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A reflecting pool with fountain, sponsored by Deutsche Bank, connects the Museo Tamayo and the Anthropology Museumand is the centerpiece of the first phase of Chapultepec Park’s restoration.

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Reviving Mexico City’s Chapultepec Park

New life was breathed into the“lungs of Mexico City,” the deterio-rating, 439-hectare world classChapultepec Park when DeutscheBank’s Dr. Josef Ackermann, chairmanof the Management Board and theGroup Executive Committee, joinedwith Mexico’s President Vincente Foxlast February 23 to inaugurate thepark’s new Reflecting Pool. The rectan-gular pool, which stretches betweenthe landmark Anthropology andRufino Tamayo museums, is the resultof a direct gift and a fundraisingeffort led by Deutsche Bank AmericasFoundation, and a significant step inthe completion of the first phase ofthe $30 million park restoration.

“All of us at Deutsche Bank areproud to be associated with the effortsof the local citizens of Mexico Citywho took responsibility for rescuingthis historic park and ensuring itsfuture as the heart and soul of thisgreat city,” Ackermann said.

The oldest urban park in America,Chapultepec has features datingback to the 16th century. Althougheach year over 15 million peopleenjoy its ecological, cultural andrecreational facilities, which includelakes, playgrounds, museums andrestaurants, the past two decadeshave brought a downward spiral of abuse and neglect. Alarmed by its environmental and landscapedeterioration, crumbling infrastructure,diminished public amenities andincreasing takeover by flea marketvendors and squatters, a group ofconcerned citizens came together ina public-private partnership to createthe nonprofit entity, Fidecomiso

Pro-Bosque Chapultepec, and raisedthe funds for the restoration. A three-phase master plan developed by ateam of specialists headed by Mexicanurban and landscape architect MarioSchjetnan, includes the reflectingpool designed by Schjetnan and hispartner Jose Luis Perez.

February’s ribbon-cutting cere-mony coincided with the Urban Ageconference in Mexico City convenedunder the auspices of Deutsche Bank’sAlfred Herrhausen Society, DeutscheBank Americas Foundation and theLondon School of Economics and

Political Science. While the Urban Agedialogue worked to define futurepatterns in Mexico City’s development,the Chapultepec Park transformationserved as evidence of the power ofpublic-private partnerships to bringabout positive change.

“The reflecting pool is a magicaladdition to Chapultepec Park. Itspresence immediately soothes thespirit for residents and visitors in this bustling city,” said Gary Hattem,president, Deutsche Bank AmericasFoundation. “Step by step,Chapultepec is being reborn.”

President Vincente Fox, Mexico City Mayor Alejandro Encinas and Deutsche BankChairman Josef Ackermann joined with other dignitaries for an official ribboncutting of the reflecting pool which coincided with the opening ceremonies ofthe Alfred Herrhausen Society Urban Age conference in Mexico City.

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microfinance

Microfinance is a wonderful solutionif you are a very small entrepreneur whoneeds a modest infusion of capital. But whatif you represent a cooperative of severalthousand coffee growers or craftspeople?You’re beyond the realm of the micro-borrower and you need access to a muchlarger loan that serves a more complexpurpose—like paying your farmers whenthey bring their product to the warehousefor shipping, rather than having them waitfor weeks or months until the product isshipped and sold.

Through the New Initiatives Fund(NIF) of the Deutsche Bank AmericasFoundation, cooperatives of coffee growersand other small-scale farmers, artisansand entrepreneurs from Central Americato East Africa now have greater accessto credit. NIF’s recent $300,000 invest-ment in EcoLogic Finance, a Cambridge,Massachusetts-based loan fund, supportsecologically viable cooperatives and business associations that are too largefor microcredit agencies and too small or too unproven for commercial lenders.

NIF was created in 1997 to providecatalytic and flexible financing for commu-nity development projects throughout theworld. Because loans are extended from theDeutsche Bank Americas Foundation andnot from the bank itself, NIF can providefinancing to projects that would otherwisebe considered too risky.

“The New Initiatives Fund is our pri-mary vehicle for making socially motivatedinvestments,” said Michael Hickey, vicepresident, Deutsche Bank CommunityDevelopment Finance Group. “It gives usthe opportunity to support projects thathave a source of repayment, but that areunusual, innovative and unconventional—like EcoLogic. Their pioneering efforts tofinance sustainable development are estab-lishing new ways to support this growing

sector within developing countries.”NIF’s investment is part of a large

revolving fund at EcoLogic that, for example,serves COCLA, the Fair Trade coffeefarming organization, which organizes8,500 small-scale, family farmers in criticalecosystems across southern Peru. Livingin the upper jungles of the Tropical Andes,COCLA’s members are largely highlandAndean Indians who speak the ancienttongue of Quechua and maintain a traditional way of life. The EcoLogic loanfund makes it possible for them to payfarmers for their crop at harvest time and sell directly to coffee importers androasters such as Peet’s Coffee & Tea,Green Mountain Coffee Roasters andStarbucks. Helped to bridge their cashgap, farmers are able to avoid workingthrough local middlemen who eat intotheir narrow profit margins. Over thepast four years, COCLA’s membershiphas increased by 60 percent, coffee production has expanded by 30 percentand COCLA has begun to offer its mem-bers training workshops and microcreditfinancing for women artisans.

“Deutsche Bank is well-known forits cutting edge work in microfinanceand for the leadership position it hastaken in using small-scale lending to helpcommunities build an economic base,”said Deborah Drake, chair of EcoLogicFinance’s board of directors and vicepresident, Policy and Analysis, ACCIONInternational. “Deutsche Bank’s investmentin EcoLogic Finance is a validation of ourlending model and the finance industry’sneed to ensure that small businesses caneffectively access credit when they becometoo large for microfinance programs.”

EcoLogic funds also assist Naranjillo,a cooperative serving 3,000 organic cocoafarmers living in the Alto Huayaga Valleyof Central Peru, as well as the Cooperativa

del Campo on Nicaragua’s northern Pacificcoast, whose members grow sustainablecrops such as sesame seeds, honey, soyand jicaro seeds. Like the coffee growerswho sell to retailers in consumer coun-tries, products harvested by Cooperativadel Campo are sold to such major buyersas the U.K.-based cosmetic company,Body Shop.

“We expect that this is just the begin-ning of our relationship with EcoLogic,”Hickey explained. “Deutsche Bank andEcoLogic are recognized leaders in financingsustainable development, and we’ll bethere as EcoLogic grows into new areasof activity and develops new financialproducts to suit their new markets.”

EcoLogic: Investing in Sustainable Growth

Funding from Deutsche Bank’s NewInitiatives Fund helps EcoLogic providesupport to Fair Trade coffee farmers.

Newsletter of the Deutsche Bank Americas Foundation and Community Development Finance Group

community focus

The annual report of the DeutscheBank Americas Foundation and CommunityDevelopment Finance Group—2005

Report for the Americas—is available.The report describes the Bank’s

corporate citizenship activities throughoutthe Americas and provides an overviewof philanthropic grants made in supportof community development, educationand arts programs.

In addition, the report details someof the initiatives that help meet the needsof low-income communities for which

the Community Development FinanceGroup provides loans and investments,including its work in microfinance.

Also highlighted are activities inLatin America and Deutsche Bank’sdiversity and leadership initiatives in the region.

To request a printed copy of the2005 Report for the Americas, please call the Deutsche Bank AmericasFoundation at (212) 250-0539 or seewww.community.db.com under the publications section.

2005 Corporate Social ResponsibilityReport Available

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Innovation in Microfinance

Last fall, Deutsche Bank Americaslaunched the Global CommercialMicrofinance Consortium (the Consortium)in a ceremony presided over by DeutscheBank Chairman Josef Ackermann, DeutscheBank Americas CEO Seth Waugh andPresident Bill Clinton. This unique initiativebrought together differently motivatedinvestors, from institutional and corporateheavyweights like Merrill Lynch, MunichRe and Hewlett Packard, to leading ven-ture philanthropists and the developmentagencies of the United States, Franceand the United Kingdom. Despite theirdifferent motivations, the investors sharea common vision that includes bringingthe efficiencies of the market to themicrofinance industry.

The $80 million Consortium is one of the largest funds in the microfinanceindustry. Initially, placement of this capital, which is done on a commercialbasis, was recognized as a challenge.However, by June 30, the Consortium’sInvestment Committee had approvedtwo-thirds of the fund’s capital for disbursement, and after taking intoaccount pending approvals, there isstrong demand for at least a further $65 million.

“We have witnessed demand that farexceeds our most optimistic predictions,”said David Gough, vice president, DeutscheBank Microfinance Funds. “The good newsis that the Consortium is also building astrong and globally diversified portfolio.”

The Consortium demonstrates thatthere are microfinance institutions (MFIs)

that have matured to the point wherethey can absorb market-based financing.This comes as no surprise to Lloyd Stevens,vice president, Deutsche Bank MicrofinanceFunds, who commented, “MFIs are oftenwell-managed profitable institutions withexcellent portfolio quality—that is, defaultrates are below 1 percent.”

Deutsche Bank continues to identifyfresh opportunities in the field of microfi-nance and is using its social financingexpertise and investment banking know-howto develop new investment products thatwill direct even more capital to the industry.

Latin AmericaNicaraguaHondurasColombiaArgentinaEcuadorPeru

EuropeBosnia & Herzegovina GeorgiaKosovoSerbiaMoldovaRussian Federation

AfricaSwazilandMozambique

Central AsiaAzerbaijanMongoliaKazakhstan

Asia PacificCambodiaPakistanPhilippines

The Global Commercial Microfinance Consortium is growing a diversified portfolio offinancings throughout the developing world.

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Socremo, a Mozambique microfinance institution, provides clients an opportunity to pursue their entrepreneurial ambitions using financingfrom the Deutsche Bank-managed Global Commercial Microfinance Consortium.

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Estimated Firm Pipeline

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Consortium Pipeline and Funds Deployment as of June 30, 2006.

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Every month, an estimated 12 millionfamilies watch housing and utility costsdevour more than a third of their incomes,leaving little left over for other necessities.Long concerned with how to ease theburden on low-income families by placinghomes within their financial reach, DeutscheBank Americas has joined with EnterpriseCommunity Partners in a new approachtoward capitalizing community develop-ment and other nonprofit organizations witha track record in the field of low-incomehousing. Instead of focusing on traditionallenders, the Enterprise Social Fund is targeting corporations and individualswith a double-pronged appeal: a stablereturn and the satisfaction of advancinga vehicle with the tangible social rewards

of the construction or rehabilitation of morethan 10,000 low- and moderate-incomehomes over the next five years.

“We have a long history and a greatdeal of confidence in the work of Enterprise,”said Gary Hattem, managing director,Deutsche Bank Community DevelopmentFinance Group. “The Fund provides uswith the ability to share the opportunityto invest in America’s communities withother corporations and wealthy individualswho may not be as familiar with the out-standing performance of the communitydevelopment industry.”

Deutsche Bank is guaranteeing 20percent of the Fund’s total capitalization,which is expected to attract $12 millionfrom institutional investors and $3 million

from affluent individuals who recognize thevalue of investing in America’s communitieswhile being prudent in how they deploytheir resources. The Fund will providedirect pre-development loans, acquisitionloans, lines of credit, construction andother loans to mission-aligned for-profitorganizations and community developmentcorporations that, nationwide, build morethan 60,000 affordable homes and apart-ments each year and have historically lowdefault rates.

Over the past 23 years, Enterprise hasplaced more than $300 million in loans forpre-development, acquisition, rehabilitationand construction of affordable housingand community facilities with an averageannual loan loss rate of less than onepercent. Enterprise Community Loan Fund,Inc., a supporting not-for-profit entity ofEnterprise Community Partners, will managethe Enterprise Social Fund.

“Enterprise’s partnership with DeutscheBank shows that investments can befinancially responsible as well as sociallyresponsible,” said Bart Harvey, chairmanand CEO of Enterprise. “We expect theEnterprise Social Fund to attract new private investment to the vital work ofbuilding homes, restoring neighborhoods,creating jobs and revitalizing cities—workthat benefits all Americans.”

community development

A New Approach to Affordable Housing

A Solid Footing for Common Ground

While New York City has made sig-nificant strides in addressing the needsof its homeless, every night nearly 35,000people sleep on its streets or in its shelters.That’s a daunting number, and it requiresgroundbreaking solutions.

Deutsche Bank CommunityDevelopment Finance Group has createdan innovative, multi-tiered financing structureto support Common Ground, a leadingNew York City nonprofit developer ofaffordable housing that incorporates socialservices and other supports to preventhomelessness. The fund brings togethernon-financial organizations with financialinstitutions in a $10 million land acquisitionand pre-development fund. The three-tieredfund is comprised of senior debt, subor-dinate loans and a letter of credit.

“We invited non-banks and founda-tions to participate in the senior debtloan to expand the sources of capital forcommunity development and to offerthem an opportunity to help solve theproblem of homelessness beyond a tra-ditional charitable response,” explainedBruce Morrison, senior consultant, DeutscheBank Community Development FinanceGroup. “We wanted to give them a way toput their capital to work, take an accept-able risk and gain both a financial andsocial return.”

The fund of 11 lenders and four pro-gram-related investors includes AltmanFoundation, AXA Insurance, Fannie Mae,Independence Community Bank, LehmanBrothers Bank, Merrill Lynch CommunityBank, MetLife Foundation, MizuhoCorporate Bank, New York City InvestmentFund, Reckson Operating Partnership,Robin Hood Foundation, Vornado Realty,Waugh Family Foundation, Weiler-ArnowInvestment Co. and Deutsche Bank. Itgives Common Ground the financial flexibility to enter the real estate marketand compete for scarce property againstfor-profit developers. In addition, the fundgives the 15-year-old organization accessto sufficient capital to take on more thanone project at a time, and move themmore quickly into development.

“With this loan in hand, CommonGround will be able to bring its operationto scale, develop multiple projects concurrently and take a major steptoward achieving its goal of providing3,000 of the Mayor’s targeted 9,000units of supportive housing over the nexteight years,” explained Asad Mahmood,

director, Deutsche Bank CommunityDevelopment Finance Group. “It will help Common Ground address the problem of family homelessness, a newendeavor for them, and continue in theirpioneering efforts to solve the problemof chronic homelessness.”

Deutsche Bank America’s support of Common Ground dates back to 1994.Through a combination of grants, con-ventional financings and program-relatedinvestments, the bank has helped theorganization complete projects at the formerly derelict Times Square andPrince George Hotels, finalize the FirstStep Housing program at The AndrewsHouse for single adults and, in 2005,acquire the Boys’ Club site on the LowerEast Side. This most recent program willcreate a state-of-the-art facility for 263residents including special needs adults,youths aging out of foster care and low-income working adults. Now thatCommon Ground has this new financingin its tool belt, it will undertake toacquire a site in Brownsville, Brooklynwhere it hopes to build a 130-unit apart-ment building for homeless families.

Most importantly, however, the loanfund provides Common Ground with lever-age to operate in an entirely new way.

“The fund that Deutsche Bank hascreated is a critical tool for us,” explainedRoseanne Haggerty, president, CommonGround. “For the first time, we’re attractingventure-type funding at the organizationallevel, not project by project financing,which brings us to a very different levelof intensity and capability.”

Common Ground is expert in providinghousing solutions for the homeless. A new $10 million fund will enable theorganization to pursue its mission at anaccelerated pace.

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Before After

A new $15 million fund organized for Enterprise by Deutsche Bank will further the orga-nization’s work in renovating urban real estate while transforming communities for thebenefit of low-income residents.

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The devastating impact of last year’shurricanes in the Gulf Coast sparked an enormous outpouring of charitable donations and support from individuals,corporations and foundations. While disaster relief dollars are important tomeeting immediate human needs in atragedy of this scale, many donors realizedthat coming to terms with the long-termchallenge of rebuilding the devastatedcommunities would be the real test oforganized philanthropy’s response to the disaster.

For Deutsche Bank, and many othercorporations and foundations long activein community development, Katrina’saftermath had a particular resonance interms of the underlying poverty the hurri-canes exposed. Clearly, any rebuildingefforts would need to result in strongerand more equitable communities wherelow income people stood a better chanceof economic success.

Thanks to a special allocation ofresources provided to Deutsche BankAmericas Foundation from the bank’sinvestment banking division, which donateda day’s trading fees for Katrina relief, nearly$2 million was made available to the GulfCoast Region. A portion of these fundswere used to help with humanitarian effortssuch as a $250,000 gift to UNICEF, whichresponded with its first ever United Statesrelief services and helped ready thousandsof displaced school children with educa-tional and recreational supplies.

A longer term strategy has evolvedthat includes partnerships with Living Cities:The National Community DevelopmentInitiative and PolicyLink, two prominentnonprofit organizations that are shapingnational policy on urban issues. The jointeffort is designed to advance “Ten Pointsto Guide Rebuilding of the Gulf CoastRegion” which focus on the need to achievecommunities that offer social and eco-nomic equity for all residents. The goalsof mixed-income and environmentallysafe neighborhoods, which provide jobsand opportunities for wealth creation,can only be accomplished with support-ive public policy and by building localorganizational capacity. Deutsche BankAmericas Foundation resources are helpingPolicyLink and Living Cities deliver on thepromise of the “Ten Points” with handson assistance to local legislators andnonprofit leaders.

“While the challenges in places likeNew Orleans and cities on the MississippiGulf Coast like Gulfport and Biloxi cannotbe imagined until you actually witness thedevastation, we continue to be impressedby the receptivity and vision of local lead-ers who are rebounding from the tragedyand defining an opportunity to buildstronger neighborhoods for the future,”said Reese Fayde, CEO, Living Cities.

Additional Deutsche Bank resourcesare helping Seedco, another nonprofitorganization, deliver loans and technicalassistance to small merchants in the mostaffected neighborhoods to reestablish

themselves. Seedco demonstrated itsability in this arena by running a successfulloan fund in Lower Manhattan immediatelyafter September 11.

Come October, Deutsche Bank sup-port will enable a group of students fromthe Brooklyn High School of the Arts totravel to New Orleans to work alongsideneighborhood residents in the historic HolyCross section of the Lower Ninth Ward inrestoring wood frame homes recognizedas architectural gems dating to the mid19th century. This preservation effort isbeing organized by the World MonumentsFund, which for 40 years has helpedimperiled works of art and architecture in 80 countries around the world.

In addition to these philanthropicdonations, the bank is helping to financenew housing construction in the region witha $10 million investment in a targeted$200 million Low Income Housing TaxCredit Fund, which will generate 2,500units of housing for displaced residents.

“I am pleased with the spirit ofcooperation and joint effort that is guidingmuch of the rebuilding in the region,” saidGary Hattem, president, Deutsche BankAmericas Foundation. “The scale of thechallenge is enormous, and there is recog-nition that those of us in the communitydevelopment industry have a role andresponsibility to do the best we can to makefor a better life for those whose lives havebeen so affected by this terrible tragedy.”

Supported by a grant from Deutsche Bank, six students and two teachers from thePreservation Arts & Technology High School program in Brooklyn, New York will travelto New Orleans in October to volunteer as part of World Monuments Fund’s RestoringSense of Place: Community Demonstration Restoration Project and Workshop. The studentswill be working on historic buildings, like the shotgun house shown above, in the HolyCross neighborhood of New Orleans’s Ninth Ward. © 2006 Stephen Wilkes.

UNICEF undertook their first U.S. relief effort, in response to the Gulf Coast disaster,with school supplies for displaced children.

Gulf Coast Rebuilding–The Hard Work Begins

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community development

Sharing Expertise and Insights:Deutsche Bank’s Practitioner Forums

The Terraces at Dublin Ranch Village in Dublin, CA is the product of an innovative partnership between Bridge Housing, a California-basednonprofit affordable housing developer, and a for-profit development partner.

As a financial institution with astrong commitment to corporate socialresponsibility, Deutsche Bank regularlyconvenes thought leaders and sectoralinnovators on topics of emerging socialimportance. Its program of “PractitionerGroups” brings together best practices,leading edge techniques and innovativeproducts for the benefit of stakeholderson the front lines of social change.

Deutsche Bank hosted two suchconvenings this past spring at its 60 WallSt. location. The first event was held fornonprofit developers of affordable housingseeking to better understand how tostructure real estate developments withfor-profit partners to maximize both socialand economic returns. The second eventbrought together a panel of leading CEOsin “cleantech” industries—businessesthat aim to improve quality of life throughbetter design and superior performanceat lower costs, while greatly reducing or eliminating environmental impacts.

“We are fortunate to be at the inter-section of best practices and innovativethinking in both the nonprofit and for-profit worlds,” said Michael Hickey, vicepresident, Deutsche Bank CommunityDevelopment Finance Group. “Eventslike these catalyze new relationships andnew understandings of how sectors canwork together to achieve positive changewith greater impact and efficiency.”

In partnership with LISC, Fannie MaeFoundation and the Steven L. Newman RealEstate Institute of Baruch College/CUNY,Deutsche Bank hosted approximately100 participants last May in a forum,“Joint Ventures: How to Make Them Work.”Nonprofit executive directors and theirsenior staff members learned about theadvantages and challenges of partner-ships between nonprofit and for-profitorganizations, focusing on types ofdevelopment deals, criteria for choosingpartners, partnership agreements, legal

and tax issues and negotiating tactics.Panelists from Harlem Congregations forCommunity Improvement, Fifth AvenueCommittee, Bridge Housing Corporationof San Francisco, Dunn DevelopmentCorporation and the Bluestone Organizationoffered case studies of their experiencesin building alliances across the for-profit/nonprofit divide.

“The conference on joint ventureshighlighted the need for nonprofits to learneven more about the process, the plausiblefunding scenarios and the possible struc-tures that level the field of negotiationsfor these ventures,” said Lucille McEwen,president and CEO, Harlem Congregationsfor Community Improvement. “It alsomade me more aware of the need for a source of equity to better enable non-profit participation in these deals.”

Deutsche Bank has enjoyed a sub-stantial relationship with SJF Venturesand its nonprofit affiliate, SJF AdvisoryServices. As an investor in two equity fundsorganized by SJF Ventures, the bank hashad a good deal of first-hand experiencewith the cleantech sector. Additionally, thebank has provided philanthropic supportto SJF Advisory Services for its outreachand technical assistance efforts to increasethe capacity of cleantech companies.

In June, the bank had the opportunityto host some 150 executives for the

Second Annual CEO Panel on InnovativeStrategies for Cleantech Companies inMainstream Markets. Deutsche Bankalso hosted the inaugural event in 2005.Organized in association with CleantechVenture Network (a membership organiza-tion of investors, entrepreneurs and serviceproviders interested in clean technology),the panel of CEOs discussed such strate-gies as how cleantech business modelscan scale rapidly by reducing costs andimproving quality for customers. Presentersincluded such environmentally consciouscompanies as Zipcar, an innovative carrental service; Intechra, an investmentrecovery, data destruction and environ-mental recycling service; Global ResourceOptions, a developer of solar energy;Tricycle, sustainable design and merchan-dizing for interiors; Q Collection, homefurnishing; InkTec Zone; ForesTrade andCambridge Water Technology. The forum’sorganizers also offset the environmentalimpact of the event by providing for theplanting of over 200 trees.

“We need these opportunities to gettogether and share ideas,” said Hickey.“Events like these remind us that we’renot alone in our efforts, and they inspireus to build new connections and stretchour thinking outside the usual boundariesof what seems possible.”

Global Resource Options, a developer of solar energy, participated in the Second AnnualCEO Panel on Innovative Strategies for Cleantech Companies in Mainstream Markets heldat Deutsche Bank in June.

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education

A dilapidated, one-acre asphalt lotthat serves as the only recreation areafor over 800 Bronx elementary studentsat P.S. 246 will soon blossom into a creative and safe playground, physicaleducation venue and garden for the schooland surrounding Kingsbridge Heightsneighborhood. In less than four months,fundraising efforts spearheaded by DeutscheBank’s Global Banking and Global Marketsgroups raised $333,000 among employees.Their contribution to the $1,000,000 facil-ity is being matched two-to-one by theNew York City Department of Education(DOE). The P.S. 246 playground is part ofa citywide commitment of the nonprofitTrust for Public Land (TPL) to bring 25

playgrounds to more than 75,000 schoolchildren and their families within thenext four years.

On June 23, students from P.S. 246visited 60 Wall St. to present the finaldesign plan for the state-of-the-art facility,which will include basketball and tenniscourts, an area for painted games suchas hopscotch and four-square, open spacefor jumping rope, a running track, climbingand play equipment, as well as benches,a drinking fountain and garden area.Students, teachers, community membersand designers from TPL all took part inthe design process.

“By providing funding for the play-ground TPL is building, Deutsche Bank is

fulfilling a dream for this school and itschildren,” said Beverly Pascal-Miller, prin-cipal, P.S. 246. “This school is challengedwithout a gym or auditorium, and nowwe’ll have a playground, which is a hugeasset for our children.”

The playground project continues arelationship Deutsche Bank began withP.S. 246 over two years ago when it raisedmoney as part of an initiative with the RobinHood Foundation to build a library there.

“We wouldn’t be able to build thisplayground and school yard withoutDeutsche Bank,” said Mary Alice Lee,director, City Spaces Program at TPL.“The bank’s contribution is that muchmore special for the relationship it alreadyhad with the school through the RobinHood Library initiative.”

With plans to break ground in mid-July and complete the project within fourmonths, Deutsche Bank employees arelooking ahead to the fall when they willwork with students and communitymembers to create a mural and plant thegarden. Ideas are also afloat to organizea sports tournament for next spring, whichwill bring families from Deutsche Bankand the Bronx neighborhood together ina healthy competition that will fully testthe capabilities of the new playground.

“We’ve done a very good job raisingmoney, and people have been very gener-ous,” said Peter Henrici, chief operatingofficer, Global Markets, Americas. “The newplayground will be an amazing transfor-mation. But we also want to build a cultureof giving that draws everyone togetherto focus on how, beyond money, we cancontribute to this one particular school.”

Deutsche Bank managing directors Jacques Brand, Jim DeNaut, Peter Henrici and GaryHattem, and DB volunteer coordinator JJ Ko, join with Trust for Public Land staff andleadership from P.S. 246 to review students’ plans for the playground to be created atthe school through Deutsche Bank support.

Each summer, over 300 interns fromdiverse backgrounds around the globearrive at Deutsche Bank’s U.S. headquarterson Wall Street. For most participants, thisis the beginning of a long-term commit-ment to a career in financial services. Inaddition to the opportunity to work along-side seasoned bankers in a particularbusiness group, the internship providesan orientation to Deutsche Bank’s cultureof teamwork and performance whilesimultaneously integrating the internsinto a culture of contribution, which isembedded in the bank’s mission of corporate social responsibility.

“Our corporate culture includesworking in partnership with our localcommunities,” said Gary Hattem, president,Deutsche Bank Americas Foundation.“We are serious about familiarizing ourinterns with that commitment in a waythat goes beyond words to include actualhands-on experience.”

For 2006, a full “Summer of Service”program offers interns 11 different volun-teer opportunities to select from dependingon their skills, experience and interests.

From working with children as tutors and helping unemployed adults gain job readiness skills to an array of othercommunity service activities in areassuch as affordable housing, youth development, poverty and neighborhoodrevitalization, the interns are exposed to the full diversity of New York City’s citizens and their needs.

Volunteer placements are also organized to allow teams of interns towork alongside one another in very different settings. For example, one groupof interns worked on a construction site in the Bronx as part of a Habitat for Humanity renovation project, whileanother organized a day’s activities for a Fresh Air Fund camp in Fishkill, N.Y.

“I was impressed to learn thatDeutsche Bank offers its employees concrete ways to engage with the community,” said Anand Anbalagan,summer analyst in Global Banking. “It’s personally rewarding to participate in these service events and a great wayto come to understand a fascinating and complex place like New York.”

From Asphalt to Action: A PlaygroundGrows in the Bronx

Deutsche Bank Securities summer associ-ate Samuel Harrity (on ladder) and otherSummer of Service volunteers join Habitatfor Humanity in rehabilitating a five-story,eight-unit building in the South Bronx.

Interns Kick Off “Summer of Service”

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arts

Art on the Move

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Through the Eyesof Miwa Yanagi

Deutsche Bank exhibited the workof its 2005 Artist of the Business Year

Miwa Yanagi, a Japanese photographer,at the Deutsche Guggenheim in Berlin in January 2004, the first solo museumshow in Germany for this artist—andsoon to be first in the U.S. Two series of color photographs, Elevator Girls

and My Grandmothers, and a series of black and white images, Fairy Tales, will open in New York City at the ChelseaArt Museum in May 2007. The exhibitwill then travel in the fall to the Museumof Fine Arts in Houston.

Yanagi has been exploring the rolesof young women in modern Japanesesociety through compelling images thatconflate fact and fantasy. Elevator Girls

depicts attractive young women in varioustableaus wearing stylish uniforms andperforming repetitive actions in odd, sociallyambiguous spaces. My Grandmothers

creates a bookend to Elevator Girls whereYanagi dresses and physically transformsher models in order to illustrate their owndreams and aspirations as the possible“grandmothers” they see themselves as inthe future. In her latest series based onEuropean fairy tales, Yanagi reaches acrosscultures to the stories of the BrothersGrimm and Hans Christian Andersen inorder to further study the role of younggirls in these psychologically resonant myths.

Miwa Yanagi (*1967, Japan); Elevator Girl House B4, 1998; From the series Elevator GirlsC-print; © Miwa Yanagi; Deutsche Bank Art Collection.

Printed on recycled paper.E

Deutsche Bank’s commitment to the arts has been an essential part of its identity since its founding in the late 19th century.

Since 1979, the bank has been supporting the work of living artists through Art at Work, a program where new art is purchased

for display in bank offices worldwide. Today, Deutsche Bank has the largest corporate art collection in the world, composed of over

50,000 contemporary works. In an effort to help staff and clients further appreciate the art around them, the Artist of the Business Year

was developed to feature multiple pieces by an individual artist and has since grown into a highly anticipated annual one-person

exhibit debuted at the Deutsche Guggenheim on the ground floor of the bank’s offices in Berlin. In addition, the Artist of the Business

Year exhibition tours museums and kunsthalles throughout Europe and is now making its way to the U.S.

“The Artist of the Business Year underscores Deutsche Bank’s longstanding commitment to supporting the work of living artists

through commissions and purchases,” said Liz Christensen, curator, Fine Art Program, Deutsche Bank. “The ability to feature in depth

the work of one artist from the corporate collection is a rare opportunity.

TheExplosiveVisionof Cai Guo-Qiang

Deutsche Guggenheim in Berlin willhost a large one-man exhibition of interna-tionally renowned artist Cai Guo-Qiang,the 2006 Artist of the Business Year, atthe end of August, which will move tothe Solomon R. Guggenheim Museum in New York in early 2008.

Chinese-born Cai Guo-Qiang is knownfor his elaborate sculpture installationsand explosion events. In advance of theexhibit, Deutsche Bank organized a presstour last April to meet Cai Guo-Qiang,which included a demonstration at Cai’swarehouse studio on the Long Islandpremises of the Grucci fireworks company.There, with the help of his assistants, hecreated one of his signature gunpowderdrawings. Using gunpowder, fuses, weightsand stencils, Cai ignited a drawing of acrocodile. After the explosion, filigree tracesof smoke lent the image the character ofa refined watercolor that, at the same time,looked as though it had been brandedinto the earth’s crust millennia ago.

Former projects by Cai include: 1993,the Project to Extend the Great Wall of China

by 10,000 Meters, for which he used aburning fuse 10 kilometers in length;2002, the multicolor, sparkling Transient

Rainbow over the Hudson that celebratedthe New York MoMA’s move to Queens;and Ye Gong Hao Long, the project inwhich he transformed the London TateModern and the nearby Millennium Bridgeover the Thames into a sea of flames fora few seconds.

Past Artists of the Business Year include:Kara Walker, an African American artistwhose sharply defined black silhouettesexplore questions of identity, racism andsocial injustice; Gunther Förg, a German

artist who has challenged ideas relatedto modernism and architecture in his workusing photography, drawing, printmakingand paint; and Richard Artschwager, anartist whose background in furnituremaking has informed his surrealist/popartwork for decades.

“Artists of the Business Year are a globalmix of artists who represent the range oftoday’s current genres,” said Christensen.“Miwa Yanagi and Cai Guo-Qiang, twoArtists of the Business Year whose workwill be shown in New York and beyond,present us with inventive, ground-breakingtechniques and images that introduceentirely new ways of perceiving the world.”

Cai Guo-Qiang (*1957, China); Image of the Artist creating a gunpowder drawing Photo: Hiro Ihara.

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