With effect from January 1, 2007, the Group prepares its annual consolidated financial statements, and its consolidated interim financial statements, in accordance with International Financial Reporting Standards (“IFRS”). The consolidated interim financial statements were prepared in accordance with IFRS issued and effective at December 31, 2006, which were unchanged at March 31, 2007. The 
segment information presented in this Report is based on IFRS 8: ‘Operating Segments’. IFRS 8, whilst approved by the International Accounting Standards Board (“IASB”), has yet to be endorsed by the European Union (“EU”). On this basis, the Group presents the accounting policies that are expected to be adopted when the Group prepares its first annual financial statements under IFRS.

These financial statements have been prepared in accordance with IFRS for interim financial statements (IAS 34: ‘Interim Financial Reporting’). They are the Group’s first IFRS interim financial statements for part of the period covered by the first annual financial statements and IFRS 1: ‘First-time Adoption of International Reporting Standards’ has been applied. The interim financial statements including its supplementary information on accounting policies, segment information, income statement, balance sheet, other financial information and reconciliation from U.S. GAAP to IFRS do not include all of the information required for annual financial statements.

An explanation of how the transition to IFRS affected the Group’s previously reported balance sheet and income statement under U.S. GAAP was provided in the Transition Report – 2006 IFRS Comparatives (the “Transition Report”) which was published on April 19, 2007. For a complete discussion of the transitional impacts of IFRS, please refer to the Transition Report.

In the process of preparing financial statements in conformity with IAS 34, management has used judgment and made estimates and assumptions regarding the fair valuation of certain financial assets and liabilities, the allowance for credit losses, the impairment of assets other than loans, the realizability of deferred tax assets, legal, regulatory and tax contingencies, as well as other matters. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the balance sheet date, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from management’s estimates. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of operations, financial position and cash flows have been reflected.

The preparation of consolidated interim financial statements in accordance with IAS 34 resulted in changes to the accounting policies as compared with the most recent annual financial statements prepared under U.S. GAAP. The accounting policies set out below were consistently applied to all periods presented. They were also applied in preparing the IFRS balance sheet as at January 1, 2006 for the purpose of transition to IFRS, as required by IFRS 1. The impact of the transition from U.S. GAAP to IFRS was described in the Transition Report and the effects on the comparative periods are presented in the section “Reconciliation from U.S. GAAP to IFRS” of this Interim Report.

The accompanying consolidated financial statements as of March 31, 2007 and 2006 and for the three months then ended are unaudited and include the accounts of Deutsche Bank AG and its subsidiaries (collectively, “the Group” or “the Company”). The financial statements are presented in euro. The results reported in these financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year.

The financial statements included in this Interim Report should be read in conjunction with the 
consolidated financial statements according to U.S. GAAP and related notes included in the Company’s 2006 Financial Report and SEC Form 20-F and the Transition Report.