Deutsche Bank Group 01

Deutsche Bank Group 01 //

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// Our Identity. We are a leading global investment bank with a strong and profitable private clients franchise. Our businesses are mutually reinforcing. A leader in Germany and Europe, we are powerful and growing in North America, Asia and key emerging markets.

// Our Mission. We compete to be the leading global provider of financial solutions for demanding clients creating exceptional value for our shareholders and people.

// A Passion to Perform. This is the way we do business. We pursue excellence, leverage unique insights, deliver innovative solutions and build long-term relationships.

Our identity

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Annual review 2006

impOrtAnt dAtes 2007 / 2008

Financial Calendar

2007

May 8, 2007 Interim Report as of March 31, 2007

may 24, 2007 annual General meeting in the Festhalle Frankfurt am main (exhibition Center)

May 25, 2007 Dividend payment

Aug 1, 2007 Interim Report as of June 30, 2007

Oct 31, 2007 Interim Report as of September 30, 2007

2008

Feb 7, 2008 Preliminary results for the 2007 financial year

Mar 26, 2008 Annual Report 2007 and Form 20-F

Apr 29, 2008 Interim Report as of March 31, 2008

may 29, 2008 annual General meeting in the Festhalle Frankfurt am main (exhibition Center)

May 30, 2008 Dividend payment

Jul 31, 2008 Interim Report as of June 30, 2008

Oct 30, 2008 Interim Report as of September 30, 2008

New markets, New OppOrtuNities.

deutsche Bank is part of a rapidly changing world. this requires multicultural communication with many people and companies around the globe. the ability to engage in dialogue and the readiness to accept what is new are qualities which are crucial to understanding the demands of new markets.

deutsche Bank is committed to serving the interests of all our stakeholders: our shareholders, our customers, our staff, and society. For the Annual review 2006, we talked to representatives of our stakeholders about our theme for this year, “new markets, new Opportunities“: ms. sofia nevrokoplis, Fortis investments, portfolio manager / equity Analyst - european Financials, paris; ms. Zellah Fuphe, managing director and CeO, World-wide African investment Holdings, Johannesburg; mr. Carlos Alvarez, deutsche Bank securities inc., Global Banking, new york and professor muhammad yunus, nobel peace prize Laureate 2006 and founder of Grameen Bank, dhaka.

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Annual review 2006

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« ZAHLen und FAkten

The Group at a Glance 2006 2005Share price at period end € 101.34 € 81.90Share price high € 103.29 € 85.00Share price low € 80.74 € 60.90Dividend per share (proposed for 2006) € 4.00 € 2.50Basic earnings per share € 13.31 € 7.62Diluted earnings per share1 € 11.55 € 6.95Average shares outstanding, in m., basic 450 463Average shares outstanding, in m., diluted 511 509Return on average total shareholders’ equity (post-tax) 19.5 % 12.5 %Adjusted return on average active equity (post tax)2,3 22.2 % 16.2 %Pre-tax return on average total shareholders’ equity 26.4 % 21.7 %Pre-tax return on average active equity3 30.4 % 24.3 %Cost/income ratio4 70.2 % 74.7 %

in ¤ m. 2006 2005Total revenues 28,338 25,640Provision for loan losses 330 374Total noninterest expenses 19,883 19,154Income before income tax expense and cumulative effect of accounting changes 8,125 6,112Net income 5,986 3,529 in ¤ bn. Dec 31, 2006 Dec 31, 2005Total assets 1,126 992Loans, net 168 151Shareholders’ equity 32.8 29.9BIS core capital ratio (Tier I) 8.9 % 8.7 % Number Dec 31, 2006 Dec 31, 2005Branches 1,717 1,588 thereof in Germany 934 836Employees (full-time equivalent) 68,849 63,427 thereof in Germany 26,401 26,336 Long-term rating Dec 31, 2006 Dec 31, 2005Moody‘s Investors Service, New York Aa3 Aa3Standard & Poor‘s, New York AA– AA–Fitch Ratings, New York AA– AA–

1 Including effect of dilutive derivatives, net of tax. 2 Net income of € 5,986 million for 2006 and € 3,529 million for 2005 is adjusted for the reversal of 1999 / 2000 credits for tax rate changes of € (1) million for 2006 and € 544 million for 2005, and cumulative effect of accounting changes, net of tax of € 46 million for 2006.

3 We calculate this adjusted measure of our return on average total shareholders’ equity to make it easier to compare us to our competitors We refer to this adjusted measure as our “return on average active equity”. However, this is not a measure of performance under U.S. GAAP and you should not compare our ratio to other companies’ ratios without considering the differences in calculation of the ratios. The items for which we adjust the average shareholders’ equity of € 30,765 million for 2006 and € 28,201 million for 2005 are the average unrealized net gains on securities available for sale, net of applicable tax effects of € 2,382 million for 2006 and € 2,023 million for 2005 and the average dividends of € 1,615 million for 2006 and € 1,048 million for 2005. The dividend is paid once a year following its approval by the general share-holders’ meeting.

4 Noninterest expenses as a percentage of net interest revenues before provision for loan losses plus noninterest revenues.

deutsche Bank the deutsche Bank share

« FACts And FiGures

useful information on the Deutsche Bank share

2006Change in total return1 27.39 %Share in equities trading (Xetra and Frankfurt Floor Trading) 7.8 %Average daily trading volume2 4.2 million shares

as of December 31, 2006Issued shares 524,768,009Outstanding shares 498,650,274Share capital € 1,343,406,103.04Market capitalization € 53.18 billionShare price3 € 101.34Weighting in the DAX 7.7 %Weighting in the Dow Jones STOXX 50 1.6 %

securities identification codes Deutsche Börse New York Stock ExchangeType of issue Registered share Type of issue Global Registered ShareSymbol DBK Currency U.S.$WKN 514 000 Symbol DBISIN DE0005140008 CINS D 18190898Reuters DBKGn.DE Bloomberg DBK GR

1 Share price based on Xetra.2 Orderbook statistics (Xetra).3 Xetra – closing price.

Close to our clients

GLOBAL » presenCe

New York London Frankfurt Singapore Tokyo

Regional major hubs Branch and / or subsidiary

Representative offices (only)

Branch business with Private & Business Clients

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Group Executive Committee

Group ExECutivE CommittEE

1Anthony Di lorio, born 1943Management Board member since 2006.Chief Financial Officer, responsible for Finance, Tax, Capital Market Communi-cations / Investor Relations and Corporate Insurance.

3Anshu Jain, born 1963Head of Global Markets.

7Kevin Parker, born 1959Head of Asset Management.

2Dr. Josef Ackermann, born 1948Management Board member since 1996. Chairman of the Management Board and the Group Executive Committee, responsible for Corporate and Investment Bank, Private Clients and Asset Management, Corporate Investments, Regional Management as well as Corporate Communications, Corporate Development and Eco-nomics/DB Research.

Jürgen Fitschen, born 1948Global Head of Regional Management and Chairman of the Management Committee Germany.

6Rainer Neske, born 1964Head of Private & Business Clients.

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5Michael Cohrs, born 1956Head of Global Banking.

9Pierre de Weck, born 1950Head of Private Wealth Management.

4Dr. Tessen von Heydebreck, born 1945Management Board member since 1994. Chief Administrative Officer, responsible for Corporate Social Responsibility, Human Resources, Legal, Compliance and Audit.

8Dr. Hugo Bänziger, born 1956Management Board member since 2006.Chief Risk Officer, responsible for Risk & Capital Management, Corporate Security and Treasury & Capital Management.

10Hermann-Josef Lamberti, born 1956Management Board member since 1999. Chief Operating Officer, responsible for Cost and Infrastructure Management, Information Technology, Operations, Building and Facilities Management as well as Purchasing.

Members of the Management Board of Deutsche Bank AG.

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ManageMent structure The Management Board of Deutsche Bank AG has as its prime responsibility the Group’s strategic management, resource allocation, financial accounting and controls, capital and risk management, and internal controls. The Group Board is supported in the performance of its management and oversight duties by functional committees which are chaired by Manage-ment Board members and by the Corporate Center.

In May 2006, the offices of Chief Financial Officer and Chief Risk Officer, which had hitherto been held by the same Management Board member, were allocated separately to two diffe-rent Board Members. Therefore the number of Board Members increased from four to five.

The Chairman of the Management Board/Chief Executive Officer also holds the office of Chairman of the Group Executive Committee (GEC). The GEC is made up of the members of the Management Board, the heads of the five core businesses, and the Head of Regional Management. The GEC supports the Management Board in its decision-making. At regular meetings, it reviews developments within the businesses, discusses matters of Group strate-gy and formulates recommendations for the Management Board.

Responsibility for the operational management of the Group’s core businesses lies with the three Divisional Committees.

Profitable growth thanks to successful change

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Functional committees

Capital & Risk Compliance Finance Human Resources Investment IT & Operations Principal Investment Risk Executive Commitment

group executive committeeManagement Board

Business Heads / regional Head

Divisional committees

Corporate and Corporate Private Clients and Investment Bank Investments Asset Management

regional committees

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group DivisionsDeutsche Bank comprises three Group Divisions: the Corporate and Investment Bank (CIB), Private Clients and Asset Management (PCAM) and Corporate Investments (CI).

corporate anD investMent Bank CIB is responsible for Deutsche Bank’s capital markets business, comprising the origination, sales and trading of capital markets products including debt, equity, and other securities, together with our corporate advisory, corporate lending and transaction banking businesses. Our clients are institutions, both private and public sector, including sovereign states and supranational bodies, together with global and multinational corporations, medium-sized and small businesses.

CIB is subdivided into two Corporate Divisions: Corporate Banking & Securities and Global Transaction Banking (GTB).

Corporate Banking & Securities covers Deutsche Bank’s origination, sales and trading of capi-tal market products, corporate advisory and corporate financing businesses, asset finance and leasing, and commercial real estate.

Global Transaction Banking covers Deutsche Bank’s cash management, clearing, trade finance and trust & securities services businesses serving both financial institutions and corporate clients. Corporate Finance and Global Transaction Banking are together named Global Banking.

private clients anD asset ManageMentPCAM comprises two Corporate Divisions: Asset and Wealth Management and Private & Business Clients.

Asset and Wealth Management comprises two Business Divisions: Asset Management and Private Wealth Management. Asset Management provides institutional clients, including pension funds and insurance companies, with a full range of services including traditional asset management, alternative assets, sophisticated absolute return strategies and real estate asset management. Asset Management also provides retail clients across the globe with mutual fund products through our DWS and DWS Scudder franchises. Private Wealth Management serves high net worth individuals and families worldwide with a fully-integra-ted wealth management service embracing portfolio management, tax advisory, inheritance planning and philanthropic advisory services.

Private & Business Clients (PBC) provides private individuals and small businesses with a full range of traditional banking products, including current accounts, deposits and loans, investment management products and business banking services. PBC operates outside Germany predominantly in European markets including Italy and Spain, but also in Belgium and Portugal. It is currently expanding into important emerging markets in Central and Eastern Europe, such as Poland, and in Asia, including India and China.

01 // Deutsche Bank GrouP corPorate Profile anD overview

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corporate investMentsThe Corporate Investments Group Division covers our industrial shareholdings, certain bank-occupied real estate assets, private equity and venture capital activities and other non-stra-tegic holdings.

our strategy In late year 2006, Deutsche Bank launched Phase 3 of our management agenda. This followed the successful delivery of the first two phases since 2002, during which we streamlined our organization, positioned our core businesses for profitable growth and reached our target of 25 % pre-tax return on average active equity. The overall objective for Phase 3 is to leverage our global platform for accelerated growth. Our performance in 2006 reflected our progress in all four key pillars of the Phase 3 management agenda:

Maintaining strict cost, risk, capital anD regulatory Discipline We further reduced our cost-income ratio as costs grew much less strongly than revenues. Our capital discipline was reflected in a core capital ratio of 8.9 %, up from 8.7 % at the end of 2005, despite growth in risk-weighted assets, continued share buybacks and a recommen-ded dividend increase of 60 % to an all time high of € 4.00 per share. Our problem loans and provision for credit losses decreased again.

continuing to invest in organic growtH, suppleMenteD By targeteD ‘Bolt-on’ acquisitionsWe added 5,422 people during 2006, expanding our presence in North America and Latin America, the Middle East, Central and Eastern Europe, and Asia, notably in China and India. Furthermore, we announced four significant acquisitions during the year. Our purchase of MortgageIT, a U.S. residential mortgage originator, enables us to expand in the important U.S. securitization business. The acquisitions of Berliner Bank and norisbank complement both the regional strength and product range of our retail banking platform in Germany, while the purchase of Tilney Group in the UK gives us a strong footprint in Europe’s second largest private wealth management market.

FurtHer growing our ”staBle” BusinessesIn both PCAM and GTB, we possess businesses whose earnings are viewed as stable, and therefore are highly valued by investors and other capital market participants. In 2006, under-lying pre-tax profit in PCAM and in GTB rose to record levels. Combined underlying pre-tax profit in these two businesses has approximately doubled since 2003.

BuilDing on our coMpetitive eDge in ciBDeutsche Bank has a world-leading global investment banking franchise, which was once again a major contributor to the bank’s strong financial performance in 2006. In Corporate Banking & Securities, pre-tax profit rose to unprecedented levels, with record revenues across sales and trading, origination and corporate advisory services.

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01 // Deutsche Bank GrouP corPorate Profile anD overview

continuing to Deliver on our targetsDeutsche Bank once again successfully delivered on its stated financial objectives in 2006. Pre-tax return on average equity was 31 % for the year, comfortably ahead of our over-the-cycle target of 25 %. Diluted earnings per share grew by 66 % also significantly exceeding our goal of double-digit growth over the cycle.

Deutsche Bank’s business model is configured to unlock the potential of synergies across mutually reinforcing businesses. These synergies include the development and distribution of products between different businesses, and the potential for different businesses to collabo-rate in serving common clients. Capturing the potential of these synergies is an integral part of our strategy.

tokyo

Global presence

new york Frankfurt singapore

london

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responsible, value-driven and transparent management and control

Effective corporate governance is an essential part of our identity. The framework for this is provided by, first and foremost, the German Stock Corporation Act and the German Corpo-rate Governance Code. Since our share is listed on the New York Stock Exchange, we are also subject to the relevant U.S. capital market legislation as well as the rules of the Securities and Exchange Commission (SEC) and New York Stock Exchange (NYSE).

We ensure the responsible, value-driven management and control of Deutsche Bank through our system of corporate governance, which has four key elements: good relations with share-holders; effective cooperation between the Management Board and Supervisory Board; a system of performance-related compensation; and transparent, timely reporting.

sHareHolDersAs is legally required, our shareholders are involved in the bank’s most important decisi-ons. These include amendments to the Articles of Association, setting the annual dividend, the issue of new shares, share repurchase programmes and important structural changes. Deutsche Bank has only one class of share, with each share carrying the same voting right. To make it easier for our shareholders to exercise their voting rights, we support the use of electronic media for the Annual General Meeting. For example, shareholders can issue their voting instructions via the Internet.

ManageMent BoarD The Management Board is responsible for managing the company. It is assisted and advised by the Group Executive Committee, which is composed of the members of the Manage-ment Board, the heads of Deutsche Bank’s five core businesses, and the Head of Regional Management. This committee analyzes the development of the business divisions, discusses matters of Group strategy and prepares recommendations to support decisions which are taken by the Management Board.

supervisory BoarDThe Supervisory Board oversees and advises the Management Board. It appoints the Manage-ment Board members, and together with the Management Board, arranges for its long-term succession planning. Major initiatives of the Management Board require Supervisory Board approval. The Supervisory Board has specified the information and reporting duties of the Management Board and set up a Chairman‘s Committee, an Audit Committee, a Risk Com-mittee and a Mediation Committee.

perForMance-relateD coMpensationThe compensation of the Management Board members is aligned to industry standards and primarily reflects their contribution to business performance. Part of the Management Board’s compensation is equity-based, and this is driven by the performance of our share price rela-tive to that of our peers. Supervisory Board members receive a fixed and a dividend-related compensation component as well as a compensation component oriented on the mid-term share price performance measured against a group of peer companies. The chair and deputy chair of the Supervisory Board as well as the chair and members of its committees receive

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additional compensation. The individual compensation of each member of the Management Board and Supervisory Board is published in the Compensation Report, which is part of the Management Report (Financial Report 2006, pages 35 ff.).

reporting anD transparencyDeutsche Bank Group‘s reporting is in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and the comprehensive reporting rules of the SEC. This provides for a high degree of transparency and facilitates comparability with our international peers.

cHanges in 2006 Effective May 3, 2006, Rolf-E. Breuer resigned as Chairman of the Supervisory Board. His successor is Clemens Börsig, who had hitherto served as Group Chief Financial and Risk Offi-cer. Furthermore, the Supervisory Board appointed Anthony Di Iorio and Hugo Bänziger as new members of the Management Board, effective May 4, 2006. As Chief Financial Officer, Mr. Di Iorio is in charge of finance, and Dr. Bänziger in his capacity as Chief Risk Officer is responsible for risk and capital management. Management Board member Tessen von Hey-debreck was named Corporate Governance Officer. The Management Board Compensation Disclosure Act applies for the first time for the financial year 2006, and we thus enhanced our previously instituted individualized disclosure with additional information.

Declaration oF conForMityOn October 31, 2006, the Management Board and Supervisory Board issued a new Declara-tion of Conformity in accordance with § 161 of the German Stock Corporation Act. It states that Deutsche Bank complied with the recommendations of the German Corporate Gover-nance Code with two exceptions: first, the directors’ and officers’ liability insurance policy for the Management Board and Supervisory Board members does not have a deductible, and second, a member of the Management Board became Supervisory Board Chairman as well as Chairman of several of its committees.

Our complete Corporate Governance Report for 2006 can be found in our Financial Report 2006 on pages 194 ff. This report and other documents on our corporate governance, such as the Terms of Reference for the Management Board as well as the Supervisory Board and its committees are available on the Internet at www.deutsche-bank.com/ir.

We regularly check our corporate governance in the light of new events, statutory require-ments and developments in domestic and international standards and adjust it accordingly.

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Deutsche Bank Group 01

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