Management Board’s report on relationships with affiliated companies

The Federal Republic of Germany holds all shares in DB AG. In accordance with Section 312 of the German Stock Corporation Act (Aktiengesetz; AktG), the Management Board has therefore prepared a report on the relationships with affiliated companies, which passes with the following declaration: “We declare that, in the circumstances known to us at the time the legal transactions were carried out, our company received an appropriate consideration for each legal transaction. The measure to transport donations to Ukraine was associated with costs, but has increased the reputation of DB Group and is also in line with the Code of Conduct, which includes provisions for the protection and promotion of human rights. Apart from this measure, no actions were taken or omitted in the year under review at the initiative of or in the interests of the Federal Government or its associated companies.”