Members of Deutsche Bank’s independent compensation review panel

Dr. Jürgen Hambrecht (Chairman) started his career at BASF in 1976 and was appointed a member of their Management Board in 1997, at that time located in Asia. In 2003 he became the CEO of the company until his retirement in May 2011. Currently Dr. Hambrecht is the Chairman of the Supervisory Board at Fuchs Petrolub AG and holds further Supervisory Board mandates at Daimler AG and Lufthansa AG as well as Trumpf GmbH + Co. KG. Dr. Hambrecht was named “German Manager of the Year in 2005”.

Michael Dobson joined the Board of Schroders as a Non-Executive Director in April 2001 and became Chief Executive in November of that year. He was previously Chief Executive of Morgan Grenfell Group and a Member of the Board of Managing Directors of Deutsche Bank AG. He was a Member of the Advisory Committee of the staff retirement plan of the International Monetary Fund from 2004 until October 2012.

Morris W. Offit is the Chairman of Offit Capital Advisors LLC, a wealth man- agement advisory firm, and served as the Co-Chief Executive Officer of Offit Hall Capital Management LLC from 2002 to 2007. Until 2001 he served as Chief Executive Officer of Offitbank, which he founded in 1990. Prior to that, he was President of Julius Baer Securities, a General Partner at Salomon Brothers, an adjunct professor at Columbia Business School and Head of Stock Research at Mercantile Safe Deposit and Trust Co. Mr. Offit is also a Senior Independent Director of the Board of American International Group (AIG), which he first joined in 2005.

Dr. Michael Otto is Chairman of the Supervisory Board of the Hamburg- based retail and services group, Otto GmbH & Co KG. Between 1981 and 2007, he served as Chairman and Chief Executive Officer of the Otto Group. Before joining the Group in 1971 as a Member of the Executive Board, Michael Otto studied economics, taking a doctorate in the subject. Dr. Otto is also a member of the supervisory board of Axel Springer Verlag AG and a partner in Robert Bosch Industrietreuhand KG, Stuttgart.

Dr. Theo Waigel was a member of the German Bundestag from 1972 to 2002 and served as Federal Minister of Finance in the Cabinet of Chancellor Helmut Kohl from 1989 to 1998. From 1998 to 1999 he was Chairman of the Christian Social Union (CSU). Theo Waigel studied law and political science at the Universities of Munich and Würzburg, before obtaining his PhD degree in 1967. Today, he works as a lawyer at the law firm GSK Stockmann & Kollegen in Munich.