Decreasing number of shareholders

Decreasing number of shareholders (bar chart)

higher market capitalization

On December 31, 2006, our share capital was based on 524,768,009 no par value shares. This corresponded to a market capitalization of € 53.2 billion. Compared with 2005, it was higher by nearly € 8 billion or 17%, even though we cancelled more than 40 million shares in February 2006. As measured by market capitalization, we ranked in 27th position among other international banks and in fifth place among all German quoted companies. In the DAX, the Deutsche Bank share had a weighting of 7.7% at year‘s end. Total turnover in our share was roughly € 220 billion in 2006, the second highest of any DAX stock.

100% free float

The number of shareholders entered in the share register fell from 411,593 at the end of 2005 to 348,196 at the end of 2006. At Deutsche Bank, as at many DAX corporations, the downward trend in the number of private shareholders in Germany has continued. Institutional investors (including banks) held 86% (+ 2 percentage points) of our share capital in the amount of € 1,343,406,103; the remaining 14% (- 2 percentage points) were held by private investors. Our shares are 100% in free float. Out of total shares in issue, shareholders resident in Germany held 54% (versus 52% at the end of 2005), and non-resident shareholders 46% (versus 48% at the end of 2005). We know of no large shareholders with a holding of 5% or over as per year end 2006, which would require reporting pursuant to § 21 German Securities Trading Act.