Deutsche Bank Annual Report 2003 - Directors´Dealings

Each transaction by a member of the Board of Managing Directors or a member of the Supervisory Board or persons related to them in shares of Deutsche Bank AG or derivatives on these shares is announced without delay on the Deutsche Bank’s homepage. The transactions since January 1, 2003, were as follows (until February 29, 2004):


Members of the Board of Managing Directors
Date of Transaction	Name	Title of the Security	WKN/ISIN	Quantity and	Type of	Price
Date of Transaction	Name	or Right/Derivative	WKN/ISIN	Nominal	Transaction	in €
February 17, 2003	Tessen von Heydebreck	DB Shares	514000	10,000	Buy	41.7
August 1, 2003	Clemens Börsig	DB Shares	514000	10,000	Buy	56


Members of the Supervisory Board
Date of Transaction	Name	Title of the Security	WKN/ISIN	Quantity and	Type of	Price
Date of Transaction	Name	or Right/Derivative	WKN/ISIN	Nominal	Transaction	in €
May 8, 2003	Klaus Funk	DB Shares	514000	50	Buy	49.65
November 3, 2003	Ulrich Kaufmann	DB Shares	514000	200	Sell	57.53
December 11, 2003	Heidrun Förster	DB Shares	514000	20	Buy¹	54.45
December 11, 2003	Klaus Funk	DB Shares	514000	20	Buy¹	54.45
December 11, 2003	Rolf Hunck	DB Shares	514000	20	Buy¹	54.45
December 11, 2003	Ulrich Kaufmann	DB Shares	514000	20	Buy¹	54.45
December 11, 2003	Henriette Mark	DB Shares	514000	20	Buy¹	54.45
December 11, 2003	Gabriele Platscher	DB Shares	514000	20	Buy¹	54.45
December 11, 2003	Leo Wunderlich	DB Shares	514000	20	Buy¹	54.45
February 6, 2004	Rolf Hunck	DB Shares	514000	450	Sell	65.38


¹	Purchased within the employees’ share program Global Share 2003. Additional five options to purchase one share for each share purchased were also received. Exercisable after January 1, 2006 at the earliest.


Others persons required to report
Date of Transaction	Name	Title of the Security	WKN/ISIN	Quantity and	Type of	Price
Date of Transaction	Name	or Right/Derivative	WKN/ISIN	Nominal	Transaction	in €
April 2, 2003	Eghard Woeste	DB Shares	514000	700	Buy	39.2
August 1, 2003	Gerhild Börsig	DB Shares	514000	1,000	Buy	56

Directors´ Dealings