FOR IMMEDIATE RELEASE

Deutsche Xenon Alpha Plus2 Limited, a member of the Deutsche Bank Group, has just launched itssecond fund of hedge funds offering for the Australian retail investor, Xenon Alpha Plus2.

“Xenon Alpha Plus2 has been created to give Australian retail investors access to a new generation ofalternative investment technology and exposure to international investments,” says Ian Martin,Executive Director Deutsche Xenon Alpha Plus2. “We believe investors are now looking for capitalstability in the alternative investment environment.”

While Xenon Alpha Plus2 aims to deliver capital stability through exposure to funds of hedge fundsthat aim to produce positive returns even in down markets, it is not a capital guaranteed product. Thefunds of hedge funds are managed by New York based Ivy Asset Management and MeridianDiversified Fund Management - both have been chosen because of their historical ability to generategenerally positive returns in most market conditions.

Deutsche Bank’s Head of Retail Distribution Paul Banks explains, “When compared with the historicalrisk-adjusted returns of traditional equities and fixed income markets, we believe Xenon Alpha Plus2 iswell positioned to generate superior risk-adjusted returns over a medium investment term of just underfour years.” Deutsche Xenon quotes the S&P/ASX 200 Accumulation Index, the S&P 500Accumulation Index and the UBS Composite Bond Index when referring to traditional equities and fixed income markets.

Through leveraging, Deutsche Xenon is able to increase the effect of each dollar invested. “Theproduct includes leverage so that investors can gain exposure to the funds of hedge funds of up to$5.25 for every $1 invested. This leverage therefore magnifies any gains or losses in the value of theinvestment.” comments Banks. “With internal leveraging and investors’ liability limited to their originalinvestment we look forward to the success of Xenon Alpha Plus2 in Australia’s growing alternativeinvestment market.

”Xenon Alpha Plus2 opened on 21 March and closes 12 May 2005. A minimum investment of $5,000is required.

For further information, please call:

Paul Banks	Jill Valentine
Head of Retail Distribution	Communications, Australia & New Zealand
(61 2) 9258 3628	(61 2) 9258 2792

Note regarding Xenon Alpha Plus2
The issuer, Deutsche Xenon Alpha Plus2 Limited (ACN 110 295 666), is a member of the Deutsche Bank Group. Offers of Xenon Alpha Plus2 will be made in, or accompanied by, a copy of the prospectus. Anyone wishing toacquire Xenon Alpha Plus2 will need to complete an application form attached to, or accompanying, theprospectus. This information has been prepared without taking account of your investment objectives, financialsituation or needs. Because of this you should, before acting on this information, consider its appropriatenesshaving regard to your objectives, financial situation or needs and consult your adviser before making aninvestment decision. None of Deutsche Xenon Alpha Plus2 Limited, Deutsche Australia Limited, Deutsche BankAG (ABN 13 064 165 162) or any related parties or associates of Deutsche Bank makes any representation orgives any guarantee or assurance as to or stands behind the capital value and/or performance of Xenon AlphaPlus2, the assets of Deutsche Xenon, the payment of any dividend on Xenon Alpha Plus2, the repayment ofamounts invested in Xenon Alpha Plus2, or any particular rate of overall return. Investments in Xenon AlphaPlus2 do not represent deposits or other liabilities of any member of the Deutsche Bank group. Xenon AlphaPlus2 is an investment in shares of Deutsche Xenon and is subject to investment risk including possible delays inrepayment and loss of income and principal invested.

About Deutsche Bank

With roughly Euro 840 billion in assets and approximately 65,400 employees, Deutsche Bank offersunparalleled financial services in 74 countries throughout the world. Deutsche Bank competes to bethe leading global provider of financial solutions for demanding clients creating exceptional value forits shareholders and people.

Deutsche Bank ranks among the global leaders in corporate banking and securities, transactionbanking, asset management, and private wealth management, and has a significant private &business banking franchise throughout the world.

In Australia and New Zealand, Deutsche Bank has three offices with more than 1000 staff.

www.deutsche-bank.com