The accompanying condensed consolidated interim financial statements which include Deutsche Bank AG and its subsidiaries have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and endorsed by the European Union (“EU”) and are stated in Euro. Since the Group does not use the “carve-out” relating to hedge accounting included in IAS 39, “Financial Instruments: Recognition and Measurement,” as endorsed by the EU, its financial statements fully comply with IFRS as issued by the IASB.

These condensed consolidated interim financial statements are unaudited and conform to IAS 34, “Interim Financial Reporting”, and should be read in conjunction with the audited consolidated financial statements of Deutsche Bank for the financial year 2007. The condensed consolidated interim financial statements are based on the same accounting policies applied in the preparation of the consolidated financial statements for 2007 except for changes set out as follows.

In July 2007, the International Financial Reporting Interpretations Committee (“IFRIC”) issued interpretation IFRIC 14, “IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction” (“IFRIC 14”). IFRIC 14 provides general guidance on how to assess the limit in IAS 19, “Employee Benefits,” on the amount of a pension fund surplus that can be recognized as an asset. It also explains how the pension asset or liability may be affected when there is a statutory or contractual minimum funding requirement. No additional liability need be recognized by the employer under IFRIC 14 unless the contributions that are payable under the minimum funding requirement cannot be returned to the company. IFRIC 14 is effective for annual periods beginning on or after January 1, 2008. Even though the EU has yet to endorse IFRIC 14, its adoption by Deutsche Bank has no impact on the conformity with IFRS as endorsed by the EU, because the adoption of IFRIC 14 had no impact on Deutsche Bank’s consolidated interim financial statements.

The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions for certain categories of assets and liabilities. Areas where this is required include the fair value of certain financial assets and liabilities, the allowance for loan losses, the impairment of goodwill, intangibles and assets other than loans, the recognition and measurement of deferred tax assets, provisions for uncertain income tax positions, legal and regulatory contingencies, the reserves for insurance and investment contracts, reserves for pensions and similar obligations. 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 and the results reported should not be regarded as necessarily indicative of results that may be expected for the entire year.

The condensed consolidated interim financial statements include supplementary disclosures on segment information, income statement and balance sheet and other financial information. Prior period amounts for the cash flow statement as well as for certain income statement positions were adjusted as described in Note [44] of Deutsche Bank’s Financial Report 2007.