Effective corporate governance is an essential part of our identity. The fundamental basis for this is provided by, first and foremost, the German Stock Corporation Act and the German Corporate Governance Code, which was most recently updated in June 2005 to include recommendations that strengthen, in particular, the independence of the Supervisory Board. Since our share is also listed on the New York Stock Exchange, we are subject to the relevant U.S. capital market legislation as well as the rules of the Securities and Exchange Commission (SEC) and the New York Stock Exchange (NYSE). Our Corporate Governance Officer, CFO Clemens Börsig, has monitored the implementation of and compliance with corporate governance standards and reported on this to the Supervisory Board on March 18, 2005.

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 shareholders; effective cooperation between the Management Board and the Supervisory Board; a system of performance-related compensation; and transparent, timely reporting.

Relations with shareholders. Our shareholders are involved as is legally required in the most important decisions of the bank, such as amendments to the Articles of Association, the issue of new shares 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 provide electronic media for the Annual General Meeting. For example, shareholders can issue their voting instructions via the Internet. Our “One-Voice Committee” provides for prompt and fair public disclosure.