                                              
                                                                              
    200,000,000 European Style (Cash Settled) Call Warrants 2005              
    relating to existing issued ordinary shares of HK$0.25 each of            
    Hutchison Whampoa Limited                                                 
    ("Series C")                                                              
                                                                              
    200,000,000 European Style (Cash Settled) Put Warrants 2005               
    relating to existing issued ordinary shares of HK$0.50 each of            
    Cheung Kong (Holdings) Limited                                            
    ("Series D")                                                              
                                                                              
    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  Cheung Kong (Holdings)  Call   10 Warrants    HK$0.50           
              Limited                                                         
                                                                              
    Series B  HSBC Holdings plc       Call   10 Warrants    US$0.50           
                                                                              
    Series C  Hutchison Whampoa       Call   10 Warrants    HK$0.25           
              Limited                                                         
                                                                              
    Series D  Cheung Kong (Holdings)  Put    10 Warrants    HK$0.50           
              Limited                                                         
                                                                              
                                        Trading   Exercise                    
    Issue Price  Expiry Date         Board Lots      Price                    
                                                                              
        HK$0.45  24th October, 2005      10,000   HK$68.00                    
                                                                              
        HK$0.54  17th October, 2005       4,000  HK$123.00                    
                                                                              
        HK$0.44  31st October, 2005      10,000   HK$65.00                    
                                                                              
        HK$0.42  10th October, 2005      10,000   HK$67.00                    
                                                                              
    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. 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 the Series A Warrants, the Series B Warrants and the        
    Series C Warrants, the Cash Settlement Amount is equal to (1) the         
    Entitlement (as defined in the terms and conditions of the Series A       
    Warrants, the Series B Warrants or the Series C Warrants (as              
    applicable)) (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 Series A Warrants, the Series B Warrants or