09:41     <04824>, <04825> & <04826> - 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) Put Warrants 2005               
    relating to existing issued ordinary shares of US$0.50 each of            
    HSBC Holdings plc                                                         
    ("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) Put Warrants 2005               
    relating to existing issued ordinary shares of US$0.50 each of            
    HSBC Holdings plc                                                         
    ("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 Company           Put       Amount Par Value Issue Price         
                                                                              
    Series A HSBC Holdings plc Put  10 Warrants   US$0.50     HK$0.41         
                                                                              
    Series B HSBC Holdings plc Call 10 Warrants   US$0.50    HK$0.435         
                                                                              
    Series C HSBC Holdings plc Put  10 Warrants   US$0.50     HK$0.35         
                                                                              
                           Trading  Exercise                                  
    Expiry Date         Board Lots     Price                                  
                                                                              
    28th October, 2005       4,000 HK$124.00                                  
                                                                              
    29th November, 2005      4,000 HK$125.00                                  
                                                                              
    29th December, 2005      4,000 HK$120.00                                  
                                                                              
    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 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 or the Series C Warrants    
    (as applicable)) (subject to adjustment) multiplied by (i) the Exercise   
    Price (subject to adjustment) less (ii) 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 or the Series C Warrants (as          
    applicable)) immediately preceding the Expiry Date; less (2) the          
    Exercise Expenses (as defined in the terms and conditions of the Series   
    A Warrants or the Series C Warrants (as applicable)).                     
                                                                              
    In respect of the Series B Warrants, the Cash Settlement Amount is        
    equal to (1) the Entitlement (as defined in the terms and conditions of   
    the Series B Warrants) (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 B Warrants)) immediately        
    preceding the Expiry Date less (ii) the Exercise Price (subject to        
    adjustment); less (2) the Exercise Expenses (as defined in the terms      
    and conditions of the Series B Warrants).