Deutsche Bank

Corporate Responsibility
Report 2015

Ladies and Gentlemen,

Deutsche Bank is going through a period of profound change as we implement Strategy 2020 and strive to deliver on our vision, to be a trusted and successful bank.

Our vision reflects our conviction that to be successful we must be trusted; corporate responsibility is central to our efforts to win and maintain the trust of all our stakeholders. We are proud to be one of the first signatories to the United Nations Global Compact. Its ten principles underline our determination to do business with integrity: serving our stakeholders diligently while supporting our communities and respecting the environment. In 2015, we brought this determination to life in a number of ways.

Effective governance and control frameworks are essential to doing business with integrity. During 2015 Deutsche Bank simplified its business divisions to align these more closely to our four main client groups – institutions, corporates, fiduciaries and private clients. We strengthened our corporate governance, implementing more stringent client adoption and “Know Your Client” procedures to ensure that the new business we accept matches our criteria. The Bank is also discontinuing some client relationships, which have a higher risk profile, and withdrawing from some locations. We increased the resources we devote to combating financial crime, increasing our anti-financial crime staff by a third. In the past year we also stepped up efforts to resolve our outstanding legal and regulatory issues.

We believe that only by building teams of people with different backgrounds, educational achievements, skills, and experiences can we create the type of value we need across the bank. We seek to nurture environments where we welcome different ways of thinking about our challenges. We made encouraging progress in 2015, for example, increasing the number of women in senior leadership roles. We were pleased to welcome Sylvie Matherat to the Management Board in 2015 and we anticipate that Kim Hammonds will join the Management Board in 2016. Since 2011, when Deutsche Bank joined other DAX 30 companies in signing a voluntary declaration on increasing gender diversity, the proportion of female Managing Directors and Directors has increased by 20%. We know there is more to do to build a truly diverse pool of talent, and we remain committed to making further progress in this area.

We carefully assess the environmental and social impact of potential new business opportunities, and we are willing to decline those that do not meet our ethical standards. In 2015, 1,346 transactions were screened against these benchmarks – a record number. We also emphasized our respect for human rights with the publication of the Deutsche Bank Statement on Human Rights during the year. This reflects our commitment to do what is right, and not just what is allowed. We are pleased to be the first commercial bank worldwide to be accredited to support the United Nations Green Climate Fund, a global investment vehicle designed to tackle climate change and its effects. In addition, Deutsche Asset & Wealth Management substantially increased the value of assets it manages in accordance with environmental, social and governance criteria, from €5.4 billion in 2014 to €7.7 billion by the end of 2015.

We are committed to being active members of the communities we serve. Employees are encouraged to volunteer their time and skills to support a wide range of charitable and social projects. The Bank has also invested significantly in expanding our flagship Born to Be program, an initiative to help young people reach their full potential by improving their employment and education prospects. In 2015, our education programs supported 1.3 million young people around the world, and we aim to reach a total of five million by 2020. In addition, we sought to help alleviate the human tragedy caused by the conflict in Syria: Over the past year, about 900 employees invested 1,200 days to support 150 refugee-related projects. The Bank also made available its former training center near Frankfurt am Main to be used as a shelter for up to 600 refugees.

Looking ahead to 2016 and beyond, we aim to make further progress in implementing Strategy 2020. This will require some difficult but necessary decisions regarding our branch network and staffing levels, which will involve some restructuring. As we proceed with the implementation of our strategy, we are committed to fairness and transparency, and will proceed in close consultation with our staff and their representatives and with our external stakeholders.

These examples illustrate Deutsche Bank’s progress in turning our aspirations into action during 2015. This report provides further information on a range of initiatives we have undertaken to ensure we act as a responsible business and social partner for the communities we serve. We hope you find it useful. We are committed to continuing these efforts in 2016 in support of our overall goal: to build a better Deutsche Bank.

Yours sincerely,

John Cryan, Co-Chief Executive Officer (signature)John Cryan, Co-Chief Executive Officer (signature)

John Cryan
Co-Chairman of the Management Board,
Deutsche Bank AG

Jürgen Fitschen, Co-Chief Executive Officer (signature)Jürgen Fitschen, Co-Chief Executive Officer (signature)

Jürgen Fitschen
Co-Chairman of the Management Board,
Deutsche Bank AG

Frankfurt am Main, March 2016