The Compensation Report explains the principles applied in determining the compensation of the members of the Management Board and Supervisory Board of Deutsche Bank AG as well as the structure and amount of the Management Board members’ compensation. This Compensation Report has been prepared in accordance with the requirements of Germany’s new Act on Disclosure of Management Board Compensation (VorstOG) as well as the recommendations of the German Corporate Governance Code.

The individualized disclosure of the compensation of our Management Board members has been adjusted to the new requirements of the Act on Disclosure of Management Board Compensation (VorstOG), sub-divided into non-performance-related and performance-related components as well as components with long-term incentives.