Organizational Structure

Deutsche Bank AG is incorporated as a German stock corporation (Aktiengesellschaft, or AG). Its corporate governance therefore reflects the structure with three separate corporate bodies – Supervisory Board, Management Board, and Shareholders’ Meeting – stipulated by the German Stock Corporation Act (AktG). Each of these three corporate bodies has distinct responsibilities. The Supervisory Board appoints the members of the Management Board and monitors its activities. The Management Board has overarching responsibility for managing Deutsche Bank AG, steering Deutsche Bank Group and setting the bank’s strategic course. The Shareholders’ Meeting appoints the shareholders’ representatives to the Supervisory Board and votes on certain matters established by law and the Company’s Articles of Association. Given the corporate governance structure with its separation of the Management and Supervisory Board, a member of the Supervisory Board is excluded from being a member of the Management Board.