"The management board and supervisory board of DAB bank AG declare that the recommendations of the Government Commission on the German Corporate Governance Code, as announced by the Federal Ministry of Justice in the official part of the electronic Federal Gazette, were followed in fiscal year 2010 and will be followed in the future, with the following exceptions, which are noted and explained below. The statements relative to the period from December 23, 2009 (date of the last Declaration of Conformity) to July 1, 2010 are based on the German Corporate Governance Code in the version of June 18, 2009. With regard to the company's corporate governance practices in the period since July 2, 2010 (announcement in the electronic Federal Gazette of the German Corporate Governance Code in the version of May 26, 2010), the statements contained in this declaration refer to the recommendations of the German Corporate Governance Code in the version of May 26, 2010.

• Deductible in the D&O insurance (3.8.1 of the Code):
  Under Section 3.8 of the Corporate Governance Code, a reasonable deductible is to be agreed if the company maintains D&O insurance for the supervisory board. Along with the renewal of the D&O insurance cover with effect as of January 31, 2010, a deductible was agreed for the management board in line with the new statutory provisions. However, the insurance policy does not stipulate a deductible for members of the supervisory board. The management board and the supervisory board continue to be of the opinion that responsible actions are a self-evident obligation for each member of these bodies; therefore a deductible is not required for members of the supervisory board.
• No management board chairman or speaker (4.2.1 of the Code):
  By way of exception to the recommendation, DAB bank AG has neither a management board chairman nor a management board speaker and therefore practices fully the principle of collegiality set forth in the German Stock Companies Act.

• No severance payment cap (4.2.3 (4) of the Code):
  By way of exception to the recommendation, no severance payment cap has been agreed. The management board contracts are concluded for a term of three years. In the event of premature termination of management board activity without serious cause, compensation amounting to no more than the remaining term of the employment contract will be paid. Therefore, the supervisory board does not consider it necessary to stipulate a severance award cap of two years' compensation when concluding management board contracts.
• No nomination committee (5.3.3 of the Code):
  The supervisory board has not established a nomination committee due to the majority ownership structure. Nonetheless, it is assured that the supervisory board members to be appointed by the shareholders possess the necessary knowledge, abilities and professional skills to adequately perform their duties.
• No indication of specific objectives concerning the composition of the supervisory board (5.4.1 (2) and (3) of the Code):
  In conjunction with the amendment of the Code dated May 26, 2010, new recommendations were introduced under Section 5.4.1, paras. 2 and 3, according to which the supervisory board should indicate specific objectives concerning its composition. As part of its preparations for the Annual General Meeting 2011, the supervisory board will establish specific objectives regarding its composition.

"The Board of Management and Supervisory Board of DAB bank AG declare that the recommendations of the Government Commission on the German Corporate Governance Code, in the amended version as of June 18, 2009 (referred to hereinafter as the "GCGK"), as announced by the Federal Ministry of Justice in the official part of the electronic Federal Gazette, were followed in fiscal year 2009 and will be followed in the future , with the following exceptions:

• Deductible in the D&O insurance (3.8 GCGk):
  Under section 3.8 of the Corporate Governance code, a reasonable deductible is to be agreed if the company takes out a D&O insurance for the management board and the supervisory board. To date the D&O insurance of the DAB bank AG has not stipulated any deductible for the activities of members of the management board or the supervisor board. Upon the renewal of the D&O insurance cover in the first half of 2010, a deductible will be agreed for the management board in line with the new statutory provisions. The management board and the supervisory board continue to be of the opinion that responsible actions are a self-evident obligation for each member of these bodies; therefore a deductible is not required for members of the supervisory board.
• No speaker of the board (4.2.1 GCGK):
  In this respect, DAB bank AG practices fully the principle of collegiality set forth in the German Stock Companies Act.

• No severance payment cap (4.2.3 GCGK):The Management Board contracts are concluded for a term of three years. In the event of premature termination of Management Board activity without serious cause, compensation amounting to no more than the remaining term of the employment contract will be paid. Therefore, the Supervisory Board does not consider it necessary to stipulate a severance award cap of two years' compensation when concluding Management Board contracts.
• No nomination committee (5.3.3 GCGK):
  The supervisory board consists of six members and performs the tasks assigned to it in two committees (executive and audit committee) and in the full supervisory board. Consequently, the management board and the supervisory board do not see any need to set up a nomination committee."

"The Board of Management and Supervisory Board of DAB bank AG declare that the recommendations of the Government Commission on the German Corporate Governance Code, in the amended version as of June 06, 2008 (referred to hereinafter as the "CGK"), as announced by the Federal Ministry of Justice in the official part of the electronic Federal Gazette, were followed in fiscal year 2008 and will be followed in the future , with the following exceptions:

• No deductible for D&O insurance (3.8 CGK):
  Section 3.8 of the Corporate Governance Code states that any D&O insurance contracted on behalf of the directors and officers of the company should include an appropriate deductible. However, the Board of Management and Supervisory Board of DAB bank AG believes that all board members are bound by duty to conduct the company's business in a responsible manner and thus there is no need to stipulate a deductible in the D&O insurance.
• No speaker of the board (4.2.1 CGK):
  In this respect, DAB bank AG practices fully the principle of collegiality set forth in the German Stock Companies Act.
• No resolution by the full Supervisory Board concerning the Management Board compensation system (4.2.2 CGK):
  The Supervisory Board has delegated the responsibility for designing the Management Board compensation system to its Executive Committee. The Supervisory Board consults with the Executive Committee on the compensation system and reviews it regularly.

• No severance payment cap (4.2.3 CGK):
  The Management Board contracts are concluded for a term of three years. In the event of premature termination of Management Board activity without serious cause, compensation amounting to no more than the remaining term of the employment contract will be paid. Therefore, the Supervisory Board does not consider it necessary to stipulate a severance award cap of two years' compensation when concluding Management Board contracts.
• No nomination committee (5.3.3 CGK):
  Due to the fact that the Supervisory Board currently is composed exclusively of shareholder representatives, the formation of a nomination committee is dispensable in our view
• No age limit for Supervisory Board members (5.4.1 CGK):
  The average age of the six members of the Supervisory Board is 54. Therefore, we see no need to set an age limit for the members of the Supervisory Board. We value highly the advanced professional knowledge and profound life experience of the older members of the Supervisory Board of DAB bank AG."

Declaration of Conformity with the German Corporate Governance Code for 2007 pursuant to Section 161 of the German Stock Companies Act


“The Board of Management and Supervisory Board of DAB bank AG declare that the recommendations of the Government Commission on the German Corporate Governance Code, in the amended version as of June 14, 2007 (referred to hereinafter as the “CGK”), as announced by the Federal Ministry of Justice in the official part of the electronic Federal Gazette, were followed in fiscal year 2007 and will be followed in the future , with the following exceptions:

• No deductible for D&O insurance (3.8 CGK):
  Section 3.8 of the Corporate Governance Code states that any D&O insurance contracted on behalf of the directors and officers of the company should include an appropriate deductible. However, the Board of Management and Supervisory Board of DAB bank AG believes that all board members are bound by duty to conduct the company’s business in a responsible manner and thus there is no need to stipulate a deductible in the D&O insurance.

• No speaker of the board (4.2.1 CGK):
  In this respect, DAB bank AG practices fully the principle of collegiality set forth in the German Stock Companies Act.
• No age limit for Supervisory Board members (5.4.1 CGK):
  The average age of the six members of the Supervisory Board is 54. Therefore, we see no need to set an age limit for the members of the Supervisory Board. We value highly the advanced professional knowledge and profound life experience of the older members of the Supervisory Board of DAB bank AG.
• No Audit Committee (5.3.2 CGK):
  For reasons of efficiency, the function of the Audit Committee is performed by the Executive Committee of the Supervisory Board of DAB bank AG, in view of the comparatively small size of DAB bank AG.
• No nomination committee (5.3.3 CGK):
  Due to the fact that the Supervisory Board currently is composed exclusively of shareholder representatives, the formation of a nomination committee is dispensable in our view."
  

“The Board of Management and Supervisory Board of DAB bank AG declare that the recommendations of the Government Commission on the German Corporate Governance Code, in the amended version as of June 12, 2006 (referred to hereinafter as the “CGK”), as announced by the Federal Ministry of Justice in the official part of the electronic Federal Gazette, were followed in fiscal year 2006 and will be followed in the future, with the following exceptions:

• No deductible for D&O insurance (3.8 CGK):
  Section 3.8 of the Corporate Governance Code states that any D&O insurance contracted on behalf of the directors and officers of the company should include an appropriate deductible. However, the Board of Management and Supervisory Board of DAB bank AG believes that all board members are bound by duty to conduct the company’s business in a responsible manner and thus there is no need to stipulate a deductible in the D&O insurance.

• No speaker of the board (4.2 CGK):
  In this respect, DAB bank AG practices fully the principle of collegiality set forth in the German Stock Companies Act.
• No age limit for Supervisory Board members (5.4.1 CGK):
  The average age of the six members of the Supervisory Board is 52. Therefore, we see no need to set an age limit for the members of the Supervisory Board. We value highly the advanced professional knowledge and profound life experience of the older members of the Supervisory Board of DAB bank AG.
• No Audit Committee (5.3.2 CGK):
  For reasons of efficiency, the function of the Audit Committee is performed by the Executive Committee of the Supervisory Board of DAB bank AG, in view of the comparatively small size of DAB bank AG.”

"The Board of Management and Supervisory Board of DAB bank AG declare that the recommendations of the Government Commission on the German Corporate Governance Code, in the amended version as of June 2, 2005 (referred to hereinafter as the “CGK”), as announced by the Federal Ministry of Justice in the official part of the electronic Federal Gazette, were followed in fiscal year 2005 and will be followed in the future , with the following exceptions:

• No deductible for D&O insurance (3.8 CGK):
  Section 3.8 of the Corporate Governance Code states that any D&O insurance contracted on behalf of the directors and officers of the company should include an appropriate deductible. However, the Board of Management and Supervisory Board of DAB bank AG believes that all board members are bound by duty to conduct the company’s business in a responsible manner and thus there is no need to stipulate a deductible in the D&O insurance.

• No speaker of the board (4.2 CGK):
  In this respect, DAB bank AG practices fully the principle of collegiality set forth in the German Stock Companies Act.
• No age limit for Supervisory Board members (5.4.1 CGK):
  The average age of the six members of the Supervisory Board is 52. Therefore, we see no need to set an age limit for the members of the Supervisory Board. We value highly the advanced professional knowledge and profound life experience of the older members of the Supervisory Board of DAB bank AG.
• No Audit Committee (5.3.2 CGK):
  For reasons of efficiency, the function of the Audit Committee is performed by the Executive Committee of the Supervisory Board of DAB bank AG, in view of the comparatively small size of DAB bank AG."