To Deutsche Bank Aktiengesellschaft, Frankfurt am Main

We have reviewed the accompanying consolidated balance sheet as of September 30, 2007 and the related consolidated statements of income and recognized income and expense for the three-month and nine-month periods ended September 30, 2007 and 2006 and the consolidated statements of cash flows of Deutsche Bank Aktiengesellschaft, Frankfurt am Main, and subsidiaries (Deutsche Bank Group) for the nine-month periods ended September 30, 2007 and 2006 (the interim financial information). Management is responsible for the preparation and fair presentation of this interim financial information in accordance with the International Financial Reporting Standards (IFRS) applicable to interim financial reporting as adopted by the EU and in accordance with the IFRS for interim financial reporting as issued by the International Accounting Standards Board (IASB).

We conducted our review in accordance with the standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States), the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with the basis set out in the basis of preparation and the significant accounting policies note, which describes how the recognition and measurement requirements of IFRS have been applied, including the assumptions management has made about the policies expected to be adopted when management prepares its first annual IFRS financial statements as of December 31, 2007.

Without qualifying our review conclusion, we draw attention to the basis of preparation of the consolidated interim financial information that explains why there is a possibility that the Deutsche Bank Group’s management may determine that changes to the accounting policies adopted in preparing the consolidated interim financial information are necessary when management prepares its first annual IFRS financial statements as of December 31, 2007.

KPMG Deutsche Treuhand-Gesellschaft

Aktiengesellschaft Wirtschaftsprüfungsgesellschaft

Frankfurt am Main (Germany), October 30, 2007