Annual Report 2009 on Form 20-F (PDF) - Deutsche Bank Annual ...

20-F Item 16E: Purchases of Equity Securities by the Issuer and Affiliated Purchasers
Item 16E: Purchases of Equity Securities by the
Issuer and Affiliated Purchasers
In <strong>2009</strong>, we repurchased 11,672,726 of our ordinary shares pursuant to the share buy-back program authorized
by the <strong>Annual</strong> General Meeting on May 26, <strong>2009</strong> at an average price of € 46.41 for a total consideration
of € 542 million. This share buy-back program, pursuant to which up to 62,085,901 shares may be repurchased
through October 31, 2010, replaced the authorization from May 29, 2008 under which no shares were
repurchased. At December 31, <strong>2009</strong>, the number of shares held in Treasury from buybacks totaled 0.6 million.
This figure stems from 8.1 million shares at the beginning of the year, plus 11.7 million shares from buybacks
in <strong>2009</strong>, less 19.2 million shares which were used to fulfill delivery obligations in the course of share-based
compensation of employees. We did not cancel any shares in the year <strong>2009</strong>.
In addition to these share buy-back programs, pursuant to shareholder authorizations approved at our 2008
and <strong>2009</strong> <strong>Annual</strong> General Meetings, we are authorized to buy and sell, for the purpose of securities trading,
our ordinary shares through October 31, 2010, provided that the net number of shares held for this purpose at
the close of any trading day may not exceed 5 % of our share capital on that day. The gross volume of these
securities trading transactions is often large, and even the net amount of such repurchases or sales may, in a
given month, be large, though over longer periods of time such transactions tend to offset and are in any
event constrained by the 5 % of share capital limit. These securities trading transactions consist predominantly
of transactions on major non-U.S. securities exchanges. We also enter into derivative contracts with respect
to our shares.
The following table sets forth, for each month in <strong>2009</strong> and for the year as a whole, the total gross number of
our shares repurchased by us and our affiliated purchasers (pursuant to both the share buy-back programs
noted above and the securities trading activities described above), the total gross number of shares sold, the
net number of shares purchased or sold, the average price paid per share (based on the gross shares repurchased),
the number of shares that were purchased as part of the two publicly announced share buy-back
programs mentioned above and the maximum number of shares that at that date remained eligible for purchase
under such programs.
200