DEUTSCHE BANK COMPLETES SHARE BUYBACK PROGRAM

Info-Prod Research (Middle East), June, 2004

Deutsche Bank has completed the share buyback program which was launched in the third quarter 2003. By 28 June 2004, a total of 58,185,424 shares (10% of the share capital) had been repurchased at an average price of EUR 64.62, for a total consideration of EUR 3.76 billion. The Board of Managing Directors of Deutsche Bank has made the decision to cancel 38,000,000 shares.

The corresponding reduction of share capital will be filed shortly for entry into the Commercial Register. After registration, the share capital will consist of 543,854,246 shares. The remaining shares from the buyback program were used to support Deutsche Bank's equity-based staff compensation program.