Group Executive Committee and Functional Committees

The Group Executive Committee, established in 2002, is a body that is not based on the Stock Corporation Act and serves as a tool to coordinate the heads of our groupwide business divisions with the Board of Managing Directors. It comprises the members of the Board of Managing Directors and the Global Business Heads of our Group Divisions. Through the establishment of the Group Executive Committee, we have integrated our Global Business Heads more closely into the management of our consolidated group. At the same time, we have precisely allocated functional responsibilities to preserve a clear delineation between strategic management on the one hand, and operational management on the other hand.

The responsibilities of the Group Executive Committee are as follows:

• Provide on-going information to the Board of Managing Directors on business developments and particular transactions;
• Regular review of our business segments;
• Consultation with and furnishing advice to the Board of Managing Directors on strategic decisions; and
• Preparation of decisions to be made by the Board of Managing Directors.

The following functional committees assist the Board of Managing Directors in executing cross-divisional strategic management, resource allocation, control and risk management:

• The Group Finance Committee is responsible for the Group's overall financial management and financial controls, including assuring accurate and consistent accounting and reporting practices and the design and operation of effective internal controls. Dr. Clemens Börsig is Chairman of the Committee.
• The Group Investment Committee is responsible for evaluating investment decisions and monitoring acquisitions, joint ventures, divestitures, and restructuring projects. The Chairman of the Group Investment Committee is Dr. Clemens Börsig.
• The Group Risk Committee is responsible for planning, management and control of risks, especially credit, market and operational risks across our consolidated group. The Chairman of the Group Risk Committee is Dr. Clemens Börsig.
• The Group Asset/Liability Committee is responsible for coordinating allocation of financial resources to the operational Group Divisions across our consolidated group. The Chairman of the Group Asset/Liability Committee is Dr. Josef Ackermann.
• The Group Corporate Investments/Alternative Assets Committee is responsible for the overall supervision of all Corporate Investments/Alternative Asset activities. The Committee defines investment strategies, determines risk-adjusted return requirements, sets limits for investment asset classes and allocates economic capital among the various alternative asset units. The Chairman of the Group Corporate Investments/Alternative Assets Committee is Dr. Josef Ackermann.
• The Group IT & Operations Committee is responsible for preparing strategic and operational decisions for approval by the Board of Managing Directors and takes other decisions as delegated with respect to cost containment and optimization of infrastructure/support functions including spending on vendors, premises, IT equipment and application development and operations, controlling and human resource functions. The Chairman of the Group IT & Operations Committee is Hermann-Josef Lamberti.
• The Group Human Resources Committee is responsible for determination and control of guidelines and standards in Human Resources (especially for staff recruitment, development, deployment, compensation and benefits, administration and severance) across our consolidated group. The Chairman of the Group Human Resources Committee is Dr. Tessen von Heydebreck.
• The Group Compliance Committee is responsible for ongoing development and implementation of Legal, Compliance and Internal Audit principles and standards. The Chairman of the Group Compliance Committee is Dr. Tessen von Heydebreck.