10:53     <04790>, <04791>, <04792> & <04793> - 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.                                                             
                                                                              
    100,000,000 European Style (Cash Settled) Call Warrants 2005              
    relating to existing issued ordinary H shares of RMB1.00 each of          
    China Telecom Corporation Limited                                         
    ("Series A")                                                              
                                                                              
    100,000,000 European Style (Cash Settled) Call Warrants 2005              
    relating to existing issued ordinary shares of HK$0.10 each of            
    Esprit Holdings Limited                                                   
    ("Series B")                                                              
                                                                              
    100,000,000 European Style (Cash Settled) Call Warrants 2005              
    relating to existing issued ordinary shares of HK$0.025 each of           
    Lenovo Group Limited                                                      
    ("Series C")                                                              
                                                                              
    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 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   China Telecom            Call         1 Warrant       RMB1.00  
                 Corporation Limited                                          
                                                                              
    Series B   Esprit Holdings Limited  Call       10 Warrants       HK$0.10  
                                                                              
    Series C   Lenovo Group Limited     Call         1 Warrant      HK$0.025  
                                                                              
    Series D   Sun Hung Kai             Call       10 Warrants       HK$0.50  
                 Properties Limited                                           
                                                                              
                                             Trading         Exercise         
    Issue Price            Expiry Date    Board Lots            Price         
                                                                              
        HK$0.29    21st November, 2005         2,000          HK$2.70         
                                                                              
        HK$0.66     5th December, 2005         5,000         HK$54.00         
                                                                              
        HK$0.37     7th November, 2005         2,000          HK$2.65         
                                                                              
        HK$0.60     17th October, 2005        10,000         HK$69.00         
                                                                              
    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, the Series    
    C Warrants and the Series D 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, the Series C Warrants or    
    the Series D 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, the Series C Warrants or the