June 2, 2006

Deutsche Bank continues share buyback

Current program concluded, new program startedAt the Annual General Meeting (AGM) on 1 June 2006, Deutsche Bank's (XETRA: DBKGn.DE / NYSE: DB) shareholders renewed the authorization to buy back up to 10 per cent of shares issued, replacing last year's AGM authorization. As a result, the Management Board decided to conclude the current program and to continue share buybacks under the scope of the new buyback program with immediate effect.

Within the concluded share buyback program, which was launched in the third quarter 2005, a total of 35,846,000 shares, or 6.5 per cent of the share capital as at the last AGM, had been repurchased at an average price of EUR 87.00, for a total consideration of EUR 3.12 billion. The current inventory in own shares within the buyback program amounts to 18.9 million shares, or 3.6 per cent of shares issued. This inventory is a result of the 33 million shares held at the time of the AGM in 2005 plus the repurchases of the concluded program. Thereof, 40 million shares were cancelled in February 2006 and roughly 10 million shares were used to hedge share awards.

Under the new program Deutsche Bank may buy back up to 10 per cent of shares issued, i.e. up to 51,913,234 shares, by 31 October 2007. Deutsche Bank reserves the right to suspend the program in favor of strategic growth initiatives.

The buybacks will again be executed systematically by direct purchases of shares in the spot market and potentially through the use of derivatives. Deutsche Bank intends to use the repurchased shares not only to further reduce its share capital but also to support potential future equity-based compensation programs. The bank also reserves the option to use the repurchased shares for other purposes in accordance with the authorization granted at the Annual General Meeting.

All transactions will be managed in such a way that Deutsche Bank's core capital ratio will not fall below the target range of eight to nine percent. The bank will regularly publish information on the progress of the buyback program. Details can be called up from the Internet website at www.deutsche-bank.com/ir under the heading "Share Information / Share Buy Back Program".

For further information, please call:

Press and Media Relations 
+49 69 910 38664 

Investor Relations

+49 69 910 35395 (Frankfurt)
+1 212 250 7125 (New York)

This Release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations. Any statement in this Press Release that states our intentions, beliefs, expectations or predictions (and the assumptions underlying them) is a forward-looking statement. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include: the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our trading revenues; potential defaults of borrowers or trading counterparties; the implementation of our Business Realignment Program; the reliability of our risk management policies, procedures and methods; and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 23 March 2006 in the section "Risk Factors."  Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir.