Share Buyback Program

At the Annual General Meeting on 26 May 2011, the shareholders again authorized us to repurchase our own shares in a volume equivalent to up to 10% of the share capital, until 30 November 2015. As a result, this authorization replaced the one from 2010 under which 28.5 million shares or 3% of the share capital with a value of € 1,339 million were purchased. Thereof 22.0 million shares were used for equity compensation purposes.

As at 31 December 2011, the number of shares held in Treasury from buybacks totalled 24.1 million. This figure stems from 10.0 million shares at the beginning of the year, plus 37.2 million shares from buybacks, less 23.1 million transferred to fulfil delivery obligations in the course of share-based compensation of employees. From 1 January 2011 until 31 December 2011 we did not cancel any shares.

As at 26 May 2011, the number of shares held in Treasury from buybacks totalled 7.6 million. In the period from the Annual General Meeting to 31 December 2011, 27.4 million shares were bought.

In the course of share buyback programs from the start of our first program in mid-2002 until 31 December 2011, we repurchased a total of 301.6 million shares worth € 18.1 billion. We sold 16.3 million shares worth € 0.5 billion to the market and cancelled 118 million Deutsche Bank shares with a value of € 7.2 billion.

Overview of all Deutsche Bank share buybacks from mid-2002 until 31 December 2011: