We again received shareholders‘ authorization to purchase our own shares in a volume equivalent to up to 10% of share capital. The Management Board therefore resolved to terminate the preceding 2005/2006 share buyback program, in which a total of 35.8 million shares had been bought back, and to continue to repurchase shares on the basis of the new program. Under this program, Deutsche Bank is authorized to buy a maximum of 51.9 million of its own shares up to October 31, 2007. By the end of 2006, we had used this authorization to purchase 9.1 million shares at an average price of € 89.63 per share. Our
portfolio of Deutsche Bank shares, stemming mainly from the previous share buyback program, comprised 26.1 million shares at that point in time.

From mid-2002, when our first share buyback program was launched, to the end of 2006, we have cancelled 118 million Deutsche Bank shares worth roughly € 7.2 billion.

All buybacks are transacted mainly through both the direct purchase of shares on the spot market and also, if necessary, with the help of derivatives on a comparatively small scale. With the repurchased shares, we can both reduce our share capital and fulfil obligations under share-based compensation programs. The main condition, however, is that by doing so we neither impair our growth opportunities nor compromise our sound capital adequacy ratio.