January 6, 2005

Share buyback program well underway

Deutsche Bank AG (XETRA: DBKGn.DE / NYSE: DB) today announced in the form of a compulsory notification pursuant to the German Securities Trading Act that on 4 January 2005 its holdings of its own shares exceeded the threshold of 5 per cent and is now 5.006 per cent. The reason for the reporting limit being exceeded is the execution of the current share buyback program.

By 4 January 2005, Deutsche Bank had bought back 26.6 million shares, or 4.9 per cent of shares issued. The difference between the repurchase volume and the current inventory results mainly from the remaining inventory after completion of the previous buyback program.

The usual detailed update on the progress of the current share buyback program will be provided with the release of Deutsche Bank's 4Q2004 results on 3 February 2005.


For further information please contact:

Deutsche Bank
Press and Media Relations   
Dr. Kirsten Siersleben    
+49 69 910 38079     

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 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 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 25 March 2004 in the section "Risk Factors."  Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir.