To the best of our knowledge, the following sell-side analysts cover Deutsche Bank via written research on a regular basis:

Broker	Lead Analyst
Ahorro	Marta Sanchez
Bankhaus Lampe	Katharina Eberle
Bayern LB	Christian Schreiner
BBVA Bolsa	Miguel Alcalá
CA Cheuvreux	Joachim Müller
Cazenove	Piers Brown
Citigroup	Jeremy Sigee
Commerzbank	Michael Dunst
Credit Suisse	Daniel Davies
Dresdner Kleinwort	Stefan Stalmann
DZ Bank	Matthias Dürr
Equinet	Dr. Philipp Hässler
Exane BNP Paribas	Elie Laurent-Darwish
Execution	Fiona Swaffield
Fairesearch	Dieter Hein
Fox-Pitt, Kelton	David Williams
Goldman Sachs	Christoffer Malmer
Helvea	Peter Thorne
HSBC	Matthew Czepliewicz
Ibersecurities	Laura Benito
Independent Research	Pierre Drach
ING	Alain Tchibozo
JP Morgan	Kian Abouhossein
Keefe, Bruyette & Woods	Matthew Clark
Kepler	Dr. Dirk Becker
Landesbank Baden-Württemberg	Olaf Kayser
Mainfirst	Michael Rohr
Merck Finck	Konrad Becker
Merrill Lynch	Stuart Graham
Metzler	Guido Hoymann
M.M. Warburg	Andreas Pläsier
Morgan Stanley	Huw van Steenis
Natixis	Sebastien Lemaire
Nomura	Jon Peace
Raymond James	Jean Sassus
Royal Bank of Scotland	Kinner Lakhani
Sal. Oppenheim	Carsten Werle
Sanford C. Bernstein	Dirk Hoffmann-Becking
Société Générale	Alan Webborn
S&P Equities Research	Frank Braden
SRC Research	Stefan Scharff
UBS	Dr. Philipp Zieschang
UniCredit (HVB)	Dr. Andreas Weese
WestLB	Dr. Georg Kanders

Note: This list may not be complete and may change from time to time. We update the list periodically, but undertake no obligation to do so. Any opinions, estimates or forecasts made by these analysts on Deutsche Bank's performance are not opinions, forecasts or predictions of Deutsche Bank or its management. By providing the list above, Deutsche Bank does not imply its endorsement of or concurrence with such information, conclusions or recommendations. Copies of reports by any of the listed analysts must be obtained directly from the analysts or their firms. Deutsche Bank does not distribute such reports.