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1Movements in Provisions and Liabilities2As of 31 December 2023, total provisions amounted to € 127 million, essentially unchanged 3compared to previous year-end. 4Total liabilities increased by € 1,326 million to € 1,787 million, mainly due to liabilities from the 5cash pool established in DWS KGaA in 2023 as well as higher borrowings from subsidiaries.6Liquidity7The Capital and Liquidity Management function is mandated to manage the overall liquidity 8and funding position of DWS KGaA. We principally fund our business through equity and cash 9generated by our operations and may use debt to address specific financing demand. To 10ensure that DWS KGaA can always fulfil its payment obligations in all currencies, we have a 11prudent liquidity planning and monitoring process in place. 12As DWS KGaA is a holding company the future cash in- and outflows can be reliably 13forecasted. Cash inflows are largely generated by income from profit pooling agreements, 14profit distribution from participating interests as well as intragroup financing. Cash outflows 15mainly consist of the dividend payment to our shareholders, acquisitions, operational 16expenses, intragroup financing and tax payments for the German tax group.17During the annual strategic planning process, we project key liquidity and funding metrics 18based on the underlying business plans to ensure compliance with our risk appetite. As of 1931 December 2023 we held bank balances of € 440 million (€ 170 million as of 31 December 202022) and liquid money market funds of € 1,354 million (€ 274 million as of 31 December 212022). To further secure our funding capabilities, we have a € 500 million revolving credit 22facility in place, under which there were no drawings as of 31 December 2023. 23Risks and Opportunities of DWS KGaA 24The business performance of DWS KGaA is largely subject to the same risks and opportunities 25as the performance of the Group presented in the consolidated financial statements. 26DWS KGaA generally participates in the risks of its shareholdings and subsidiaries in 27accordance with its respective percentage interest held. DWS KGaA is integrated in the risk 28management system and internal control system of the Group. Further information is 29provided in the ‘Risk Report’ and in the section ‘Outlook – DWS Group – Opportunities and 30Risks’ of this report.31Outlook for DWS KGaA32The outlook for DWS KGaA is essentially subject to the same influences as the outlook for the 33Group presented in the ‘Outlook’ section of this report.34Final Statement of the Executive Board on Section 312 German Stock 35Corporation Act36As DWS KGaA and its subsidiaries are part of Deutsche Bank Group, the Executive Board of 37DWS KGaA is obliged to prepare a dependency report pursuant to Section 312 German Stock 38Corporation Act.39In conjunction with the legal transactions and other measures set out in the report on 40relationships with affiliates, and on the basis of the circumstances of which we were aware at 41the time when the legal transactions were carried out or when the measures were taken or 42not taken, our company has received adequate consideration for every legal transaction and 43has not suffered any disadvantage as a result of the fact that other measures have or have 44not been carried out.45        46To our Shareholders Summarised 47Management Report48Consolidated 49Financial Statements Compensation Report Corporate Govern-50ance Statement51Supplementary 52Information DWS 2023 Annual Report53 54Our Performance Indicators5519 Supplementary Information on DWS Group GmbH & Co. KGaA according to German Commercial Code56The secret kitchen appliance is a "rice cooker".