Deutsche Bank Announces the Establishment of an American Depositary Receipt Program for Software AG.

LONDON -- Deutsche Bank (NYSE:DB)(LSE:DBK)(GER:DBK) today announces the establishment of an American Depositary Receipt (ADR) program for Software AG.

Software AG, headquartered in Darmstadt, Germany, is one of Europe's largest and most established systems software providers. The company provides a full range of products and services to deliver a Service Oriented Architecture (SOA) IT infrastructure, based on over thirty five years experience in high-performance databases, application development tools and integration technologies. Its technology offers process driven integration, legacy modernization and realtime single views of strategic business information. Software AG provides customers with a competitive advantage through business agility based on flexible and adaptive business processes and fast and easy integration of existing IT assets. It supports the mission-critical systems of over 3,000 customers globally. Software AG is represented in around 60 countries with circa 2,600 employees. It is listed on the Frankfurt Stock Exchange (TecDAX, ISIN DE 0003304002 / SOW). In 2004 Software AG posted 411 million euros in total revenue.(1)

Akbar Poonawala, Head of Global Equity Services at Deutsche Bank said, "We welcome Software AG's decision to select Deutsche Bank as its depositary bank and look forward to providing the company with the highest level of investor services. Our customized services will be used to assist Software AG in enhancing the visibility of its ADR program with the United States investor community."

"By appointing Deutsche Bank as depositary for Software AG and benefitting from its experience in both Germany and the US we are enabling US investors to easily acquire and trade our shares. We offer them one of Germany's best performing shares in recent years," said Arnd Zinnhardt, Chief Financial Officer at Software AG. "We look forward to expanding our shareholder base in the important US market."

About Deutsche Bank

With Euro 964 billion in assets and 63,652 employees, Deutsche Bank offers unparalleled financial services in 74 countries throughout the world. Deutsche Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Deutsche Bank ranks among the global leaders in corporate banking and securities, transaction banking, asset management, and private wealth management, and has a significant private and business banking franchise in Germany and other selected countries in Continental Europe.

www.db.com

Deutsche Bank's Trust & Securities Services business, part of Global Transaction Banking, is one of the leading depositary banks for ADRs and Global Depositary Receipts (GDRs) and a pioneer in the processing of Global Registered Shares. It currently administers over 150 programs for issuers in more than 35 countries. Trust & Securities Services at Deutsche Bank is also a leader in supporting complex debt structures. Through a fully integrated network of specialist offices worldwide, the group provides domestic custody in 27 securities markets as well as trustee, agency, depositary, SPV management and related services for all types of financing including bonds, medium term note and commercial paper programs, asset backed and mortgage backed securities, CDOs, SIVs, project financings, escrows and syndicated loans.

This announcement appears as a matter of record only. This announcement has been approved and/or communicated by Deutsche Bank AG London.

(1)Source Software AG (October 2005), www.softwareag.com.

The Depositary Receipts have been registered pursuant to the US Securities Act of 1933 (the "Act"). The investment or investment service which is the subject of this notice is not available to private customers as defined by the UK Financial Services Authority. This notice has been approved and/or communicated by Deutsche Bank AG London. The services described in this notice are provided by Deutsche Bank Trust Company Americas (Deutsche Bank) or by its subsidiaries and/or affiliates in accordance with appropriate local registration and regulation. Deutsche Bank is providing the attached notice strictly for information purposes and makes no claims or statement, nor does it warrant or in any way represent, as to the accuracy or completeness of the details contained herein or therein. This announcement appears as a matter of record only. Neither this announcement nor the information contained herein constitutes an offer or solicitation by Deutsche Bank or any other issuer or entity for the purchase or sale of any securities nor does it constitute a solicitation to any person in any jurisdiction where solicitation would be unlawful. No part of this notice may be copied or reproduced in any way without the prior written consent of Deutsche Bank. Past results are not an indication of future performance.