10:09     <04931>, <04932>, <04933> & <04935> - 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.                                                             
                                                                              
    400,000,000 European Style (Cash Settled) Index Call Warrants 2005        
    relating to the Hang Seng Index                                           
    ("Series A")                                                              
                                                                              
    200,000,000 European Style (Cash Settled) Call Warrants 2005-2006         
    relating to existing issued ordinary shares of HK$0.10 each of            
    China Mobile (Hong Kong) Limited                                          
    ("Series B")                                                              
                                                                              
    200,000,000 European Style (Cash Settled) Put Warrants 2005               
    relating to existing issued ordinary shares of HK$0.10 each of            
    China Mobile (Hong Kong) Limited                                          
    ("Series C")                                                              
                                                                              
    400,000,000 European Style (Cash Settled) Index Put Warrants 2005         
    relating to the Hang Seng Index                                           
    ("Series D")                                                              
                                                                              
    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      Par                 
    Warrants  Index/Company    Put            Amount    Value                 
                                                                              
    Series A  Hang Seng Index  Call  10,000 Warrants        -                 
    Series B  China Mobile     Call      10 Warrants  HK$0.10                 
              (Hong Kong)                                                     
              Limited                                                         
    Series C  China Mobile     Put       10 Warrants  HK$0.10                 
              (Hong Kong)                                                     
              Limited                                                         
    Series D  Hang Seng Index  Put   10,000 Warrants        -                 
                                                                              
                                           Trading   Strike Level/            
      Issue Price  Expiry Date          Board Lots  Exercise Price   Divisor  
                                                                              
         HK$0.265  29th November, 2005      10,000          14,000     4,000  
         HK$0.255  27th January, 2006        5,000        HK$27.50         -  
         HK$0.250  29th December, 2005       5,000        HK$27.60         -  
         HK$0.260  29th November, 2005      10,000          14,000     4,000  
                                                                              
    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. In respect    
    of the Series A Warrants and Series D Warrants, every 4,000 Warrants of   
    such series relate to one unit of the Index specified above. In respect   
    of the Series B Warrants and Series C Warrants, every Exercise Amount     
    of such series relate to one existing issued ordinary share of the par    
    value (the "Shares") of the 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, the Cash Settlement Amount is        
    equal to 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, less the Strike Level, 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 Series A          
    Warrants).                                                                
                                                                              
    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