During the past year, we extensively discussed the bank’s economic and financial development, strategy and planning. We advised the Management Board and monitored its management of business. The Management Board reported to us regularly, without delay and comprehensively on business policies and other fundamental issues relating to management and corporate planning, strategy, the bank’s financial development and earnings situation, the bank’s risk management as well as transactions and events that were of significant importance to the bank. We were involved in decisions of fundamental importance. Between the meetings, the Management Board kept us informed in writing of important events. In addition, resolutions were passed, where necessary, by circulation procedure. Moreover, important topics and upcoming decisions were also dealt with in regular discussions between the Chairman of the Management Board and the Chairman of the Supervisory Board.

2006 was an exceptionally successful financial year for Deutsche Bank. The bank was able to clearly surpass its targeted return on equity of 25 % as a multiple-year average. All of the bank’s divisions contributed to these outstanding results. We would like to thank all of the bank’s employees for their great personal dedication during the 2006 financial year.

Following the successful completion of the first two phases of its management agenda, Deutsche Bank has become a leading global investment bank with a strong and profitable private clients franchise. We extensively discussed the new management agenda issued by the Management Board and approved it. The agenda consistently follows through on the successful strategy of the first two phases. The bank intends to continue to invest in its core businesses, through organic growth, but also through targeted complementary acquisitions. Global Transaction Banking and PCAM, divisions that deliver stable contributions to earnings, are to be expanded further, and the bank will make even greater use of the opportunities for growth from its competitive edge in investment banking. At the same time, the bank will maintain its cost, risk, capital and regulatory compliance discipline. We are convinced we have the right strategy. Deutsche Bank is well positioned to continue on its current path of growth and remain successful.