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 AktG, the Management Board has therefore prepared a report on relationships with affiliated companies that concludes with the following declaration: “We declare that, based on the information and knowledge available at the time this report was prepared, our company received appropriate consideration for each legal transaction concluded. Furthermore, our company was not disadvantaged at any point by the fact that certain measures were or were not taken.”