Deutsche Bank_Commitment to Climate Change

Deutsche Bank’scommitment to addressing

climate

Executive: Woojin ChungPhone: 58858E-Mail: [email protected]: Global Banking - TMTCost centre: 0840741100 Job number: 9eLD0613_Cover1CD/Image No: CD05 134002.jpgCost to Purchase: Nil

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9eld0613_DB_Square PPT template02/06/2009 2

Foreword

Overview of Deutsche Bank’s activities in climate changeBuilding on its more than a decade-long engagement on sustainability issues, Deutsche Bank has over the past two years placed added focus on climate change. In order to answer the question of what it can contribute to the issue as one of the leading financial services providers, the bank set up an Environmental Steering Committee (ESC). The ESC is a bank-wide committee with representatives from all businesses as well as infrastructure functions.

Recognising the broad-based nature of the climate change puzzle, we pursue a three-pronged approach and act as a:1. Climate change ambassador: Building on our well-recognised research platform and policy experience, we

engage with regulators and policymakers in many of the 75 countries in which we operate. Similarly, we have participated in some of the most influential fora that provide input to the Copenhagen climate negotiations process.

2. Financial intermediary: As an asset manager we can steer investments into low-carbon companies, as a trader we provide liquidity in the carbon market, and as a capital markets participant we can raise debt and equity capital to fund clean tech companies and projects and provide solutions to all clients who face the inevitable impact of climate change.

3. Eco-efficiency manager: Leadership demands responsibility. By reducing our carbon footprint, we not only make a positive contribution to the climate, but also challenge ourselves to find energy efficiency solutions that have a positive impact on our bottom line.

Despite the challenging global economic and financial outlook, we believe that climate change remains a growth area. In fact, climate change-related activity is likely to be a key driver of a global recovery scenario in a 2-3 year timeframe, led initially by government action around green infrastructure investment, as reflected in the stimulus packages that have been adopted by a number of countries including the United States, China and South Korea. Therefore, investments in climate change should be carried out in a counter-cyclical fashion over the next few years, and firms should be ready to act in markets with large catch-up potential such as the United States. We also see significantpotential in Brazil, China, India and the Middle East, where climate change will trigger immense business opportunities.

Over the past 18 months, Deutsche Bank has remained committed to its strategic vision to become one of the global leaders in the space, and has delivered tangible results:

Rapid product development and strong distribution push in Asset Management

Near-doubling of income from renewables (wind, solar, etc.) within Global Banking

Commitment to build up a private equity position in green assets

Increasing recognition of Deutsche Bank by governments, clients and public policy groups as a major player and key counterpart for regulatory dialogue, building on our demonstrated thought leadership through our various research teams

Creation of an external Climate Change Advisory Board (CCAB) and the exciting potential this offers the bank in terms of a very high profile and powerful network of individuals who value the bank’s efforts


Foreword (continued)

Climate change ambassadorAny discussion of the Bank’s thought leadership must start with our research and policy role and the realisation that markets for climate change related products are entirely created by policy, regulation and standards (see Deutsche Bank’s Thought Leadership in Climate Change, June 2009). The ongoing climate change negotiations are thus crucial for business as they will create the framework within which business will have to operate. At the same time, the business community can play an important role in this process by demanding that a meaningful policy framework should be:

Market-based and favour cap and trade regimes

Long-term and provide continuity, stability and certainty for investors

Comprehensive and address all greenhouse gases and relevant sectors

Equitable and recognise that all current and future major emitting countries have common responsibilities, but differentiated circumstances

The challenges that policymakers face are formidable. The world’s carbon stock needs to be limited to 450 ppm by 2100 if we want to limit global warming to 2 degrees Celsius. This requires a reduction in green house gases by nearly one third by 2020 relative to business as usual, or 17 Gt of CO2e, according to the McKinsey cost curve. Given emission profiles, technologies and sectoral composition, about two thirds of this reduction will have to take place in the developing world (roughly one half of that in China, Brazil and India). These mitigation efforts by developing countries will require an average of about €55-80 billion in incremental funding per annum between 2010 and 2020. Beyond 2020, subject to appropriate levels of carbon prices, many critical technologies such as CCS will become commercially viable, delivering a greater impetus on the overall mitigation effort.

While these facts underscore the magnitude of the challenge, they also illustrate how vast a business opportunity for Deutsche Bank and for many of our clients the climate change represents on the journey to a sustainable low-carbon economic system.

Financial IntermediaryAs a financial institution, Deutsche Bank is clearly focused on, and driven by, anticipating and responding to our clients’needs. Accordingly, thought leadership requires us to strengthen awareness of climate change issues with all our clientsand advise them on strategic opportunities and challenges. In addition to this strategic advisory function and our normalactivities as a capital markets participant, we have identified the following four areas which are particularly relevant fortransformational change:

1. Clean technology: Building on our experience in the German market, our solar and wind engagement has quickly spread to other geographies in Europe, Asia and the Americas. Beyond solar and wind, we see growing opportunities in second and third generation biofuels as well as battery technology.



2. Carbon market activities: For several years, carbon trading has been an important and growing business as a result of very active engagement in the offset project market (Clean Development Mechanism under the Kyoto Protocol) as well as the European emissions trading scheme. The experience we have gained not only facilitates our policy work (for instance by articulating and promoting emerging best practice carbon market design elements), but also our position in new markets such as the United States, New Zealand and elsewhere. As an important complement to our carbon trading operations, our transaction bank introduced last year a suite of carbon products that comprise, among others, an escrow service for small counterparties and a clearing and settlement service for spot trading exchanges. These products will become an important part of market infrastructure as carbon markets reach a critical size.

3. Energy efficiency in buildings: Globally, energy efficiency represents about one third of the abatement potential between now and 2020. While considered the low hanging fruit for tackling climate change, there are a number of important barriers including up front capital requirements to realise energy-savings potential over time, lack of common valuation methodology and misaligned incentives between owners and tenants. We are developing financial solutions that can support energy efficiency projects at scale, making it easier for companies to pursue these projects.

4. Green infrastructure: This initiative is likely to come into greater focus this year as green infrastructure investment will feature in economic recovery programs in the United States and the United Kingdom. In the United States, Deutsche Bank is establishing thought leadership around the topic of green infrastructure through recent publications by Asset Management as well as active policy dialogue. This will be followed by products and services to facilitate these developments.

Eco-efficiency managerOur role as an eco-efficiency manager and corporate citizen constitutes the third leg of our overall environmentalstrategy. At Deutsche Bank, we accept the need to reduce our carbon footprint. The management Board committedlast year to reduce the bank’s global carbon footprint by 20 percentage points every year compared to its 2007 baseyear in order to neutralise the CO2 emissions of its worldwide operations by 2012. The bank plans to reduce itscarbon emissions through sustainable improvements in the energy efficiency of its buildings and technologyinfrastructure, greater use of renewable energy sources as well as the purchase of emission certificates to offset anyremaining CO2 emissions.

Key initiatives include:

1. Renewable energy: As of 2008 Deutsche Bank is purchasing 100 percent of its electricity needs in Germany, Italy, UK and Switzerland from renewable sources. In January 2009, we added the United States to this list. On a global basis approximately 67% of our total electricity requirements will be met by renewable electricity this year.



2. Building efficiency: Our Frankfurt headquarters is undergoing a significant renovation. We have incorporated into this €300+ million programme a significant investment in greening our towers to set a new standard both within Deutsche Bank and more broadly for the real estate industry in terms of large scale green refurbishment.

3. Staff education: We launched last year an internal website “Passion for the Planet” that is designed as an outreach to all staff, providing advice on how they can affect our carbon footprint through their own behaviour. It also offers information on what people can do in their own homes. Going forward, we are planning to make this site increasingly more interactive to benefit from the many ideas staff have on energy and eco-efficiency.

4. Information technology: We recently announced a global 4-year commitment to deliver eco-efficient IT by 2012. This 8 point plan includes a commitment to realise a 4-fold increase in energy efficiency in our data centres as well a halving the IT energy consumption per head in our corporate offices. In addition we will be rolling out industry leading initiatives to further reduce travel and paper while introducing eco-supplier management into our purchasing processes including end-of-life recycling.

5. Creative solutions: We believe break-through innovation is critical to solving the challenge of climate change. Our support of the Solar Impulse, a plane which is expected to fly around the globe in 2011 fuelled only by the sun, is an example of our commitment to supporting creative solutions which allow all of us to envision a new world powered by renewable energy.

Caio Koch-WeserVice Chairman, Deutsche Bank

Chairman, Environmental Steering Committee


Underlining Deutsche Bank’s strong commitment and stature in the climate change sector

Top Financial Advisor to the Acquirer 2008

Deutsche Bank

Leading global ECM franchise with strong track record– No 1 Bookrunner for global renewable energy ECM issuance with 7 transactions since 2008

and 19 transactions since 2005– Joint Bookrunner on the €362m SMA IPO, the largest solar IPO in 2008 and the Euromoney

Renewables IPO of the year 2008– 2009 equity/equity-linked transactions have included SunPower (US, $460m),

Suntech (China, $250m) and NorSun (Norway, $75m)

Equity Capital Markets

Global equity research team providing top-rated carbon market research and sector analysis on a number of climate change related sectors and companies, including automotive, real estate and renewable energyRecognised as an investment industry thought-leader on a broad range of climate change dynamics– Research and white papers produced by Asset Management’s DB Climate Change Advisors,

frequently featured and cited by third parties– Research on green building trends and infrastructure from RREEFLeading trader of renewable energy equities, with No 1 market share in many stocks worldwide

Research, Sales and Trading

M&A

Global team with dedicated professionals across Europe, US and Asia covering each climate change sub-groupRecent large-scale, landmark transactions demonstrate Deutsche Bank’s strong franchise credentials– Financial advisor to Babcock & Brown Wind Partners on the sale of selected wind assets in

Spain, Portugal and Greece– Sole Financial Adviser to Bosch on the €1.2bn acquisition of ersol Solar Energy, the largest

Solar M&A transaction of 2008

No 1 Research in Emissions

In-house project development, construction financing and long-term project financing adviceCo-investing (equity, mezzanine) with experienced developers in construction projectsDevelopment of 28 wind parks so far with a total capacity of 623MW and 5 solar parks with a total capacity of 58MW

Asset Finance and Leasing

Solaris European Renewables Deal of the Year 2007

Euromoney E&Y Renewables IPO of the Year 2008

SMA Solar Technology


Underlining Deutsche Bank’s strong commitment and stature in the climate change sector (continued)

Deutsche Asset Management

Proven track record and significant experience in the origination of emissions reductions certificates– Involved in over 60 CDM & JI projects in 16 countries with total expected reductions to 2012 of

over 300m tonnes– Project Participant status in 14 registered CDM projects and listed as buyer in 27 CDM projectsActive in the secondary global emissions reductions markets transaction structuringFull suite of climate change associated commodity products, notably around energy trading

Carbon Trading and Commodities

Fully committed to our own sustainability with a full time team of professionals dedicated to thisOur commitment to sustainability has been rewarded with ISO 14001 – one of the first banks to receive the certification in 1999Deutsche Bank is continuing to lead by example with– Greentowers: to make Deutsche Bank building the first LEED Platinum certified building– Eco-efficient IT to reduce carbon footprint and energy consumption

Sustainability

No 1 Dealer in primary and secondary CERs

ISO 14001 certified

In January 2008, DeAM consolidated under one roof all climate change businesses and rebranded it as DB Climate Change AdvisorsDeAM created the first dedicated climate change platform of any full service asset manager and has achieved a market leading position in climate change mutual fundsDBCCA is exploring strategies for various asset classes in response to client interests

Structuring and arranging of non-recourse and corporate-level senior and mezzanine debt and equity capitalFinancial advisory services for developers of new projects Recent transactions include– Placement Agent for mezzanine debt and preferred stock for agri.capital, a leading European

developer of biogas projects– Placement Agent for preferred stock for VREC, a Brazilian ethanol developer– Bond offering for 20MW photovoltaic solar energy park (Solaris)

Debt Capital Markets

Best Fund Management Group 2008

Best Debt Bank in Western Europe 2009


Sale of Babcock & Brown wind assets: Complex simultaneous global M&A process

B&B and BBW assets were sold at the upper end of the range of recent comparable renewable energy transactions

– Both Spanish and Portuguese asset portfolio were sold at circa €1.9m/MW multiple, placing them at the top end

of Spanish and Portuguese renewable energy transactions and at a considerable premium to the level at which

B&B acquired these assets

Complicated and intensive process of managing multiple sell-side process in different countries simultaneously

The process designed as a wide auction process using Deutsche Bank’s network to facilitate interest among

various participants ranging from strategic players to infrastructure funds

Transaction highlights

Babcock & Brown Wind Partners Ltd

EUR830 millionSale of Spanish wind assets portfolio to FCC

Joint Financial Advisor

August 2008

Babcock & Brown Ltd and Babcock & Brown Wind Partners Ltd

EUR1.2 billionSale of Portuguese wind assets portfolio to Magnum Capital led consortium


November 2008

Babcock & Brown Wind Partners Ltd

UndisclosedSale of Greek wind assets portfolio to RF Energy


December 2008


Bosch acquisition of ersol Solar Energy: Industrial blue chip expansion into solar

Deutsche Bank acted as sole Financial Advisor and Tender Agent to Bosch on its €1.2 billion public takeover of ersol Solar Energy AG

Bosch’s acquisition of ersol was an industry-transforming transaction and the first transaction with an established industry conglomerate acquiring a sizeable solar company

Bosch had been already active in the renewable energy market with wind power and maritime energy and had the aim of expanding its new energy technology business unit with the acquisition of ersol

Alongside the acquisition of ersol, Bosch also acquired the thin-film technology subsidiary ersol Thin Film (ETF) from the former majority shareholder Ventizz Funds


Robert Bosch GmbH

EUR1.2 billionAcquisition of ersol Solar Energy AG

Sole Financial Advisor and Tender Agent for the public tender offer

August 2008

Demonstrating Deutsche Bank’s

ability to deliver a landmark

transaction, defining the next

phase of development in the global

solar sector


Suntech Power Holdings: US$250m equity follow-on offering

Deutsche Bank acted as Joint Bookrunner on Suntech Power Holdings’ US$250m equity follow-on offering on 21 May 2009

Offer was designed to strengthen Suntech’s balance sheet

Gross order book was well-covered including strong demand from dedicated tech funds alongside new investors

The offer price was at a 7.2% discount to the last trade

Deutsche Bank has been a Bookrunner on more solar equity offerings than any other firm since 2008, raising the greatest amount of proceeds (approximately US$1.7bn) for its clients

Offering summary


Global Solar equity offerings since 2008

1,707

1,4871,407

914

588450

186 108

0200400600800

1,0001,2001,4001,6001,800

UBS CS MS Citi GS Piper JPM

Tota

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Pricing date: May 21, 2009

Offering size: $250 million

Execution method: 1-day marketed

# of shares offered: 20.0 million / 100% primary

Overallotment option: 3.0 million shares / 30 days

Offer price: $12.50

% of pre-deal mkt. cap: 12.8%

Mult. of ADTV: 3.9x

Role: Joint Bookrunner

Source: Dealogic, full credit given


SunPower Corporation: Concurrent issuance of US$230m convertible (with call spread) and US$228m equity

In addition to its Bookrunner role on both the convert and equity offerings, Deutsche Bank acted as lead counterparty on SunPower’s call spread transaction

Deutsche Bank's pre-marketing efforts resulted in several key fundamental orders and significant oversubscription of more than 3x for the convertible offering

Upsized convertible offering priced at the midpoint of the aggressive range with a 4.75% coupon and 20.0% conversion premium

Company entered into a call spread transaction with Deutsche Bank and other counterparties to increase the effective conversion premium to 75%

Equity priced at a discount of 2.7% to last trade

Company intends to use proceeds to repay outstanding convertible debt and general corporate purposes

Offering summary


Issue date: April 28, 2009Ranking: SeniorSize: $230 millionMaturity: 5 yearsCoupon (s.a.): 4.75%Conversion premium: 20.0%Conversion price: $26.40Effective premium: 75.0%Effective conversion price: $38.50Conversion ratio: 37.8788Call feature: NC-lifePut feature: NoneRole: Left Bookrunner

Senior Convertible Debentures due 2014

Pricing date: April 28, 2009Offering size: $228 millionShares offered: 10.35mOffer price: $22.00% of pre-deal mkt. cap: 12.0%Mult. of ADTV: 4.4xDiscount to last sale: (2.7%)File/offer discount: (8.5%)Offer to 1 st close: +13.9%Role: Joint Bookrunner

1-Day Accelerated Bookbuild


SMA Solar Technology: Largest solar IPO in 2008

Deutsche Bank acted as the Joint Global Co-ordinator and Joint Bookrunner

The IPO of SMA represented the largest solar IPO in 2008 and the only sizeable IPO in Germany in 2008

The book of demand was multiple times oversubscribed from a broad range of high-quality investors covering specialised renewable energy funds as well as leading German and European institutions

Through the momentum in the book, Deutsche Bank managed to push pricing through the mid-point

The IPO was executed in very challenging market conditions. The decoupled pricing structure facilitated the IPO to be successfully executed despite broader market volatility


Offering summary

Trading date 27 June 2008

Offer price €47.00

Bookbuilding range €40.00 – €52.00

Primary/secondary split 35%/65% (incl greenshoe)

Offer size (incl greenshoe) €362m

Market cap at offer price €1,631m

Free float 25%

Listing Frankfurt Stock Exchange

SMA Solar Technology AG

EUR362 millionInitial Public Offering

Joint Global Co-ordinator and Joint Bookrunner

June 2008Germany


30 MW photovoltaic park in Extremadura, Spain: One of the largest of solar parks in the world to date

30MW photovoltaic park (137 ha) located in the region of Extremadura in the Southwest of Spain

Roughly 180,000 mono- and poly-crystalline modules installed on 1,875 movers, each expected to generate 32,000kWh of electricity pa

The whole park will generate enough electricity to supply 16,000households (assuming 3,800 kWh average consumption pa)

Project description

Transaction summary

Deutsche Bank's Asset Finance & Leasing business, in a 50/50 joint venture with its Spanish partner ecoEnergías, developed the project, with SolarWorld AG as an industrial partner

The total investment cost amounted to €250m

Deutsche Bank provided all of the construction equity and part of the construction debt

Deutsche Bank’s role

Deutsche Bank acted as sponsor and co-developer to its Spanish JV-partner ecoEnergías

Deutsche Bank arranged the construction financing and is currently arranging a large part of the long-term debt

The transaction represents one of an entire series of investments in renewable energy projects facilitated by Deutsche Bank and emphasises that the efficient combination of banking with hands-on project development skills is highly beneficial for successful implementation of renewable energy projects


European Renewables Deal of the Year 2007


Solaris: Innovative financing structure awarded Euromoney Renewables Deal of the Year

Development of photovoltaic solar power facility with total capacity of 16 MW with potential additional capacity of 4MW

First capital markets solution of its kind in Europe for this asset class. Solaris is a milestone in hybrid project finance and, in particular, portfolio aggregation, as it provides private client investors with the benefits of the international capital markets

Transaction designed to benefit from regulated tariffs under which generators under 100kW are eligible for favourable tariffs

Project description

Transaction summary

The financing totalled €217 million and included €185 million senior notes

Maturity of a total of 24.5 yrs was, at the time, the longest in the market for renewable projects

€33 million (in aggregate by the 200 borrowers) provided in the form of equity and quasi-equity instruments

Electricity generated will be purchased by Iberdrola under an off-take agreement prescribed by the Spanish government

Deutsche Bank’s role

Deutsche Bank acted as sole Financial Adviser, Arranger and Underwriter

Deutsche Bank placed the project equity to Spanish private investors through its Private Wealth Management network in Spain

This transaction further consolidates Deutsche Bank's position of developing innovative and pioneering transactions combining its equity distribution power in the Private Wealth Management business with its structuring and advisory capacity and pre-eminent capital markets, securitisation and derivative financing capabilities


DB Climate Change Advisors: Excellence in fund management

Asset Management awarded "Best Fund Management Group" in the inaugural Climate Change Awards in 2008 by Incisive Media and the advisory firm Holden & Partners

The DWS Invest New Resources fund was awarded as the “Best Fund over the past One Year, Equity Global” by the Lipper Fund Awards, Gulf 2008

Nicolas Huber ranked #13 among top 100 fund managers in Europe, for the DWS Zukunftsressourcen, DWS Invest New Resources LC, DWS Invest Climate Change LC, DWS Klimawandel funds


Emission trading and carbon credit procurement: Undisputed leadership across all products

No 1 Overall Emissions Rankings

No 2 Primary and Secondary CERs

No 3 EUAs

No 2 EUA Options

No 3 US VERs

Emissions Research (2009)

Emissions (2009)

Emissions trading (2008)

No 1 Research in Emissions

No 1 Research in Power and Gas

No 1 Research in Freight

No 2 Research in Oil

No 1 Dealer in Primary and Secondary CERs

No 1 Dealer in UK ROCs

No 2 Dealer in CCX VERs

No 3 Dealer in Primary and Secondary ERUs


ISO 14001: Deutsche Bank setting the standard for the banking industry

ISO 14001 is an environmental management standard focused on total quality management (TQM)

ISO 14001 helps to improve the sustainability impact of companies, especially in the field of ESG (environmental, social, governance) issues

Deutsche Bank was one of the first banks worldwide to receive an ISO 14001 certification in 1999

Currently, we are in a process of recertification to receive a certificate for the period 2008-2011, being assessed by division, products/services, infrastructure

Certification is relevant for rating agencies – good results in ratings lead to integration in business-relevant Sustainability Indices


Sustainability management: Ongoing monitoring and improvement

Sustainability strategy

1. 2.

3.

5. 4.

Ongoing

Improvement(TQM)

6.Monitoring and corrective measures

Performance indicators

Audits

Management review

Implementation of the sustainability program

Implementation, training, communication, refinement of the sustainability management system

Analysis of ecological and social impact

Organisation specialist bodies committees

Sustainability programAnnual targets and initiatives


Greentowers: Setting a new global standard

Deutsche Bank’s “Greentowers” will be the world’s first renovated skyscraper with a LEED Platinum certification and will serve as a benchmark for future projects

It also demonstrates the potential for optimisation and sustainable energy efficiency for existing buildings as well as how a “green building” approach can be worthwhile in a wide variety of ways, even as an investment in existing properties

‘Greentowers’ – a project that sets new benchmarks

Perspective on 2010Perspective on 2010

Efficient use of daylight forworkplace lighting

Electricity savings through intelligent lighting and green IT solutions

Natural ventilation through windows that can be opened

More than 850m² new space thanks to compact technology and optimised space planning

Reduced energy consumption thanks to heat recovery and heat-cold coupling systems

Recycling and reuse of raw materials and construction elements

Lower ingress of heat thanks to new triple-pane windows

Use of rainwater & grey water and on-site water treatment

Hot water heating through solar energy

Electricity generated and fed back into the grid thanks to

the latest elevator technology

Higher occupancy throughinnovative workplace concepts


IT: Eight commitments to eco-efficient IT by 2012

We will neutralise the carbon footprint of IT used at Deutsche Bank managed locations in line with the overall Group’s carbon neutrality commitment

We will create an eco-supplier programme to assess the total eco-impact for our major IT purchase categories

We will track the disposal of our IT assets and ensure they are recycled in an environmentally responsible manner wherever possible

Eco responsibility

Technology usage

Energy efficiency

We will use technology to reduce our business and commuter travel

We will use technology to halve the amount of paper used in our offices

We will double the utilisation of our next-generation hardware

We will make a four-fold increase in energy efficiency in our major corporate data centres

We will halve the IT energy consumption per head in our corporate offices


Eco-efficiency: Our contribution to a sustainable environment

Recycling of 30,500 tons plus reuse of construction elements for 15,000 m² of office spaceResources

Recycling: 98%

67% savings per year = heating energy for approximately 750 householdsHeating Energy

Reduction: 67 %

Savings of 55% power = annual consumption of approximately 1,900 householdsElectrical Power

Reduction: 55 %

43% saved water per year = filling of 13 Olympic-sized poolsWater

Reduction: 43 %

Reduction of 55% per year = 3,700 cars driving 12,000 kmCO2 Emissions

Reduction: 55 %

Up to 600 additional employees will benefit from the new upgraded work environmentUtilisation ratio

Increase: 20 %


Primary Deutsche Bank climate change contacts

Sabine MiltnerOffice of the Vice ChairmanE-mail: [email protected]: +44(20)754-77006

Climate change policy and diplomacy

Caio Koch-Weser Vice ChairmanE-mail: [email protected]: +44(20)754-77703

Charles BryantGlobal Head of Renewable EnergyE-mail: [email protected]: +44(20)754-57461

Investment banking

Thomas Rueschen Global Head of Asset Finance & LeasingE-mail: [email protected]: +49(69)910-31280

Mark FultonGlobal Head of DBCCA ClimateChange Investment ResearchE-mail: [email protected]: +1(212)454-7881

DB Climate Change Advisors

Thomas CurtisGlobal Co-Head of DBCCAE-mail: [email protected]: +1(212)454-7170

Christopher BurnhamGlobal Co-Head of DBCCAE-mail: [email protected]: +1(212)454-4999

Martin LawlessGlobal Head of Environmental ProductsE-mail: [email protected]: +44(20)754-73347

Carbon markets

Mark LewisGlobal Head of Carbon ResearchE-mail: [email protected]: +33(1)449-56761

Deutsche Bank_Commitment to Climate Change

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