May 30, 2007

Deutsche Bank continues share buyback

Current program concluded, new program started

At the Annual General Meeting (AGM) on 24 May 2007, Deutsche Bank’s (XETRA: DBKGn.DE / NYSE: DB) shareholders renewed the authorization to buy back up to 10% 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 at 2 June 2006, a total of 14,075,105 shares, or 2.7% of the share capital as at the AGM in 2006, had been repurchased at an average price of EUR 95.26, for a total consideration of EUR 1.34 billion. The current inventory in own shares within the buyback program amounts to 23.3 million shares, or 4.4 per cent of shares issued. This inventory is a result of the 18.8 million shares held at the time of the AGM in 2006 plus the repurchases of the concluded program. Thereof, roughly 9.6 million shares were used to hedge share awards. Deutsche Bank hasn’t cancelled any shares since the AGM 2006.

Under the new program Deutsche Bank may buy back up to 10% of shares issued, i.e. up to 52,570,473 shares, by 31 October 2008. Deutsche Bank reserves the right to suspend the program in favor of strategic growth initiatives.

The buybacks will 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 AGM.

Deutsche Bank intends to manage all transactions in such a way that its core capital ratio will stay in 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 under the heading “Share Information / Share Buy Back Program”.


For further information please contact:

Press and Media Relations   

Dr. Ronald Weichert     
+49 69 910 38664     

Investor Relations

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

This release also contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. 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 management agenda, 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 27 March 2007 on pages 9 through 15 under the heading "Risk Factors." Copies of this document are readily available upon request or can be downloaded from