10:02     <04886>, <04887>, <04888>, <04889> & <04890> - Ann. (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 HK$0.25 each of            
    Hutchison Whampoa Limited                                                 
    ("Series A")                                                              
                                                                              
    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 B")                                                              
                                                                              
    200,000,000 European Style (Cash Settled) Call Warrants 2005-2006         
    relating to existing issued ordinary shares of HK$0.25 each of            
    Hutchison Whampoa 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")                                                              
                                                                              
    200,000,000 European Style (Cash Settled) Call Warrants 2005-2006         
    relating to existing issued ordinary shares of HK$0.50 each of            
    Sun Hung Kai Properties Limited                                           
    ("Series E")                                                              
                                                                              
    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  Hutchison Whampoa      Put    10 Warrants    HK$0.25            
                Limited                                                       
                                                                              
    Series B  Hutchison Whampoa      Call   10 Warrants    HK$0.25            
                Limited                                                       
                                                                              
    Series C  Hutchison Whampoa      Call   10 Warrants    HK$0.25            
                Limited                                                       
                                                                              
    Series D  Sun Hung Kai           Call   10 Warrants    HK$0.50            
                Properties Limited                                            
                                                                              
    Series E  Sun Hung Kai           Call   10 Warrants    HK$0.50            
                Properties Limited                                            
                                                                              
                                                      Trading  Exercise       
      Par Value  Issue Price  Expiry Date          Board Lots     Price       
                                                                              
        HK$0.25      HK$0.40  30th November, 2005      10,000  HK$68.00       
                                                                              
        HK$0.25      HK$0.25  28th December, 2005      10,000  HK$77.80       
                                                                              
        HK$0.25      HK$0.30  16th January, 2006       10,000  HK$73.80       
                                                                              
        HK$0.50     HK$0.409  1st December, 2005       10,000  HK$76.00       
                                                                              
        HK$0.50     HK$0.339  1st February, 2006       10,000  HK$80.00       
                                                                              
    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