Glass Lewis Analysis re Deutsche Bank, and Voting Recommendations – for May 31st AGM

We would like to bring the attached proxy analysis and voting recommendations, which Glass Lewis published on Friday, to your attention. The analysis of agenda item four, ratification of the acts of the supervisory board / approval of the discharge of the supervisory board, on pp. 8-12, is of particularly high quality, as it demonstrates an understanding of the underlying legal concept as well as a qualitative rather than a box-ticking approach.

(to download, please register (no cost) to the BDTI web site)

Similarly, the analysis regarding agenda item nine, election of supervisory board members, on pp. 21-27, provides some valuable context. So is the exact positioning regarding the re-election of the auditors, item 5, p.13.

VIP recognizes the good and realistic anticipation of the German corporate governance culture. VIP is ready to bring support to any cross border voting ambiguity – we executed up to now 7.2 bn EUR VIP highly recommend reading the Glass Lewis analysis before exercising your voting rights ahead of the Deutsche Bank AGM on 31 May.

VIP has announced a counter motion with the aim not to bring discharge for 2011 NEDs.

Best Regards
Hans-Martin Buhlmann, CEO
VIP (Vereinigung Institutionelle Privatanleger) eV association of institutional shareholders association des actionnaires institutionnels

Th eE u r o p e a n p r o x y a g e n t

Rathausplatz 3 * D 51766 Engelskirchen Kuthstr 37 a * D 51107 Koeln

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Bonn VR 7617

(posted on request)

The Board Director Training Institute (BDTI) is a "public interest" nonprofit in Japan dedicated to training about directorship, corporate governance, and related management techniques. It is certified by the Japanese government to conduct these activities as a regulated nonprofit. Read a summary about BDTI here, and see a menu of its services for both corporations and investors here.

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