Report by the Executive Board on Dealings among Group Companies

In accordance with § 312 AktG, the Executive Board has issued a Report on Dealings among Group Companies which contains the following concluding declaration:

“According to the circumstances known to us at the time transactions were executed or measures were taken or not taken, Beiersdorf Aktiengesellschaft received appropriate consideration for every transaction and has not been disadvantaged by the fact that measures were taken or not taken.”