09:27     DB-C MOB@EP0507<03655> - 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                                                                        
                                                                              
    250,000,000 European Style (Cash Settled) Put Warrants 2004-2005          
    relating to existing issued ordinary shares of HK$0.10 each of            
    China Mobile (Hong Kong) Limited                                          
    (Stock Code: 3655)                                                        
                                                                              
    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      Par                                
    Company        Put         Amount    Value                                
                                                                              
    China Mobile   Put    10 Warrants  HK$0.10                                
      (Hong Kong)                                                             
      Limited                                                                 
                                                                              
                                      Trading  Exercise                       
      Issue Price     Expiry Date  Board Lots     Price                       
                                                                              
          HK$0.09  4th July, 2005       5,000  HK$26.50                       
                                                                              
    The New Warrants will, from their date of issue, be consolidated and      
    form a single series with an existing issue of 250,000,000 European       
    Style (Cash Settled) Put Warrants 2004-2005 (Stock Code: 3655) relating   
    to the existing issued ordinary shares of HK$0.10 each of China Mobile    
    (Hong Kong) Limited (the "Original Warrants", together with the New       
    Warrants, the "Warrants"). The closing price of the Original Warrants     
    on 4th May, 2005 was HK$0.103.                                            
                                                                              
    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 Exercise Amount relate to one   
    existing issued ordinary share of the par value (the "Share") of the      
    Company 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 (1) the Entitlement (as defined    
    in the terms and conditions of the Warrants) (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 Warrants)) immediately         
    preceding the Expiry Date; less (2) 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           
                                                                              
    28.96 per cent.      30.72X             11.45X   7.41 per cent.