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 Management 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 different 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 strategy and formulates recommendations for the Management Board.

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