09:43     DB-HSI  @EP0507<03799> - 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.                                                             
                                                                              
    Further Issue                                                             
    of                                                                        
                                                                              
    400,000,000 European Style (Cash Settled) Index Put Warrants 2005         
    relating to the Hang Seng Index                                           
    (Stock Code: 3799)                                                        
                                                                              
    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 further issue the series of Warrants           
    detailed below (the "New Warrants").                                      
                                                                              
                    Call/      Exercise                                       
    Index           Put          Amount Issue Price     Expiry Date           
                                                                              
    Hang Seng Index Put 10,000 Warrants    HK$0.055 28th July, 2005           
                                                                              
       Trading  Strike                                                        
    Board Lots   Level Divisor                                                
                                                                              
        10,000  13,400   4,500                                                
                                                                              
    The New Warrants will, from their date of issue, be consolidated and      
    form a single series with an existing issue of 400,000,000 European       
    Style (Cash Settled) Index Put Warrants 2005 (Stock Code: 3799)           
    relating to the Hang Seng Index (the "Original Warrants", together with   
    the New Warrants, the "Warrants"). The closing price of the Original      
    Warrants on 3rd May, 2005 was HK$0.055.                                   
                                                                              
    The terms and conditions of the New Warrants are identical in all         
    material respects to the terms and conditions of the Original Warrants.   
                                                                              
    The Warrants are European style and may only be exercised on the Expiry   
    Date. The Warrants are in registered form and exercisable only in the     
    trading board lots specified above. Every 4,500 Warrants relate to one    
    unit of the Index specified above. 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.                                           
                                                                              
    The Cash Settlement Amount is equal to the Strike Level less the          
    arithmetic mean of the quotations of the Index taken at five minute       
    intervals on the Expiry Date, rounded down to the nearest whole number,   
    multiplied by HK$1.00, further multiplied by 10,000 and divided by the    
    Divisor, less the Exercise Expenses (as defined in the terms and          
    conditions of the Warrants).                                              
                                                                              
    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.     
                                                                              
    The implied volatility, gearing, effective gearing and premium of the     
    Warrants are detailed below. These values may not be comparable to        
    similar information provided by other issuers of derivative warrants as   
    each issuer may use different pricing models.                             
                                                                              
    Implied Volatility  Gearing Effective Gearing        Premium              
                                                                              
        15.86 per cent.  56.14X            18.70X  5.34 per cent.             
                                                                              
    The Warrants will constitute general unsecured contractual obligations    
    of the Issuer and no other person. Investors are relying upon the         
    creditworthiness of the Issuer and have no rights under the Warrants      
    against the companies constituting the Index or HSI Services Limited      
    (the "Index Compiler").                                                   
                                                                              
    The issue of the New Warrants is conditional upon the Stock Exchange      
    granting listing of, and permission to deal in, the New Warrants.         
    Application will be made to the Stock Exchange for the listing of, and    
    permission to deal in, the New Warrants. The date of commencement of      
    dealings is expected to be 10th May, 2005.