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Proxy Report - 24/05/2018

General: Supervisory Board member Prof. Dr. Stefan Simon is a member of the Advisory
Committee of DSW, the local partner of ECGS. This report has been prepared using
standard ECGS guidelines.

Item 2: We recommend to oppose the distribution of a dividend. The dividend again is
not covered by earnings and the Company has to report a loss for the third consecutive
year. We therefore consider a dividend payment inappropriate at this time.

Item 4: We recommend opposing the discharge of Supervisory Board Chairman Dr. Paul Achleitner. Dr. Achleitner has again changed the Management Board team by releasing the CEO, John Cryan, from his post. This marks another change after a series of personnel decisions made at the Management Board level. Although Mr. Cryan has been appointed to restructure the bank he was not given enough time and trust by the Chairman, Dr. Achleitner. We are lacking a clear strategy in personnel planning and the Company's strategy which we consider is closely related to Dr. Achleitner and his handling of personnel decisions.

Item 5: KPMG, Berlin, is proposed as auditor for the current financial year. We recommend opposing the re-appointment of KMPG due to our concerns over the ratio of non-audit/audit fees and the auditor's term of office (since 1952).

Items 10-16: Shareholder Riebeck-Brauerei has filed various motions to the agenda of this year's AGM.

Deutsche Bank AG

Deutsche Bank is a holding company acting as an international financial service provider. Co. offers a wide variety of investment, financial and related products and services to private individuals, corporate entities and institutional clients around the world. Co. has operations or dealings with existing or potential customers in most countries in the world. Co. is organized into the following six corporate divisions: Global Markets (GM); Corporate & Investment Banking (CIB); Private, Wealth & Commercial Clients (PW&CC); Deutsche Asset Management (Deutsche AM); Postbank (PB); and Non-core Operations Unit (NCOU).


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