The number of our shareholders rose strongly during 2008, and by the end of the year we had 581,938 shareholders. This corresponds to an increase of more than 60% over the year and sets a new record level. These new shareholders are almost exclusively private investors based in Germany, and more than three-quarters of this increase took place in the fourth quarter. The pending introduction of a flat-rate withholding tax starting in 2009 probably played a role in this, along with the strong decline in the Deutsche Bank share price during the last three months of 2008.

At the end of the year, nearly 99% of our shareholders were private investors, holding 29% of the share capital (2007: 14%) of EUR 1,461,399,078. On the other hand, institutional investors (including banks) reduced their holdings to just 71% (2007: 86%). Increased interest in our share on the part of private investors was also reflected by the higher percentage of shares held in Germany of nearly 55% (end of 2007: 45%). Abroad, institutional investors, above all, based in Switzerland, the U.K. and U.S.A. sold our share on balance in 2008.

Deutsche Bank shares remain in almost complete free float. As of December 31, 2008, the large share- holders known to us that are subject to the reporting threshold of 3 , were AXA S.A. (France) with 5.36% and Credit Suisse Group (Zurich) with 3.86%.

Information on our currently known and reported large shareholders you find on the upper part of this website to the right.