2007 Media Releases

Deutsche Xenon Alpha Plus3 Limited has launched a new leveraged fund of hedge funds offering to Australian retail investors.

Xenon Alpha Plus3 is the third in a series of alternative investment products issued under the Deutsche Xenon brand and is designed to deliver:

• returns that are linked to the performance of two international funds of hedge funds managed by Topiary Fund Management, an international asset manager which is a part of the Deutsche Bank Group;
• the potential for enhanced returns via a leveraged investment – increasing the effect of each dollar invested. This leverage magnifies any gains or losses in the value of the investment;
• the opportunity for diversification of a traditional investment portfolio; and
• a medium investment term of approximately four years.

“Deutsche Bank continues to look for opportunities to offer investors alternative investment products. We expect Xenon Alpha Plus3 to generate interest among investors seeking to access leveraged exposure to international funds of hedge funds,” said Ian Martin, Director,Global Markets, Australia and New Zealand.

Xenon Alpha Plus3 opened on 4 April 2007 and is expected to close on 18 May 2007.

Any returns earned from an investment in Xenon Alpha Plus3 will be paid as an unfranked dividend at the conclusion of the investment term which is expected to be 1 July 2011.

For further information, please call:

Tania Alexander 612 9249 9711
Cathy Knezevic 612 8258 2792

Important Note. This document is issued by Deutsche Xenon Alpha Plus3 Limited (ABN 73 118 688216). This document is provided to you for information purposes only and is not a substitute for theprospectus dated 27 March 2007 (“Prospectus”). Investors should obtain and consider theProspectus (and in particular the risk factors outlined in section 4 of the Prospectus) before makingany decision to acquire Xenon Alpha Plus3. The offer of Xenon Alpha Plus3 is only available toAustralian resident investors and offers of Xenon Alpha Plus3 will be made in, or accompanied by, acopy of the Prospectus. Anyone wishing to acquire Xenon Alpha Plus3 will need to complete anapplication form attached to, or accompanying, the Prospectus.The information in this document and the Prospectus has been prepared without considering or takingaccount of the investment objectives, financial situation or particular needs of potential investors.Because of this you should, before acting on this information, consider its appropriateness havingregard to your objectives, financial situation or particular needs and consult an Australian financialservices licensee who may be your broker, financial planner or other securities adviser before makingan investment decision.None of Deutsche Xenon Alpha Plus3 Limited (“Deutsche Xenon”), Deutsche Australia Limited,Deutsche Bank AG (ABN 13 064 165 162), Deutsche Asset Management (Australia) Limited (ABN 11076 098 596) nor any other related parties or associates of Deutsche Bank AG (the “Deutsche BankGroup”) makes any representation or gives any guarantee or assurance as to or stands behind thecapital value and/or performance of Xenon Alpha Plus3, the assets of Deutsche Xenon, the paymentof any dividend on Xenon Alpha Plus3, the repayment of amounts invested in Xenon Alpha Plus3 orany particular rate of overall return. Investments in Xenon Alpha Plus3 do not represent deposits orother liabilities of Deutsche Bank AG or any other member or part of the Deutsche Bank Group.Xenon Alpha Plus3 is an investment in shares of Deutsche Xenon and is subject to investment risk,including possible delays in repayment and loss of income and principal invested. Various members ofthe Deutsche Bank Group have entered into certain arrangements with Deutsche Xenon which aredescribed in the Prospectus.