The management report pertaining to the annual financial statements pursuant to Section 315e HGB of BREMER LAGERHAUS-GESELLSCHAFT -Aktiengesellschaft von 1877-, Bremen (BLG AG) was combined with the management report prepared in accordance with German commercial law of BLG AG pursuant to Section 315 (5) HGB in conjunction with Section 298 (2) HGB. The management report is therefore referred to as the combined management report. The financial statements of BLG AG, which are prepared in accordance with the requirements of the German Commercial Code (HGB), and the combined management report are published together. Unless otherwise stated, the information provided applies to both sets of financial statements. Disclosures that contain information relating solely to the HGB financial statements of BLG AG are denoted separately.