Letter from the Chairmen of the Management Board

Ladies and Gentlemen,

Deutsche Bank’s commitment to our stakeholders is a fundamental part of who we are. In whatever business we do, wherever we do it, we aim to serve our clients, our people, our investors, and society, whilst supporting the communities in which we serve and sustaining the environment in which we all live. In 2014, we made significant progress in bringing this commitment to life. We have already articulated values and beliefs which define the type of institution we aspire to be. In 2014, we continued to embed those values, and those beliefs, into every aspect of our activity.

First and foremost among our values is integrity. During 2014, Deutsche Bank, like other leading banks, continued to work through litigation matters which arose because, in the past, instances occurred within Deutsche Bank where conduct fell short of what our stakeholders expect of us and what we expect of ourselves. In response, we continued to safeguard our organization against future problems by investing in our “Three Lines of Defense”: our businesses, our control functions, and Group Audit. We have added around 700 people to strengthen controls in our business divisions, and we have further strengthened systems and internal controls during 2014.

Additionally, we further reinforced corporate governance. We strengthened our Management Board with outstanding leadership talent both from within the Bank and from the industry. We focused the responsibilities of Management Board members specifically around high-priority issues: litigation and other legal matters; strategy and organizational development, and digitization. Furthermore, we made key appointments to the Group Executive Committee which underline our commitment to strategy, compliance and regulatory affairs. Our 2014 Financial Report contains more details on this topic. Adherence to our values has become an important consideration in the way we assess, pay and promote our people. We underlined our belief that diverse teams make better decisions: since the financial crisis we have increased the number of women at senior levels by over 50 %.

Our values determine the business we do. In 2014, we demonstrated our willingness to decline transactions or relationships which did not fit with our values, and to avoid marketing products to clients for whom they were not suitable. We continued to scrutinize rigorously the potential impact of business we do on the environment and the community. In 2014, we assessed over 1,200 potential transactions using our Environmental and Social Risk Framework, an increase of nearly 70 % over 2013, and underlining our commitment to the U N Global Compact, of which we are signatories. We enacted clear guidelines on financial transactions connected to activities at or near U N E S C O World Heritage Sites. Additionally, we joined a consortium of financial institutions to develop common principles for the issuing of Green Bonds which raise money to finance environmentally-friendly business initiatives. Deutsche A W M launched a consistent approach to environmental, social and governance criteria which enables us to help clients invest according to clear ethical standards. We design these strategies in close cooperation with clients.

Our commitment to our communities reaches beyond our banking activities. We also take direct action to help young people who, in many countries, currently face the future without employment, education or prospects. In 2014, Deutsche Bank staff devoted around 190,000 hours of their time to a wide range of corporate volunteering activities, and these included projects which help young people build the skills and confidence to fulfill their potential. We rolled-out our Born to Be program across Europe, the U S, Asia and Africa, and in total our youth education programs reached more than 1 million young people worldwide. We expanded our Enabling Enterprise programs, working in partnership with charities and public sector bodies on a variety of projects which contribute to social and economic well-being in disadvantaged parts of the world.

These are just a few examples of how Deutsche Bank turned corporate responsibility into action during 2014. In this report, you will find more on how Deutsche Bank is contributing to a sustainable future for all our stakeholders. We are grateful for the efforts of our staff during the year, and we are proud of what they achieved. We look forward to building on these efforts in 2015.

We hope you find this report interesting.

Yours sincerely,

Frankfurt am Main, Germany, March 2015