Interim report

Risk and opportunities report

DB Group’s risk management system [see "AR online"] is described in the 2010 Annual Report. No material changes occurred in this area during the first half of 2011.

OPPORTUNITIES REPORT

DB Group’s business opportunities are presented on page 138 of the 2010 Annual Report. [see "AR online"] No material changes occurred in this area during the first half of 2011.

RISKPORTFOLIO FREE OF EXISTENCE-THREATENING RISKS

Primary risk issues were related to sales and the procurement market. We counter the risk of higher energy prices by using appropriate derivative financial instruments. Comprehensive analyses are regularly conducted to assess all material risks.

Due to favorable economic development, the quantitative evaluation of these risks declined further in comparison to the end of 2010. Substantial risks could arise from a worsening of the European sovereign debt crisis in the future.

Extensive business-unit-specific and Group-wide efficiency and rationalization programs are among the operational countermeasures employed to contain risk. In addition, we further develop our business unit offers systematically to ensure that they are designed to meet market needs. DB Group protects itself against unavoidable risks by taking out insurance policies that limit the risk of liability it could face in the event of damages.

Our analysis of risks, countermeasures, hedges and provisions has established that, based on the current assessment of risk, there are no risks present which could permanently and materially damage DB Group.

Last modified: 29.07.2011