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 (AktG), the Management Board has, therefore, prepared a report on relationships with affiliated companies, which concludes with the following declaration: “We declare that, according to the circumstances known to us at the time when the legal transactions were performed or the measures were adopted or omitted, our company received appropriate consideration for each legal transaction and was not disadvantaged by the fact that the measures were adopted or omitted.”