09:20     DB-CLIFE@EC0505<04607> - Announcement                               

    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 (the              
    "Warrants"):                                                              
                                                                              
    Stock Code                                                          4607  
    Company                             China Life Insurance Company Limited  
    Shares                              Existing issued ordinary H shares of  
                                                 RMB1.00 each of the Company  
    Type                                                                Call  
    Issue Size                                                   250,000,000  
    Expiry Date                                                9th May, 2005  
    Exercise Price                                                   HK$6.00  
    Board Lots                                                1,000 Warrants  
    Exercise Amount                                                1 Warrant  
    Expected Last Trading Day                                  3rd May, 2005  
    Closing price per Warrant as of 26th April, 2005                 HK$0.01  
    Closing price per Share as of 26th April, 2005                   HK$5.30  
                                                                              
    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 Expiry     
    Date (subject to adjustment).                                             
                                                                              
    The Warrants are European Style and exercisable only on the Expiry        
    Date. 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.                         
                                                                              
    The Cash Settlement Amount is equal to (1) the Entitlement (as defined    
    in the terms and conditions of Stock Code 4607) (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 Stock   
    Code 4607)) 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 Stock Code 4607).              
                                                                              
    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.     
    If the Cash Settlement Amount is less than or equal to zero, a holder     
    of the Warrants will lose the value of his investment in such Warrants.   
                                                                              
    The Cash Settlement Amount (if any) shall be despatched no later than     
    three Business Days following the 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 to exercise the Warrants should lodge with the        
         Registrar at Rooms 1712-1716, 17th Floor, Hopewell Centre, 183       
         Queen's Road East, Hong Kong at or before 10:00 a.m. (Hong Kong time)
         on the Expiry Date the following:-                                   
                                                                              
         (i)    the relevant duly executed instruments of transfer in respect 
                of the Warrants; and                                          
                                                                              
         (ii)   the relevant certificates for the Warrants.                   
                                                                              
         Such holders of Warrants may need to bear the cost of any expedited  
          registration service.                                               
                                                                              
    2.   Application will be made for the listing of the Warrants on the      
         Stock Exchange to be withdrawn with effect from the close of business
         on the Expiry Date.                                                  
                                                                              
    Hong Kong, 27th April, 2005