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.

You are warned that the price of the warrants may fall in value as rapidly as it may rise and you may sustain
a total loss of your investment. You should fully understand their potential risks and rewards and independently
determine that they are appropriate for you. You should consult with advisers if necessary.
Warrants
issued by
DEUTSCHE BANK AG

(Incorporated under the laws of the Federal Republic of Germany)
acting through its London Branch
Announcement
We intend to issue the warrants detailed below (the warrants).
Stock code 7917 7918 7923 9189
Share Ordinary H shares
of par value
RMB1.00 each of
the company
Ordinary shares of
par value HK$0.25
each of the
company
Ordinary shares of
par value HK$0.25
each of the
company
Ordinary H shares
of par value
RMB1.00 each of
the company
Company Bank of
Communications
Co., Ltd.
Hutchison Whampoa
Limited
Hutchison Whampoa
Limited
Bank of China
Limited
Style European European European European
Type Put Call Call Call
Settlement method Cash settled Cash settled Cash settled Cash settled
Issue size 800,000,000 800,000,000 800,000,000 800,000,000
Issue price HK$0.26 HK$0.255 HK$0.25 HK$0.25
Exercise price HK$12.38 HK$96.00 HK$105.00 HK$5.88
Expiry date 1 September 2008 20 October 2008 24 November 2008 2 November 2010
Board lot 10,000 warrants 100,000 warrants 100,000 warrants 10,000 warrants
Entitlement One share One share One share One share
Exercise amount Ten warrants One hundred
warrants
One hundred
warrants
Ten warrants
Implied volatility 77.33% 63.40% 66.28% 81.19%
Gearing 5.44x 3.86x 3.94x 2.02x
Effective gearing 1.52x 2.51x 2.40x 1.52x
Premium 30.83% 23.35% 31.98% 65.61%
Liquidity provider Deutsche Securities
Asia Limited
(Broker ID: 9533)
Tel: (852) 2203
6116

Deutsche Securities
Asia Limited
(Broker ID: 9533)
Tel: (852) 2203
6116

Deutsche Securities
Asia Limited
(Broker ID: 9533)
Tel: (852) 2203
6116

Deutsche Securities
Asia Limited
(Broker ID: 9547)
Tel: (852) 2203
6116

These values may not be comparable to similar information provided by other issuers of derivative warrants
as each issuer may use different pricing models.
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How do we calculate the cash settlement amount?
The warrants are in registered form and exercisable only in the relevant trading board
lots.
If on any expiry date the cash settlement amount is greater than zero, the warrants will
be automatically exercised. You do not need to deliver any exercise notice.
Each exercise amount will entitle you to receive from us a cash settlement amount in
Hong Kong dollars calculated by us equal to:
for call warrants: {entitlement x (closing price – exercise price)} – exercise expenses
for put warrants: {entitlement x (exercise price – closing price)} – exercise expenses
The closing price shall be the arithmetic mean of the closing price of one share (which is
obtained from the daily quotation sheet of the stock exchange (subject to any adjustments))
for each of the five business days immediately preceding the expiry date.
Where can you obtain further information?
Our base listing document dated 27 April 2007, our disclosure addendum dated 24
August 2007, together with any additional addenda or successor document, our supplemental
listing document(s) to be dated on or about 6 November 2007 (both the English versions and
the Chinese translations) and our latest publicly available annual report and interim report
(if any) will be available for inspection at the office of European Asian Bank (Hong Kong)
Nominees Limited, which is presently at 55th Floor, Cheung Kong Center, 2 Queen’s Road
Central, Hong Kong.
How will the liquidity provider provide quotes?
The liquidity provider will provide liquidity by responding to requests for bid and offer
quotes. A quote may be obtained by calling its telephone number.
Additional information
The warrants will constitute our general unsecured contractual obligations. They are not
obligations of any other person.
We have applied to the stock exchange for the listing of and dealings in the warrants.
The issue of the warrants is conditional on such listing being granted. We will not issue the
warrants if we do not obtain the approval from the stock exchange for such listing. We expect
that dealings in the warrants will commence on or about 7 November 2007.
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Other than being regulated by the Hong Kong Monetary Authority as a licensed bank
and, for the purpose of investment business in the U.K., by the Financial Services Authority,
we are not regulated by any of the bodies referred to in rule 15A.13(2) or (3) of the listing
rules. We are regulated by the Bundesanstalt fur Finanzdienstleistungsaufsicht (Federal
Financial Supervisory Authority).
Our senior long term debt was rated Aa1 by Moody’s Investors Service, Inc., AA by
Standard and Poor’s Ratings Group and AA- by Fitch IBCA Ltd.
1 November 2007
−3−