In 2007, for the first time since 2001, the number of our shareholders increased slightly over the previous year, rising by 12,600 to 360,785. This is all the more notable as the total number of shareholders in Germany continued to decline in 2007 and reached its lowest level since 1996. At the end of the year, private investors again accounted for a good 98 % of our shareholders, and held 14 % of the share capital of € 1,357,824,256. Institutional investors (including banks) accounted for just under 2 % of our shareholders and, as in 2006, 86 % of all Deutsche Bank shares.

In contrast, there has been a significant shift in the regional shareholder structure: international investors’ growing interest in our share is reflected by an increase in the percentage of shares held abroad to a total of roughly 55 % (end of 2006: 46 %). In 2007, net purchases were made, in particular, by investors based in Switzerland, Luxembourg and the U.S.A., while German investors (primarily institutions such as investment funds and banks) reduced their holdings in our shares.

Deutsche Bank shares remain 100 % free float. At the beginning of 2007, the disclosure threshold for major shareholders pursuant to § 21 (1) German Securities Trading Act was reduced from 5 % to 3 %. As of December 31, 2007, the large shareholders subject to reporting that are known to us were UBS AG (Switzerland) with a holding of 4.07 %, Barclays PLC (UK) with 3.10 %, and AXA S.A. (France) with 3.08 %. In May 2007, Government-owned DIFC Investments from Dubai acquired a 2.2 % stake in Deutsche Bank as a strategic investor.