Dear shareholders,

Last year saw DBAG evolve in every respect, placing us on even stronger footing. Despite a challenging economic environment, we are optimistic about the opportunities available to DBAG in the private markets.

Your vote to approve the necessary amendments to our corporate objective at the extraordinary Annual General Meeting on 2 November 2023 enabled us to integrate ELF Capital, expanding our product offering to include private debt solutions and allowing us to offer mid-sized companies a full suite of products and services catering to all of their financing needs.