Group management report

Forward-looking statements

These estimates are, as always, subject to the following reservations set forth below.

This Management Report contains statements and forecasts pertaining to the future development of DB Group, its business units and individual companies. These forecasts are estimates we made based on information that was available at the current time. Actual developments and currently expected results may vary in the event that assumptions that form the basis for the forecasts do not take place, or risks – for example, those presented in the Risk Report – actually occur.

DB Group does not intend or assume any obligation to update the statements made within this Management Report.

Last modified: 27.06.2011