Report by the Executive Board Regarding Dealings
among Group Companies
In accordance with § 312 Aktiengesetz (German Stock Corporation Act, AktG), the Executive Board
has issued a report regarding dealings among group companies which contains the following
concluding declaration: “According to the circumstances known to us at the time the transactions
were executed, or measures were implemented or omitted, Beiersdorf Aktiengesellschaft received
appropriate consideration for every transaction and has not been disadvantaged by the implementation
or omission of any measures.”