Announcement for audited financial statements

Announcement for the audited financial statements

@@start.t1@@--------------------------------------------------------------------------------   ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for   the content of this announcement. --------------------------------------------------------------------------------@@end@@

balance/Audited Financial Statement

St. Helier / Jersey, Channel Islands (euro adhoc) - The financial statement is available: in the internet at: in the internet on: November 03, 2008 further information: Audited financial statements for the year ended 31 December 2007


Audited financial statements

                                                          For the

                                                        year ended

                                                  31 December 2007



@@start.t2@@|                                              |                                                |Page                 |
|                                              |                                                |                        |
|Report of the directors         |                                                |2-4                  |
|                                              |                                                |                        |
|Independent auditor's report |                                                |5                      |
|                                              |                                                |                        |
|Income statement                    |                                                |6                      |
|                                              |                                                |                        |
|Statement of changes in         |                                                |6                      |
|equity                                    |                                                |                        |
|                                              |                                                |                        |
|Balance sheet                         |                                                |7                      |
|                                              |                                                |                        |
|Cash flow statement                                                                |8                      |
|                                                                                              |                        |
|Notes to the financial statements                                         |9-17                 |
|                                              |                                                |                        |
|                                              |                                                |                        |
|                                              |                                                |                        |
|                                              |                                                |                        |
|                                              |                                                |                        |


The directors herewith present the  audited  financial  statements  of  DZ  BANK Perpetual Funding Issuer (Jersey) Limited (the "Company") for the year ended  31 December 2007.


The Company was incorporated in Jersey, Channel Islands on  1  September,  2005, as a Public Company with limited liability.


The Company was incorporated as a special purpose vehicle  for  the  purpose  of participating  in  a  structured  Tier  1  capital  financing    programme    (the "Programme"),  arranged  by  and    for    DZ    BANK    AG    Deutsche    Zentral    - Genossenschaftsbank, Frankfurt  and  Main  ("DZB").  Under  the  Programme,  the Company issues, from time to time, Tier I Perpetual Limited Recourse  Securities (the "Notes") up to a maximum aggregate principal amount of  E1,000,000,000  (or its equivalent in any other currency).

The proceeds from the sale of Notes are used by the Company to purchase  classes of preference shares (the "Preferred Securities") issued by  DZ  BANK  Perpetual Funding (Jersey) Limited (the "Funding Company"), a wholly owned  subsidiary  of DZB.

In turn, the Funding Company uses the proceeds of the  issue  of  the  Preferred Securities  to  purchase  subordinated  notes  issued  by  DZB  ("Initial    Debt Securities"). The Preferred Securities issued by  the  Funding  Company  are  on terms that  reflect  exactly  those  of  the  Initial  Debt  Securities.  Income received by the Funding Company under the Initial Debt  Securities  is  paid  by way of dividends to the Company, as holder of the Preferred Securities,  and  is available for distribution to the holders of the Notes.

The Company commenced activities on 9 January, 2006, with the first issuance  of Notes ("Class VI") under the Programme.

A second issuance of Notes was made on 13 February, 2006 ("Class VII"), a  third issuance of Notes was made on 17 March, 2006 ("Class I") and a  fourth  issuance of Notes was made on 4 September 2006,  (Class  VIII).  The  proceeds  of  these issues have been used to acquire further Preferred Securities from  the  Funding Company.

During the year the Company issued two further  series.  The  fifth  series  was issued on 16 April 2007 ("Class IX") and  the  sixth  series  was  issued  on  4 September 2007 ("Class X").


The results of the Company for the year ended 31 December 2007 are  set  out  on page 6. The profit for the year was E 14,627,609 (2006 E 5,615,900).

The directors do not propose the  payment  of  a  dividend  in  respect  of  the ordinary shares (2006 ENil).



The directors who held office during the year and subsequently were as follows:

Richard Charles Gerwat@@end@@

Shane Michael Hollywood

None of the directors has any beneficial interest in the share capital of the Company.


Ernst & Young LLP Unity Chambers 28 Halkett Street St. Helier, Jersey JE1 1EY

The auditors, Ernst & Young LLP, have expressed their  willingness   to  continue in office. A resolution that Ernst & Young LLP be re-appointed as the  Company's auditors will be put to the forthcoming Annual General Meeting of the Company.


Bedell Secretaries Limited was appointed on 6 September 2005.

Registered office

26 New Street St. Helier Jersey JE2 3RA


Statement of directors' responsibilities

The  directors  are  responsible  for  preparing  the  financial   statements  in accordance  with  applicable  Jersey  law  and   generally  accepted    accounting principles.

The Companies (Jersey) Law 1991 (the "Law") requires the  directors   to  prepare for each financial period, financial statements that give a true and  fair  view of the state of affairs of the Company as at the end  of  the  financial  period and the results of the Company for the period.    In  preparing  these  financial statements, the directors should:

@@start.t3@@*        select suitable accounting policies and then apply them consistently;

*        make judgements and estimates that are reasonable and prudent;

*        state whether applicable accounting standards have been followed; and

*        prepare the financial statements on a going concern  basis  unless  it  is
         inappropriate to presume that the Company will continue in business.@@end@@

The directors  are  responsible  for  keeping  proper  accounting   records  that disclose with reasonable accuracy at any time  the   financial  position  of  the Company and enable them to ensure that the financial statements comply with  the Law.  They are also responsible for safeguarding the assets of the  Company  and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

By order of the Board

__________________________ Authorised Signatory Bedell Secretaries Limited Company Secretary

7 February 2008


We have audited the company's financial  statements  for  the  year   ended  31    December 2007 which comprise the Income Statement,   Statement  of  Changes  in    Equity, Balance Sheet, Cash Flow Statement, and the related  notes  1  to  16.    These financial statements have been prepared under  the  accounting  policies    set out therein.

This report is made solely to the company's members, as a body, in  
accordance    with Article 110 of the Companies (Jersey) Law 1991.  
Our audit work has  been    undertaken so that we might state to the
company's members  those  matters  we    are required to state to them
in an auditors' report and for no other purpose.      To the  fullest  
extent  permitted  by  law,  we  do  not  accept  or  assume    
responsibility to anyone other than the company and the company's
members as a    body, for our audit work, for this report, or for the
opinions we have formed.

Respective responsibilities of directors and auditors    The directors are responsible for the preparation of the financial  statements    in accordance with applicable Jersey law  as  set  out  in  the   Statement  of    Directors' Responsibilities.

Our responsibility is to audit the financial  statements  in   accordance  with    relevant legal and regulatory  requirements  and   International  Standards  on    Auditing (UK and Ireland).

We report to you our opinion as to whether the  financial  statements give  a    true and fair view and are properly prepared in accordance with the  Companies    (Jersey) Law 1991.  We also report to you if, in our opinion, the company  has    not kept proper accounting   records  or  if  we  have  not  received  all  the    information and explanations we require for our audit.

We read the Directors' Report and consider the implications for our report  if    we become aware of any apparent misstatements within it.

Basis of audit opinion    We conducted our audit in accordance with International Standards on  Auditing    (UK and Ireland) issued by the Auditing Practices Board.    An  audit  includes    examination, on a   test  basis,  of  evidence  relevant  to  the  amounts  and     disclosures in the financial statements.  It also includes  an   assessment  of    the  significant  estimates  and  judgments  made   by  the  directors  in  the    preparation of  the  financial   statements,  and  of  whether  the  accounting    policies are appropriate to the company's circumstances, consistently  applied     and adequately disclosed.

We planned and performed our audit so as to obtain  all  the   information  and    explanations which we  considered  necessary  in   order  to  provide  us  with    sufficient evidence to give reasonable assurance that the financial statements    are free  from  material   misstatement,  whether  caused  by  fraud  or  other    irregularity or error.  In forming our opinion we also evaluated  the  overall     adequacy of the presentation of information in the financial statements.

Opinion    In our opinion the  financial  statements  give  a  true   and  fair  view,  in    accordance with International Financial Reporting Standards, of the  state  of    the company's affairs as at 31 December 2007  and of its profit for  the  year    then ended and have been properly prepared in accordance  with  the  Companies     (Jersey) Law 1991.

Jersey, Channel Islands   Date: 8 February 2008

INCOME STATEMENT For the year ended 31 December 2007

@@start.t4@@|                                                          |         | |              |  |                  |
|Income receivable from available for |         |5|              |14|                  |
|sale securities                                  |         | |              |,6|                  |
|                                                          |         | |              |28|                  |
|                                                          |         | |              |,0|                  |
|                                                          |         | |              |00|                  |
|                                                          |         | |              |  |                  |
|Expense                                                |         | |              |  |                  |
|Exchange loss                                      |         | |(420)      |  |-                 |
|                                                          |         | |              |  |                  |
|Profit on ordinary activities for the|         | |14,627,60|  |5,615,900    |
|year                                                    |         | |9            |  |                  |
|                                                    |              |                  | |                    |
|                                                    |Notes      |2007            | |2006              |
|                                                    |              |E                 | |E                  |
|ASSETS                                          |              |                  | |                    |
|Non-current assets                        |              |                  | |                    |
|Available for sale securities      |8            |345,800,000 | |259,000,000  |
|                                                    |              |                  | |                    |
|                                                    |              |                  | |                    |
|Current assets                              |              |                  | |                    |
|Cash and cash equivalents            |              |4,611          | |2                  |
|Debtors                                         |9            |-                 | |5,000            |
|                                                    |              |4,611          | |5,002            |
|                                                    |              |                  | |                    |
|                                                    |              |                  | |                    |
|TOTAL ASSETS                                 |              |345,804,611 | |259,005,002  |
|                                                    |              |                  | |                    |
|                                                    |              |                  | |                    |
|                                                    |              |                  | |                    |
|EQUITY                                          |              |                  | |                    |
|Share capital                                |10          |2                 | |2                  |
|Notes                                            |11          |360,000,000 | |260,000,000  |
|Retained earnings                         |              |4,609          | |5,000            |
|Available for sale reserve          |12          |(14,200,000)| |(1,000,000)  |
|TOTAL EQUITY                                 |              |345,804,611 | |259,005,002  |
|                                                    |              |                  | |                    |

The financial statements were approved by the board of directors on  7  February 2008 and signed on its behalf by:

__________________                                  __________________@@end@@

Director                                         Director

The notes on pages 9 to 17 form an integral part of these financial statements.

CASH FLOW STATEMENT For the year ended 31 December 2007

@@start.t5@@|                                                  |                 |                  | |                    |
|                                                  |Notes         |2007            | |2006              |
|                                                  |                 |E                 | |E                  |
|                                                  |                 |                  | |                    |
|Net cash flow from operating      |                 |4,609          | |-                  |
|activities                                  |                 |                  | |                    |
|                                                  |                 |                  | |                    |
|Investing activities                  |                 |                  | |                    |
|Investment in Preferred              |8                |(100,000,000| |(260,000,000)|
|Securities                                  |                 |)                 | |                    |
|Income received on Preferred      |5                |14,628,000  | |5,610,900      |
|Securities                                  |                 |                  | |                    |
|Net cash outflow from investing |                 |(85,372,000)| |(254,389,100)|
|activities                                  |                 |                  | |                    |
|                                                  |                 |                  | |                    |
|                                                  |                 |                  | |                    |
|Financing activities                  |                 |                  | |                    |
|Issue of Notes                            |11              |100,000,000 | |260,000,000  |
|Distributions paid on the Notes |7                |(14,628,000)| |(5,610,900)  |
|Net cash inflow from financing  |                 |85,372,000  | |254,389,100  |
|activities                                  |                 |                  | |                    |
|                                                  |                 |                  | |                    |
|Increase in cash during the year|                 |4,609          | |2                  |

|Cash at beginning of year        |                  |2                 | |-                  |

|Cash at end of year                 |                  |4,611          | |2                  |

Reconciliation of operating profit to net cash flow from operating activities

|                                                |                  |2007            | |2006              |
|                                                |                  |E                 | |E                  |
|                                                |                  |                  | |                    |
|Operating profit for the year |                  |14,627,609  | |5,615,900      |
|Adjustments:                                                                                                 |
|Decrease in debtors                 |                  |5,000          | |(5,000)         |
|Income received on Preferred  |                  |(14,628,000)| |(5,610,900)  |
|Securities                                |                  |                  | |                    |
|Net cash flow from operating  |                  |4,609          | |-                  |
|activities                                |                  |                  | |                    |

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2007


         The Company is a public limited company incorporated in  Jersey,  Channel
         Islands.  The principal activities of the Company  are  described  in  the
         Report of the Directors.

         The financial statements are prepared  in  Euro  (E)  which  reflects  the
         economic structure of the underlying events and circumstances relevant  to
         the Company

         Statement of Compliance

         The financial statements of the Company have been prepared  in  accordance
         with International Financial Reporting Standards ("IFRS").

Summary of significant accounting policies

         The financial statements are prepared on a historical cost  basis,  except
         for available for sale investments that have been measured at fair  value.
         The principal accounting policies are set out below:

         The Company has adopted 'IFRS7 Financial Instruments: Disclosures'  during
         the year. Adoption of this revised standard did not have any effect on the
         financial performance or position of the Company. It did however give rise
         to additional disclosures.

         Adopted IFRS Not Yet Applied

         The  Company  has  not  applied  the  following  International    Financial
         Reporting Standard that has been issued but is  not  yet  effective.    Any
         other standards issued but not yet effective are not  listed  below  since
         they are not relevant to the Company.

         IAS 1  Amendment- Presentation of Financial Statements

         Income and expenditure

         Income on the available for sale financial assets is recognised  when  the
         Company's right to receive payment of the Income  is established.

         All expenses are borne by DZB with no recourse against the Company.


         Under IAS 10 'Events after the Balance Sheet date', proposed dividends are
         not considered to be a liability until the dividends are approved  by  the
         directors of the company for interim dividends or the shareholders of  the
         company, at the annual general meeting, for final dividends.

         Under IFRS dividends  are  recorded  in  the  period  in  which  they  are

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2007@@end@@

Summary of significant accounting policies (continued)


         The Preferred Securities are recognised as available  for  sale  financial
         assets ("AFS"). AFS assets are measured at  fair  value  with  fair  value
         gains or losses recognised directly in equity.

         The Company has recognised the Preferred Securities as AFS as they are not
         classified as loans and receivables, held-to-maturity investments, are not
         held for trading and have not been designated as  at  fair  value  through
         profit or loss on initial recognition.

         After initial measurement AFS are measured at fair value  with  unrealised
         gains  or  losses  recognised  directly  in  equity  until  the    AFS    is
         derecognised or determined to be impaired at  which  time  the  cumulative
         gain or loss previously recorded in equity  is  recognised  in  profit  or

         Cash and cash equivalents

         Cash comprises cash on hand.  Cash  equivalents  are  short  term,  highly
         liquid investments convertible to known amounts of  cash  and  subject  to
         insignificant changes in value. As of 31 December 2007, the  Company  held
         no cash equivalents.@@end@@


@@start.t7@@Under Article 123A of the Income Tax (Jersey) law 1961,  as  amended,  the
         Company has obtained Jersey exempt company status  for  the  year  and  is
         therefore exempt from Jersey income tax on non Jersey  source  income  and
         bank interest (by concession) upon payment of a £600 annual exempt company

Audit fees

         The audit fees in respect of the Company for the year  are  £9,010  (2006:
         total fees and disbursements of £8,500). These fees are borne by DZB  with
         no recourse against the Company.@@end@@

Income receivable from available for sale securities

@@start.t8@@|                                      |              |2007              |      |2006                |
|                                      |              |E                  |      |E                    |
|                                      |              |                    |      |                      |
|Class VI                         |              |2,500,500      |      |1,476,500        |
|Class VII                        |              |4,828,000      |      |2,801,000        |
|Class I                          |              |517,000         |      |306,400          |
|Class VIII                      |              |4,955,000      |      |1,027,000        |
|Class IX                         |              |1,166,000      |      |-                    |
|Class X                          |              |661,500         |      |-                    |
|                                      |              |14,628,000    |      |5,610,900        |@@end@@

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2007

Transaction fee

@@start.t9@@|                                    |                |2007              |      |2006                |
|                                    |                |E                  |      |E                    |
|                                    |                |                    |      |                      |
|Transaction fee            |                |-                  |      |5,000              |
|                                    |                |                    |      |                      |@@end@@

Pursuant to the dealer agreement, the Company was entitled to  a  one
off          transaction fee in return for agreeing to take part in the

Distributions paid on the Notes

@@start.t10@@|                                    |              |2007              |      |2006                |
|                                    |              |E                  |      |E                    |
|                                    |              |                    |      |                      |
|Class VI                        |              |2,500,500      |      |1,476,500        |
|Class VII                      |              |4,828,000      |      |2,801,000        |
|Class I                         |              |517,000         |      |306,400          |
|Class VIII                    |              |4,955,000      |      |1,027,000        |
|Class IX                        |              |1,166,000      |      |-                    |
|Class X                         |              |661,500         |      |-                    |
|                                    |              |14,628,000    |      |5,610,900        |

         The amount distributed on these Notes is  referenced  to  and  limited  in
         recourse to the receipt of income on the corresponding series of Preferred
         Securities issued by the Funding Company. The interest rates are based  on
         3 month Euribor plus the following margin.

|                                    |Margin                                                          |
|Class VI                        |+1.10%                                                          |
|Class VII                      |+0.80%                                                          |
|Class I                         |+1.00%                                                          |
|Class VIII                    |+0.80%                                                          |
|Class IX                        |+0.50%                                                          |
|Class X                         |+0.50%                                                          |

         The distribution of interest by the Company to the holders of the Notes is
         dependent upon the Company receiving the full amounts payable to it  under
         the Preferred Securities. Such payments are non-cumulative.

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2007@@end@@

Available for sale securities

@@start.t11@@|                                  |                    |  |2007          |      |2006          |
|                                  |                    |  |E                |      |E                |
|                                  |Original Cost|  |Fair value |      |Fair value |
|Class VI Preferred      |50,000,000    |  |47,750,000 |      |50,000,000 |
|Securities                  |                    |  |                 |      |                 |
|Class VII Preferred    |100,000,000  |  |95,500,000 |      |99,000,000 |
|Securities                  |                    |  |                 |      |                 |
|Class I Preferred        |10,000,000    |  |9,550,000  |      |10,000,000 |
|Securities                  |                    |  |                 |      |                 |
|Class VIII Preferred  |100,000,000  |  |95,500,000 |      |100,000,000|
|Securities                  |                    |  |                 |      |                 |
|Class IX Preferred      |50,000,000    |  |47,500,000 |      |-                |
|Securities                  |                    |  |                 |      |                 |
|Class X Preferred        |50,000,000    |  |50,000,000 |      |-                |
|Securities                  |                    |  |                 |      |                 |
|                                  |360,000,000  |  |345,800,000|      |259,000,000|

         Pursuant to various Preferred Securities purchase agreements, the  Company
         has purchased the above Preferred Securities  from  the  Funding  Company.
         These securities are non-cumulative, non-voting preference shares  of  the
         Funding Company representing ownership interests in the Funding Company.

         The fair value of these Preferred Securities is based on the quoted market
         prices of the Notes, due to the economic terms of  these  two  instruments
         being identical.

         The Preferred Securities are perpetual, with no fixed  maturity  date  and
         are not redeemable at any time at the option of the Company.    Each  class
         of Preferred Security is supported by DZB through a  subordinated  support


@@start.t12@@|                                         |      |2007                | |2006                        |
|                                         |      |E                    | |E                            |
|                                         |      |                      | |                              |
|Transaction fee payable    |      |-                    | |5,000                      |

Share capital

|                                    |         |2007                | |2006                        |
|                                    |         |E                    | |E                            |
|Authorised:                  |         |                      | |                              |
|2 ordinary shares of E1|         |2                    | |2                            |
|each                              |         |                      | |                              |
|                                    |         |                      | |                              |
|Issued and fully paid: |         |                      | |                              |
|2 ordinary shares of E1|         |2                    | |2                            |
|each                              |         |                      | |                              |
|                                    |         |                      | |                              |

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2007@@end@@

Share capital- (continued)

@@start.t13@@There are no other share classes which would  dilute  the  rights  of  the
         ordinary members.  Amongst other rights as prescribed in the  Articles  of
         Association of the Company, the rights of the ordinary members include:

                 i) the right to attend meetings of members.    On  a  show  of  hands
                      every member present in person or by proxy shall  have  one  vote
                      and on a poll every member shall have one vote for each share  of
                      which he is a holder; and

                ii) the right to receive dividends recommended by the  directors  and
                      declared in a general meeting.@@end@@


@@start.t14@@|                          |                    |2007                |        |2006                 |
|                          |                    |E                    |        |E                      |
|                          |Issue date    |                      |        |                        |
|Class VI              |9 January      |50,000,000      |        |50,000,000        |
|                          |2006              |                      |        |                        |
|Class VII            |13 February  |100,000,000    |        |100,000,000      |
|                          |2006              |                      |        |                        |
|Class I                |17 March 2006|10,000,000      |        |10,000,000        |
|Class VIII          |4 September  |100,000,000    |        |100,000,000      |
|                          |2006              |                      |        |                        |
|Class IX              |16 April 2007|50,000,000      |        |-                      |
|Class X                |4 September  |50,000,000      |        |-                      |
|                          |2007              |                      |        |                        |
|                          |                    |360,000,000    |        |260,000,000      |

         In accordance with IFRS, the Notes  are  classified  as  equity  financial
         instruments. This classification is based on the following:

              . The Notes are perpetual, with no scheduled maturity date;

              . The holders of the Notes have no right to cancel the Notes;

              . Payments on the Notes are effectively made at the discretion of  the
                 directors of the Company where pass-through funds are  not  received
                 from the Funding Company and are not available for  distribution  in
                 accordance with the terms of the Notes; and

              . The  holders  of  the  Notes  can  only  demand  settlement  of  the
                 obligation in the event of the liquidation of the Company.

         The Programme documentation prescribes that interest will be paid  by  DZB
         on the Initial Debt Securities held by the Funding Company.  Such interest
         payments will, in turn, fund income paid by the  Funding  Company  on  the
         Preferred Securities held by the Company.  Upon receipt, the Company  will
         then be in a position to make the distribution payments under the terms of
         the relevant Notes.    Each  class  of  Notes  issued  by  the  Company  is
         referenced  to  and  limited  in  recourse  to  the  performance  of    the
         corresponding class of Preferred Securities.

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2007@@end@@

Notes -(continued)

@@start.t15@@Save for the above, the Notes have no legal right to  participate  in  the
         profits of the Company. The Notes have no voting rights in the Company and
         their holders are unable to attend meetings of the Company.@@end@@

Available for sale reserve

@@start.t16@@|                                                              |      |                                    |
|                                                              |      |Investment revaluation |
|                                                              |      |E                                  |
|Balance at 1 January 2007                      |      |(1,000,000)                  |
|Decrease in fair value of available for|      |(13,200,000)                 |
|sale investments                                    |      |                                    |
|Balance as at 31 December 2007              |      |(14,200,000)                 |

Collateral agreement

         On 9 November 2005, pursuant to the collateral agency  agreement  ("CAA"),
         Deutsche Bank AG, London became  the  collateral  agent  (the  "Collateral

         The obligations of the Company under the Notes are secured  in  favour  of
         the Collateral Agent on behalf of the investors in the Notes. Pursuant  to
         the CAA, the Company has transferred for security  purposes  the  relevant
         classes of Preferred Securities to the Collateral Agent  (the  "Collateral

         The Notes are limited recourse obligations of the Company. Holders of  the
         Notes have the right to receive payments of principal and interest on  the
         Notes  solely  from  redemption  payments    and    distributions    on    the
         corresponding class of Preferred Securities.

         Any obligation to repay the principal amount of the Notes will be  limited
         to the value of the Collateral Security. To the extent  that  there  is  a
         shortfall in the monies due to investors under the Notes, no debt will  be
         owed  by  the  Company,  in  respect  of  any  shortfall  remaining  after
         realisation of the Collateral Security and  application  of  the  proceeds
         thereof in accordance with the terms of the CAA.

         If the Notes are to be redeemed other than at the option of Company,  such
         redemption will be carried out by  transferring  to  the  holders  of  the
         Securities pro rata Preferred Securities of the relevant class.

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2007

Financial instruments risk@@end@@

@@start.t17@@The Company is exposed to the following risks in relation to the financial
         instruments it holds.

         Credit risk

         This is the risk that the Company will be unable to meet its commitment to
         the holders of the Notes. The primary credit risk is the Company will  not
         receive principal/  interest  on  the  Preferred  Securities  to  meet  it
         obligations under the Notes

         The Programme documents are structured such that the  obligations  of  the
         Company are limited in  recourse  and  the  Company  has  the  benefit  of
         contractual  bankruptcy  remoteness  provisions.  The    credit    risk    is
         transferred to the holders of the Notes who receive a  reduced  amount  of
         interest and principal  amount.  Accordingly  the  directors  are  of  the
         opinion that there is no residual credit risk to the Company.

         With respect to each class of Preferred Securities, DZB has entered into a
         subordinated support undertaking with the Company.  Therefore  holders  of
         each class of Preferred Securities are likely to lose all or part of their
         investment if an insolvent liquidation, dissolution or winding up  of  DZB

         The maximum credit risk exposure at 31 December 2007 is E362,640,457.

         Currency risk

         The Company's monetary assets and liabilities are  denominated  in  Euros,
         the same currency as the currency of the operations of  the  Company.  The
         directors therefore believe there is no exchange rate risk to the Company.

         Interest rate risk

         Interest rate risk can only arise on the mismatch  in  the  interest  rate
         profiles of the financial assets and financial liabilities of the Company.
         As the Company has no financial liabilities, (given  that  the  Notes  are
         classified as equity under IFRS) in the directors'  opinion,  the  Company
         does not retain any material adverse interest rate risk.

         The interest rate risks are borne by the noteholders. A change in interest
         rates would have no impact on profit and therefore no sensitivity analysis
         has been prepared.


For the year ended 31 December 2007

Financial instruments risk (continued)

@@start.t18@@Liquidity risk

         Liquidity risk is the risk that the Company will encounter  difficulty  in
         meeting obligations associated with financial liabilities. As the  Company
         has no financial liabilities (given  that  the  Notes  are  classified  as
         equity under IFRS) in the directors' opinion, the company does not  retain
         any liquidity risk. The holders of the Notes are exposed to any  liquidity

         Market price risk

         The Company is exposed to the market risks relating to currency  risk  and
         interest rate risk. The Company has the same market price  risks  as  DZB.
         For DZB, market risk is generated primarily though the customer driven and
         proprietary trading activities as well as from  lending  real  estate  and
         insurance operations.

         Loss of capital risk

         With respect to each class of Preferred Securities, DZB has entered into a
         subordinated support undertaking with the Company. Therefore,  holders  of
         such Preferred Securities  are  likely  to  lose  all  or  part  of  their
         investment if an insolvent liquidation, dissolution or winding up  of  DZB

         Fair values

         Set out below is a comparison of the carrying amounts and fair  values  of
         all the Company's financial instruments:

         |                                                                    |Cost            |Fair Value|
|                                                                    |2007            |2007         |
|Financial assets                                          |E                 |E              |
|Preferred Securities                                    |360,000,000 |345,800,00|
|                                                                    |                  |0              |
|Cash and cash equivalents                            |4,611          |4,611        |
|                                                                    |360,004,611 |345,804,61|
|                                                                    |                  |1              |

         The directors have considered the fair values of the  Company's  financial
         instruments.  Due to their nature the directors  consider  that  the  fair
         value of the Preferred Securities approximates to the fair  value  of  the

         The fair value of the Notes is determined by the use of market values.

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2007@@end@@

Financial instruments risk (continued)

@@start.t19@@Fair values (continued)

         Underlying the definition of  fair  value  (as  defined  by  IAS39)  is  a
         presumption that the Company is a going concern without any  intention  or
         need to liquidate, to curtail materially the scale of its operations or to
         undertake a transaction on adverse terms.

         Fair value is not, therefore, the amount that the Company would receive or
         pay in a forced transaction, involuntary  liquidation  or  distress  sale.
         However, fair value reflects the credit quality of  the  financial  assets
         and liabilities measured.  The objective of using this valuation technique
         is to establish what the transaction price would have been at the  balance
         sheet date in an  arm's  length  exchange  motivated  by  normal  business

Ultimate controlling party

The Company is owned by Bedell Trustees Limited, in its capacity as   trustee of the DZ BANK Perpetual Funding Issuer (Jersey) Charitable Trust.

Related party transactions

@@start.t20@@Corporate administration services are provided to the  Company  by  Bedell
         Trust Company Limited.  The directors of the Company are also directors of
         DZ BANK Perpetual Funding (Jersey) Limited, Bedell Trust Company  Limited,
         Bedell Trustees Limited and Bedell Secretaries Limited  and  partners'  of
         Bedell Cristin and Bedell Group.

         During the year, the Company received E14,628,000 from DZ  BANK  Perpetual
         Funding (Jersey) Limited by way of dividends, as set out in note  5  above
         (2006: E5,610,900).

         During the year  E100,000,000  was  paid  to  DZ  BANK  Perpetual  Funding
         (Jersey) Limited as consideration payable  for  the  purchase  of  various
         classes of Preferred Securities,  as  set  out  in  note  8  above  (2006:

@@start.t21@@end of announcement                                                 euro adhoc

Im Internet recherchierbar:

Further inquiry note:
if you need any further information please contact DZ BANK AG
F/IPLS,Am Platz der Republik, 60325 Frankfurt am Main.

Branche: Financial & Business Services
ISIN:      DE000A0GMRS6
WKN:        A0GMRS


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