SEC Form 20-F - Deutsche Bank Annual Report 2012

Deutsche Bank Item 16E: Purchases of Equity Securities by the Issuer and Affiliated Purchasers 197
Annual Report 2010 on Form 20-F
Item 16E: Purchases of Equity Securities by the Issuer and
Affiliated Purchasers
In 2010, we repurchased a total of 29,813,296 shares for group purposes pursuant to share buy-backs authorized
by the General Meeting. During the period from January 1, 2010 until the 2010 Annual General Meeting on
May 27, 2010, we repurchased 11,059,298 of our ordinary shares pursuant to the authorization granted by the
Annual General Meeting on May 26, 2009, at an average price of € 45.03 and for a total consideration of
€ 498 million. This authorization was replaced by a new authorization to buy back shares approved by the
Annual General Meeting on May 27, 2010. Under the new authorization, up to 62,085,901 shares may be
repurchased through November 30, 2014. Of these, 31,042,950 shares may be purchased by using derivatives.
During the period from the 2010 Annual General Meeting until December 31, 2010, we repurchased 18,753,998
shares at an average price of € 48.07 and for a total consideration of € 902 million (excluding option premium).
Of these, 3.1 million shares were purchased to grant a subscription ratio of 2:1 in connection with our capital
increase, and 0.5 million shares were purchased via sold put options which were executed by the counterparty
at maturity date. At December 31, 2010, the number of shares held in Treasury from buybacks totaled 10.0 million.
This figure stems from 0.6 million shares at the beginning of the year, plus 29.8 million shares from buybacks
in 2010, less 20.4 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 2010.
In addition to these share buy-backs for group purposes, pursuant to shareholder authorizations approved at
our 2009 and 2010 Annual General Meetings, we are authorized to buy and sell, for the purpose of securities
trading, our ordinary shares through November 30, 2014, 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 2010 and for the year as a whole, the total gross number of
our shares repurchased by us and our affiliated purchasers (pursuant to both 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 for group purposes mentioned
above and the maximum number of shares that at that date remained eligible for purchase under such
programs.