ECONOMIC SOCIAL ENVIRONMENTAL

Better quality, more customers, greater success.

ECONOMIC SOCIAL ENVIRONMENTAL DB Group ‒ Structure Strong Group portfolio with three strong pillars

DB Group (2015) Railway in Germany DB Arriva DB Schenker

.International provider of mobility and logistics services .Active in more than 130 countries .Vertically integrated Group structure

.DB AG acts as .~2.0 bn rail passengers .>1.6 bn rail and bus .~102 mn shipments management holding (~5.5 mn per day) passengers .>1.1 mn t air freight company .~250 mn t rail freight (>4.4 mn per day) .>1.9 mn TEU ocean .Strong Ratings: .~ 1.1 mn train-path km freight Aa1 / AA- on rail infrastructure

Total revenues (€ bn) 40.5 17.8 44% 4.8 12% 15.5 38%

EBIT adjusted (€ bn) 1.8 1.0 56% 0.3 17% 0.4 22%

EBITDA adjusted (€ bn) 4.8 3.3 69% 0.5 10% 0.6 13%

Net capex (€ bn) 3.9 2.8 72% 0.3 8% 0.2 5%

Employees (thousands, as of Dec 31) 297 157 53% 46 15% 66 22%

3 Deutsche Bahn AG | September 2016 Road Show Asia 2016 DB Group ‒ Good to know Key aspects of DB’s business in Germany and world-wide

Balanced business mix Strong position in Germany Growth potential in international business

. Revenue split: . Dominant player in German . DB Schenker operates in >130 − Roughly 50:50 rail/non rail rail market countries / leading market positions − 60% Germany / 40% Rest of . Market share: Long-Distance: . DB Arriva in 14 European countries World (incl. Asia/Pacific 6%) >99%, Regional: 71%, Cargo: 61%

State support for capex Stable cash flows from Clear strategic targets transport contracts

. German Government has obligation . Different transport authorities order . DB2020 strategy in place since to finance infrastructure capex regional rail transport services 2012, updated to DB2020+

. Roughly 60% of gross capex . Contract grants right to exclusively . Ambitious targets for all dimensions financed by investment grants operate network (economic, social, environmental)

4 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Strategy – DB2020+ We continue to implement our DB2020+ strategy and ensure harmony among our three dimensions of sustainability

Profitable quality leader . Customer satisfaction . Punctuality Top employer . Profitable growth . Employee satisfaction . Employer attractiveness

Eco-pioneer

. CO2 friendly transport . Noise reduction

5 Deutsche Bahn AG | September 2016 Road Show Asia 2016 DB2020 – Performance 2012-2015 Mostly good development of top targets in social and environmental dimensions

Top employer Eco-pioneer Target 2020 Employer attractiveness Reduction CO₂ emissions compared to 2006 (rank) (specific CO₂ emissions, %) Target increased

2015 24 2015 24,5 2014 ≤ 10 13 2014 22.7 2013 22 2013 20 18.7 30 2012 31 2012 12.3

Employee satisfaction1) Noise reduction (index) (Freight cars refitted with whisper LL brakes, %)

2015 2015 29.1 2014 2014 19.5 3.7 4.0 50% 100% 2013 2013 10.7 2012 3.6 2012 8.9

1) Survey every two-years. 2016 2020 As a top employer we win and build loyalty As an eco-pioneer our products set standards with qualified employees who work with for the efficient use of resources. enthusiasm for DB and its customers.

6 Deutsche Bahn AG | May 2016 Roadshow Europe 2016 DB2020 – Performance 2012-2015 Disappointing development of top targets in economic dimension recently

Target Profitable quality leader 2020 Customer satisfaction (passenger) Appropriate returns (ROCE) (SI) € (%) 2015 76.4 2015 5.3 2014 76.1 2014 1) ≥79 6.3 ≥9.0 2013 75.1 2013 6.8 2012 75.3 2012 8.3 1) WACC 7.7.

Product quality (punctuality) Financial stability (redemption coverage2)) (DB Rail in Germany, %) (%) 2015 93.6 2015 18.5 2014 2014 20.9 2) 94.3 >95 ≥30 2013 94.0 2013 20.5 2012 94.4 2012 22.1 2) Definition and target to be updated in 2016.

As a profitable quality leader we offer our … and our shareholder and investors customers first-class mobility and logistics appropriate returns and financial stability. solutions …

7 Deutsche Bahn AG | May 2016 Roadshow Europe 2016 Group restructuring Important groundwork laid in the first half of 2016 – progress made in restructuring the Group

Railway of the DB2020+ Group Sale of minority Dissolution of future programs stake in internat. two-tier structure business Initial Improvingimprovements for Enhancement of New programs Limiting Merger of performanceour customers of our strategy, with to digitalize development of DB ML AG into Railway in a clear focus on DB Group net debt DB AG Germany quality

In implementation New Group Supervisory since January programs Board request 2016  introduced for detailed  assessment

8 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Group restructuring – Railway of the Future Our Railway of the Future program is key for the future success of our railway business in Germany

Better quality  more customer  € greater success Time horizon III 2021ff. Time horizon II 2017-2020

“Eliminate annoyances” “Quality that persuades” “Service that inspires”

Five Main topics in 2016:

Passenger Punctuality Vehicle quality Station quality WiFi@DB information

9 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Strategy – DB2020+ Revisited strategy DB2020+ is an evolutionary development and addresses main drivers of change

10 Deutsche Bahn AG | May 2016 Roadshow Europe 2016 Strategy – DB2020+ We are utilizing the opportunities of digitalization for the benefits of our customers

Germany’s largest WiFi Network

Digital process improvements in operations and maintenance

Smart intermodal travel planning

11 Deutsche Bahn AG | May 2016 Roadshow Europe 2016 Group restructuring – streamlined Group structure Streamlined Group structure, no change with respect to ownership or capital market appearance of DB AG

Federal Republic of Germany

100%

Deutsche Bahn AG 100% Deutsche Bahn (founded Jan 1, 1994) Finance B.V.

100%

DB Long- DB DB Netze DB Netze DB Netze DB DB Cargo DB Arriva Distance Regional Track Stations Energy Schenker

Railway in Germany International business . No intention to privatize German . Privatization threshold: . Possibility for minority TOCs in passenger and freight constitutionally mandated privatization of DB Arriva / DB transport Federal majority shareholding Schenker, but both will remain in infrastructure and therefore an integral part of DB Group in DB AG (“ownership clause”) and DB Group financing regime

12 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Group restructuring – Possible minority IPOs of DB Arriva and DB Schenker Concept of DB Group financing will remain unchanged after possible third-party equity participation in DB Arriva/DB Schenker

Cash management and financing of DB Group Comments

. DB AG’s central Treasury department manages all financing and liquidity activities Money market / Banks Capital market . External Group financing procured exclusively by Short term Long term DB AG and DB Finance financing financing − Utilization of DB Group’s established funding and treasury platform Deutsche Bahn Finance B.V., DB AG Amsterdam/the Netherlands − Maintain DB Group’s market reputation – only one “DB credit” in the market . Internal funding conditions at arm’s length Intercompany financing / cash pooling . In general, DB Group companies with inter- company financial receivables / payables only . Cash pooling with 319 subsidiaries in 14 DB Long- DB DB Netze DB countries; 2 regional cash pools Distance Cargo Stations Arriva . DB Group as integrated risk and resource DB DB Netze DB Netze DB management network Regional Track Energy Schenker . Foreign currency hedging and energy hedging conducted exclusively by DB AG

13 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Key investment highlights DB Group remains a reliable and trustworthy investment

. DB2020+ gives strategic framework and orientation

. Railway of the Future program will bring Railway in Germany back on track

. Focus on improving profitability and strengthening financial stability

. DB management is highly committed to maintain strong credit ratings

. German Government is strongly supportive for DB Group and the German rail system

14 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Strategy Better quality, more customers, greater success.

ECONOMIC

SOCIAL

ENVIRONMENTAL

15 Deutsche Bahn AG | September 2016 Road Show Asia 2016

Better quality, more customers, greater success.

ECONOMIC SOCIAL ENVIRONMENTAL 2015 Financial year ‒ At a glance Weak development in 2015 financial year

(€ mn)

2015 2014 Change € % Revenues adjusted 40,468 39,720 +748 +1.9

Revenues comparable 39,621 39,694 –73 –0.2

EBIT adjusted 1,759 2,109 –350 –16.6

Net profit for the year –1,311 988 –2,299 – Dividend payment in the following year 850 700 +150 +21.4 Gross capital expenditures 9,344 9,129 +215 +2.4

Net capital expenditures 3,866 4,442 –576 –13.0 Net financial debt as of Dec 31 17,491 16,212 +1,279 +7.9

ROCE (%) 5.3 6.3 – –

17 Deutsche Bahn AG | September 2016 Road Show Asia 2016 H1 2016 ‒ At a glance Slightly positive development in the first half of 2016

(€ mn)

H1 2016 H1 2015 Change € % Revenues adjusted 20,033 20,000 +33 +0.2

Revenues comparable 20,212 20,000 +212 +1.1

EBIT adjusted 1,007 890 +117 +13.1

Net profit (after taxes) 603 391 +212 +54.2

Gross capital expenditures 3,472 3,366 +106 +3.1

Net capital expenditures 1,346 1,633 –287 –17.6 Net financial debt as of Jun 30, 2016/Dec 31, 2015 18,159 17,491 +668 +3.8 ROCE (%) 6.0 5.1 – –

18 Deutsche Bahn AG | September 2016 Road Show Asia 2016 H1 2016 – Revenues Revenue development impacted through sustained intense competitive environment

(€ mn)

+0.2% / +33 Key drivers comparable: +1.1% / + 212 Increased performance infrastructure 20,000 20,033 Growth DB Arriva

Omission of strike effects

Market and competitive pressure

Development of freight rates DB Schenker

Exchange rate effects

H1 2015 H1 2016

19 Deutsche Bahn AG | September 2016 Road Show Asia 2016 H1 2016 – Profit development Positive development in operating profit

(€ mn)

+13.1% / +117 Key drivers

Omission of strike effects 1,007 890 Margin improvement DB Schenker

Price and volume effects infrastructure

Market and competitive pressure

Cost dynamics staff

H1 2015 H1 2016

20 Deutsche Bahn AG | September 2016 Road Show Asia 2016 H1 2016 – Business units Differentiated picture at business unit level – positive impact from DB Arriva and infrastructure

(€ mn)

EBIT Thereof Revenues strike (comparable) adjusted effects

DB Long-Distance1) 2,006 +90 54 –3 +61

DB Regional 4,280 +26 334 –14 +86

DB Cargo 2,328 ‒63 –53 +21 +73

DB Netze Track1) 2,601 +135 398 +68 +20

DB Netze Stations 623 +19 159 +7 +1

DB Netze Energy 1,391 ‒1 63 +27 +6

DB Arriva 2,591 +216 106 +5 –

DB Schenker 7,531 ‒225 200 +35 –

DB Group 20,212 +212 1,007 +117 +253

1) Previous year figures adjusted.

21 Deutsche Bahn AG | September 2016 Road Show Asia 2016 H1 2016 – Income statement and equity Profit after taxes clearly positive again

(€ mn)

Profit items below EBIT Equity

2,415 ‒1,408 ‒10.3% / ‒1,385 13,445

No cash effect 12,060

1,007 ‒333

‒71 603

Extra EBITDA EBIT Interests/ Net profit Dec 31, Jun 30, Depreciation ordinary adjusted adjusted taxes (after taxes) 2015 2016 result / other

22 Deutsche Bahn AG | September 2016 Road Show Asia 2016 H1 2016 – Capital expenditures

Capital expenditures remain on a high level, net capital expenditures decreased slightly

(€ mn) Gross: Key drivers +3.1% +106 Higher capital expenditures in infrastructure 3,472 3,366 Higher investment grants due to LuFV II

Decrease of rolling stock capex at DB Regional

Net: Structure of gross capex nearly unchanged ‒17.6% Gross capex by business units Gross capex by regions ‒287 Rest of Rest of 1,633 DB Schenker Other Europe World 1,346 2% 6% DB Arriva 6% 1% 4%

Railway in Germany Germany 88% 93% H1 2015 H1 2016

23 Deutsche Bahn AG | September 2016 Road Show Asia 2016 H1 2016 – Financing and debt

Net financial debt increased slightly

(€ mn)

Financing Net financial debt

2,415 ‒1,346 +3.8% / +668 18,159 17,491

‒850

‒461

‒426 ‒668

Net EBITDA Dividends Interests / Financing capital Other adjusted 2015 taxes balance Dec 31, Jun 30, expenditures 2015 2016

24 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Capital market activities Three bonds issued so far in 2016, up to € 1.4 bn more possible until year-end

(€ bn) (€ bn)

Bond issues Maturity profile financial liabilities

≤ 3.0 (as of Aug 31, 2016; incl. swaps)

2.5 2.4 Bonds Bank / EIB Federal loans Leasing EUROFIMA

2.2 2.2 2.2 2.1 2.1 2.0 2.1 Other 2.0 Other 2.0 Other 1.6 1.7 Other 1.5

Other 1.1 1.0 1.0

0.8

0.5

0.1 0.1

2012 2013 2014 2015 2016 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2028 2029 2030 2031 2072

25 Deutsche Bahn AG | September 2016 Road Show Asia 2016 2016 Financial Year – Outlook

Positive outlook for full year 2016 from March 2016 mostly confirmed

(€ bn) 2016 2015 (as of July) Revenues adjusted 40.5 >40.5 Revenues comparable 40.5 >41.0

EBIT adjusted 1.8 >1.8

Net profit for the year ‒1.3 >0.5 Gross capital expenditures 9.3 >9.9

Net capital expenditures 3.9 >3.5

Net financial debt as of Dec 31 17.5 ≤19.0

Bond issues 2.5 ≤3.0

26 Deutsche Bahn AG | September 2016 Road Show Asia 2016

Thank you for your attention.

ECONOMIC SOCIAL ENVIRONMENTAL

London– Zurich – Paris – Munich – Frankfurt – Amsterdam – Edinburgh – Oslo London– Zurich – Paris – Munich – Frankfurt – Amsterdam – Edinburgh – Oslo

Appendix Appendix

DB Group

Passenger transport

Freight transport and logistics

Infrastructure

2015 Financial Year

Debt, financing and value management

Track record

29 Deutsche Bahn AG | September 2016 Road Show Asia 2016 DB Group ‒ Structure Business units are managed directly by the DB Management Board

Chairman and CEO

Dr. Grube

Infrastructure, Traffic and Finance/ Human Resources Economic, Legal and Services and Transport Controlling Regulatory Affairs Technology Dr. Kefer1) Huber Dr. Lutz Weber Pofalla

DB Netze Track DB Cargo DB Schenker (Sennhenn) (Dr. Wilder) (Thewes)

DB Netze Stations DB Long-Distance DB Arriva (Dr. Zeug) (Bohle) (Dr. Rudhart)

DB Netze Energy DB Regional (Dr. Witschke) (Dr. Sandvoß)

1) Vice-Chairman 30 Deutsche Bahn AG | September 2016 Road Show Asia 2016 DB Group ‒ Structure With its eight business units DB Group is active in all segments of the transport market

Passenger transport: Freight transport and logistics: Infrastructure: Domestic and European-wide Intelligent logistics services via land, Efficient and modern rail infrastructure mobility services air and the sea in Germany

. DB Long-Distance . DB Cargo . DB Netze Track Long-distance rail pass. transport1) European rail freight transport Rail network . DB Regional . DB Schenker . DB Netze Stations Regional/urban pass. transport (GER) Global logistics services Traffic stations . DB Arriva . DB Netze Energy Regional/urban pass. transport (EU)2) Traction current

1) Within Germany as well as cross border traffic; 2) In UK with Arriva CrossCountry also long-distance passenger transport 31 Deutsche Bahn AG | September 2016 Road Show Asia 2016 DB Group ‒ Structure DB Group is active in its market segments with independent commercial services and publicly mandated services

Independent commercial services Publicly mandated services

Freight transport and Passenger Transport Infrastructure logistics

. Long-distance transport services . Rail freight transport services . Provision of infrastructure . Direct competition, above all, with . Rail competes directly with other . No competition, monopoly position in cars and airplanes modes of transport regulated markets, public-sector . End-customer business . Big customer business, clear sector contracts for reliable and efficient provision of infrastructure at . Intensive level of fixed assets focus competitive prices . Intensive level of fixed assets . Customer: Carriers (derived demand) . Local public transport services . Very intensive level of fixed assets . Contracted routes, tender competition . Freight forwarding and logistics services . Customers here are both the contracting organization1) as well as . Direct competition (world-wide) the passenger (end-customer) . Full service forwarder, large custo- . Intensive level of fixed assets mer base, broad mix of industries . Less intensive level of fixed assets

1) Contracting organizations can be states, state-run enterprises, transport associations, or regional bodies. 32 Deutsche Bahn AG | September 2016 Road Show Asia 2016 DB Group ‒ Structure We are acting worldwide in more than 130 countries

Germany Europe (excl. Germany)

. ~187,000 employees . ~84,000 employees . € 22.9 bn revenues . € 12.8 bn revenues Offerings Offerings . Rail infrastructure . Passenger transport . Passenger transport (rail and bus) Americas (rail and bus) . Land transport Asia/Pacific . Land transport (rail and truck) . ~8,500 employees . ~14,000 employees (rail and truck) . Logistics services . € 1.7 bn revenues . € 2.6 bn revenues . Logistics services . Rail projects Offerings . Rail projects Offerings . Logistics services . Logistics services . Rail projects . Land transport (rail) . Rail projects Africa

. ~1,000 employees . € 0.2 bn revenues Offerings . Logistics services . Rail projects

33 Deutsche Bahn AG | September 2016 Road Show Asia 2016 DB Group ‒ Strategy Consistent work to put the DB2020 strategy into practice, update in 2016 to DB2020+

DB2020 strategy developed for Group-  wide and business-unit levels DB2020 target systems set for  Group-wide and business-unit levels Targets added to variable remuneration Profitable quality leader Top employer Eco-pioneer  system for 5,000 executives Target system integrated into planning  and reporting processes CSO appointed and competence  center for sustainability established Strategy communicated extensively, both within and outside DB, e.g. at  DB sustainability days and Integrated Reporting DB Stiftung (foundation) established to  coordinate our social projects …

34 Deutsche Bahn AG | September 2016 Road Show Asia 2016 DB Group ‒ Strategy We observe the most important developments in our environment and thereof derive strategic measures

Global economy Price-Conscious Travel Behavior Customers are increasingly price conscious, when choosing the transport mode – smartphones and web Changing Value-Added Conditions in Logistics portals accelerate this development Technological, customer and economic developments are changing the logistics business of the future Transportation Innovation Rise of Emerging Economies Cars and trucks are becoming more Declining Car Ownership among Demographic change and catching up in networked, safer and more efficient – CO2- Young People economic development is shifting global neutral, fully automatic cars will be ready for Car ownership among people under 30 economic power, primarily to Asia Oil Shortage series production by 2030 has been in sharp decline for over 10 Conventional petroleum resources years Increasing Regionalization of Trade Flows are in increasingly short supply – Rising fuel costs, customer requirements and converging unit wage unconventional resources cannot costs are accelerating regionalization, i.e. the growing importance of cover growing demand over the Connected Transportation local sales markets (e.g. within Asia) long term Customers are increasingly demanding inter-/multimodal and usage-based transportation solutions Real Economic Volatility Sustainable Consumption Digital Life The real economic fluctuations since the Social and environmental conditions during Day-to-day activities, hobbies and work financial and economic crisis in 2008-09 production and transportation of goods and are increasingly organized using (mobile) will continue services increasingly influence consumption decisions internet and smart devices

Climate Change

As the CO2 concentration rises, the Earth's temperature increases – the number and intensity of extreme weather events will continue to Smart Simplicity increase Increasing demand and willingness to accept higher prices for smart, simple products and services Sovereign Debt The debt situation since the sharp rise in sovereign debt during the financial and economic crisis beginning in 2008 will persist Energy Transition Performance Society Knowledge intensity and stress from Grid expansion, power plant fleet and work are on the rise – work-life balance market design will be increasingly is becoming a strong competitive factor Regulation synchronized for the energy transition to Active Citizens Urban Living succeed The regulatory policy framework is narrowing in Citizens want to participate Ever more people will live in Competition for Talent the rail sector and other industries such as the directly in shaping projects, dense urban regions in the Demographic change has created a automotive and energy sectors especially infrastructure future projects severe shortage of labor and skilled workers in Europe

Demographic Change Liberalization Diverse Life Patterns The global population will continue to Liberalization of the European rail Rethinking Transportation Planning As life and consumption patterns become grow until 2060 – Europe is aging and market will continue to be pushed Promoting and expanding public transportation, more diverse, the demand for varied products the population is falling at the EU level networked transports and associated infrastructure are and services will increase increasingly being discussed and planned by Society Policy policymakers and society worldwide

35 Deutsche Bahn AG | September 2016 Road Show Asia 2016 DB Group ‒ Strategy DB2020+ provides orientation for growth in a complex environment

DB trend landscape

Demographic Urbanization Diverse life Smart Digital Life Performance society change patterns Simplicity . Environment increasingly complex, but offers DB Group

Competition for Sovereign debt Regulatory Liberalization Rethinking transport Active citizens talent framework planning more opportunities than risks . DB2020+ is a broad-based management approach that

Rise of emerging Real economic Increasing regionali- Declining mobility Climate change Oil shortage markets volatility zation of trade flows purchasing power enables us to meet challenges and seize opportunities . Four key areas: customer,

Electricity Youth without Transport Connected New value added Sustainable turnaround own cars innovations transports architectures in logistics consumption society, government and economy

36 Deutsche Bahn AG | September 2016 Road Show Asia 2016 DB Group ‒ Strategy Growth with interconnected and eco-friendly solutions

Customer

. Future brings digitalization and interconnectedness, with customers increasingly open to intermodal mobility and logistics solutions Declining mobility Transport Youth without Connected – if those are smart and straightforward purchasing power innovations own cars transports . Sustainable consumption and declining car use, coupled with a drop in purchasing power for mobility services, mean that public transport is likely to grow further Sustainable Smart Digital Life consumption simplicity

Society

. Earth's population is growing while more and more people move to cities; increasing demand for infrastructure-efficient and zero-carbon mobility and Active citizens Performance Urbanization logistics services society . Europe’s workforce is shrinking; the younger generation is more diverse and motivated to perform, but also increasingly interested in meaningful work; only the best employers can succeed in the competition for talent Diverse life Competition Demographic patterns for talent change

37 Deutsche Bahn AG | September 2016 Road Show Asia 2016 DB Group ‒ Strategy Growth as a result of liberalization and the rise of emerging markets

Government . Governmental institutions are imposing tighter regulations; the public is increasingly getting involved, e.g. in infrastructure projects Sovereign Liberalization Electricity . The electricity turnaround means a shift to renewable sources of power; debt turnaround transport markets continue to open up for competition . Sovereign debt is making it harder to fund transport projects; at the local level, however, people are rethinking transport planning, with a shift to more Regulatory Rethinking interconnected and eco-friendly modes framework transport planning

Economy

. Climate change and oil shortages are becoming reality; the risk of external shocks is rising; the economy is becoming more volatile overall New value added Rise of emer- Increasing regionali- architectures in logistics ging markets zation of trade flows . Growth continues in emerging markets, in large parts due to continued population growth; new, robust domestic markets are emerging . Rising importance of regional trade flows offers growth opportunities for logistics Real economic Oil shortage Climate volatility change

38 Deutsche Bahn AG | September 2016 Road Show Asia 2016 DB Group ‒ Railway of the Future Group restructuring and digitalization initiatives to restore the DB2020 balance, with a focus on quality, customers and profitability

Challenges in the Restructuring economic dimension Leaner

Faster Economic Social Environmental More efficient

More customer focused

Digitalization initiatives

39 Deutsche Bahn AG | September 2016 Road Show Asia 2016 DB Group ‒ Railway of the Future Our Railway of the Future program is key for the restructuring of our railway business in Germany

Time horizon II 2017-2020

“Eliminate annoyances” “Quality that persuades” “Service that inspires” . No errors in basic services . High punctuality . Technology leadership . Noticeable improvements (long distance transport 85%, . 30 minute intervals in regional transport 95%, long-distance transport rail freight transport 95%) . Comprehensive digitalization of . High quality (“zero-error principle”) processes Benefits for customers: . Improved traveler information . Reliable travel chains and . Rail as “first choice”: reliable, high- . Clean, reliable trains information quality, value for money . Clean stations . Trains, stations and staff offer top . Stable live timetables quality/ top service . Active intermodal travel planning

40 Deutsche Bahn AG | September 2016 Road Show Asia 2016 DB Group ‒ Railway of the Future The focus is on punctuality, reliable information to passengers and making time spent on trains and at stations more enjoyable

Starting in 2016 Starting in late 2016 Passenger information ICE Portal Content . Multi-line displays with more information . Information about delays and platform . Free infotainment at stations and on all changes for subsequent trains DB long-distance and regional trains equipped with the technology . More precise forecasts in the event of delays . Additional movie library with pay-per-view options

Starting in 2016 Smart elevators and escalators By 2017 . Sensors to report problems in real time Mobile repair teams . Prompt repairs on weekdays and weekends . Prompt repairs, on site and around the clock . Failure-free trains, galleys and lavatories

41 Deutsche Bahn AG | September 2016 Road Show Asia 2016 DB Group ‒ Digitalization DB Group's digitalization activities are organized in six 4.0 initiatives

Mobility 4.0 Working Environments 4.0

This initiative works to design new products with a focus on This initiative centers on overarching topics involved customer centricity, based on different scenarios for in working, communicating and learning. Potential developments on the digital mobility markets. It also works to future scenarios are drawn up for job profiles. establish a strong culture of innovation as a foundation.

Logistics 4.0 Production 4.0

This initiative uses big data and This initiative focuses on the automation smart assets to develop a product portfolio and digitalization of rail operations and for the future, digital customer interfaces maintenance. and web-based production processes.

Infrastructure 4.0 IT 4.0 This initiative focuses on digitalization in This initiative works to develop a smart, agile, infrastructure: end-to-end connectivity with effective, efficient and reliable IT landscape customers, digital process improvements and the for DB. creation of new business models.

42 Deutsche Bahn AG | September 2016 Road Show Asia 2016 DB Group ‒ Digitalization Our 4.0-initiatives are focusing on new customer offerings, operational excellence and on the creation of innovative conditions

DB Startup Big data center and d.lab, Infrastructure accelerator Relations open data platform DB's innovation lab at the DB mindbox

Timetable DB hackathons DB Schenker Enterprise Lab Customer contest to submit industrialization (neXt) (logistics) ideas for new digital products

43 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Appendix

DB Group

Passenger transport

Freight transport and logistics

Infrastructure

2015 Financial Year

Debt, financing and value management

Track record

44 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Passenger Transport #2 in the European passenger transport market

. 4.3 DB Long-Distance DB Regional billion passengers per year in our trains and buses . 11.8 million passenger per day . 265 high speed trains (ICE) . 9

neighboring countries can DB Arriva DB Sales be reached directly

45 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Passenger Transport Order book in regional transport increased in H1 2016

DB order book1) (€ bn; as of Jun 30, 2016 / Dec 31, 2015)

DB Group DB Regional (rail) DB Regional (bus) DB Arriva

+1.6 +1.7% 92.8 94.4 ‒1.0 ‒1.4% 33.0 34.4 69.6 68.6 Unsecured 21.2 20.6

+2.1 +9.5%

58.4 61.4 Secured 24.1 48.4 48.0 +0.5 22.0 12.4 +41.7% 13.1

1.2 1.7 8.9 11.7

Dec 31, 2015 Jun 30, 2016 Dec 31, 2015 Jun 30, 2016 Dec 31, 2015 Jun 30, 2016 Dec 31, 2015 Jun 30, 2016

1) Secured and unsecured revenues. Unsecured revenues consist mainly of fare-box revenues. 46 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Passenger Transport With its Mobility 4.0 initiative, DB Group is actively shaping the digitalization of passenger transport

Mobility market perspective Customer perspective Organization perspective "How will the mobility market develop "What services and products can DB "How can DB Group become a high in the future and how will DB Group Group use to inspire its customers?" performing, highly innovative position itself within this market?" organization?" . Ensuring a reliable basic quality . Describing the mobility market of level for services . Establishing a DB Mobility Lab as the future . Offering convenient, relaxing, a space for innovative ideas . Understanding competition on the straightforward, personalized and . Ongoing development of a high- mobility market of the future enriching travel experiences performing, highly innovative . Positioning DB Group as the . Addressing customers in a organization mobility service provider of the consistent way across all channels future and gaining fans by making the customer relationship one tied with emotions

47 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Passenger Transport ‒ Long-distance DB Long-Distance runs a network of long-distance rail passenger transport services centered on Germany

Profile

. DB Long-Distance offers fast, comfortable, convenient and eco-friendly travel within Germany and to and from neighboring countries . Daily scheduled ICE, IC and EC services are the backbone of the DB Long-Distance portfolio . DB-long-distance is modernizing its fleet step by step: the IC 2 was launched in 2015, and regular service with the ICE 4 is scheduled to DB Long-Distance in 2015 start in 2017 Revenues € 3,951 mn . The portfolio also includes other services like selected car train and night train services and connections to the islands of Sylt and EBIT € 164 mn Wangerooge . IC Bus long-distance services extend the existing rail network for certain Employees (FTE) 16,217 German and international connections Volume sold 36,975 mn pkm . The BahnCard discount card, with about five million holders, is our most important customer loyalty tool Passengers (rail) 132 mn

Fleet 256 locos/265 ICEs

Avg. dist. traveled 280 km

48 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Passenger Transport ‒ Long-distance Long-distance rail network connections with European neighbors

Market overview for DB Long-Distance

Significant characteristics Aarhus, Domestic connections Copenhagen International services . DB Long-Distance operates its services on a purely commercial basis . Germany is the home market – DB Long-Distance is currently the only network provider with full- Hamburg coverage connections between German cities Amsterdam Hanover . German long-distance transport market completely Berlin Gdansk, Warsaw open for competition since rail reform in 1994

Brussels Cologne Leipzig . Market liberalization in many countries is not yet advanced, so often only cross-border connections in Frankfurt Prague, cooperation with the national railways can be Nuremberg Budapest Stuttgart offered Paris, Munich Vienna, . DB Long-Distance links the most important Marseille Budapest neighbouring cities with point-to-point connections

from the German network

Bern, Interlaken, Bologna, Venice, Zurich Verona

49 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Passenger Transport ‒ Long-distance Key customer expectations and our response

Focus on basic service Expectation of fast, comfortable and convenient travel

Basics: on-time connections, service, seating and telecommunications1)

. Medium to high willingness to pay . Low fares . Fast, direct connections between metropolitan . Direct service from regions areas . No-frills food service . Food service always available . High expectations for convenient entertainment and internet access

Extended network ("IC-new" network) Core network (ICE network) . Direct connections every two hours, including . Fast, frequent connections between major cities, nearly all cities with populations of over 100,000 with up to two trains an hour

1) Internet und cellular reception will depend on network expansion by telecommunications companies

50 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Passenger Transport ‒ Long-distance Long-Distance reloaded: improvements in 2015 and 2016

Faster connections ICE: Free WiFi Frankfurt–Paris Also in Second class Stuttgart–Paris

ICE portal IC: State-of-the-art mobile Release 2.0 telephony repeaters Content partnership

Faster connections Upgraded travel assistance Germany–Tessin / Milan

2015 2016

IC 2 ICE: State-of-the-art mobile Dresden–Cologne telephony repeaters Leipzig–Emden

ICE portal Higher capacity Release 1.0 Cologne–Stuttgart

Faster connections Navigator relaunch Frankfurt–Berlin (VDE 8.2) Frankfurt–Dresden (VDE 8.2)

51 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Passenger Transport ‒ Long-distance Capex in new rolling stock and redesign of our existing fleet

New rolling stock by 2030 Fleet age and structure in 2030

[Average age]

23 17 ICE 3 ICE fleet (407 -33% series) . 360 ICE trainsets 15 . Speeds of 230 to 330 kph 130

ICE 4 IC 2 fleet . 120 double-decker IC trainsets in total 120 . Speeds of 160 to 200 kph Double- decker IC 2 2015 2030

52 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Passenger Transport ‒ Long-distance Green mobility, using renewable energy sources and cutting consumption

Specific CO2 emissions (2014, g / pkm)

218

137

30 14

Air travel Car travel Long-distance DB long-distance bus rail

. We will cut specific annual CO2 emissions by 1.7 million metric tons by winning more passengers

. That is the equivalent of the annual carbon emissions of some 600,000 cars

. Cutting specific energy consumption by 30% from 2016 until 2030

53 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Passenger Transport ‒ Long-distance Plans for the core network

Mobility Digitalization Comfort and service

. Fast, direct connections between . Free WiFi in first and . Feel-good atmosphere metropolitan areas second class . Seat reservation included . Much shorter travel times made possible . Free information and in first and second class by new infrastructure entertainment portal (VDE 8.1 and 8.21), Wendlingen-Ulm, . On-board restaurant Stuttgart 21) . Over 150 former IC connections per day

2 ICEs per hour Target network: upgraded to ICEs 1 ICE per hour ≈120 million . Up to two trains per hour 1 ICE every two hours train km

360 ICE vehicles

1) "German Unity Transport Project" (Nuremberg–Erfurt–Halle–Leipzig line upgrade)

54 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Passenger Transport ‒ Long-distance Plans for the extended network

Mobility Digitalization Comfort, service and fares . Nearly all cities with populations of over . Stable internet and cellular . Seat reservations 100,000 in Germany connected to the long- reception1) included in first and distance network, two-hourly services second class . 5 million citizen connected to the long- . No-frills food service distance network for the first time on board

. Roughly 190 new direct connections from . Bicycles allowed

Target network: smaller cities to 50 largest cities . New saver fares starting

1 IC-new per hour ≈42 million . Efforts to better integrate long-distance and at € 19 1 IC-new every two hours IC-new connection for train km regional / local fares, where requested by tourists (trains not always 120 double- PTAs running every two hours) decker IC trains

1) Internet und cellular reception will depend on network expansion by telecommunications companies

55 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Passenger Transport ‒ Regional DB Regional offers on-time, safe, reliable and eco-friendly regional transport service for over five million passengers each day

Profile

. DB Regional Rail is commissioned by local transport authorities (ordering organizations) to offer rail passenger transport tailored to regional and local needs . The 27 ordering organizations in Germany use competitive tendering to select operators for regional and local rail passenger transport services . These public service obligation (PSO) services are financed by DB Regional in 2015 concession fees and ticket sales Revenues € 8,670 mn . The predominant model in Germany is based on gross contracts, in which ticket sales go to the ordering organization, who then EBIT € 669 mn compensates the operator in full for the PSO services offered . DB Regional Bus offers both commercial and PSO services in the Employees (FTE) 36,494 regional bus market in Germany Volume sold 1) 42,586 mn pkm . There are over 400 local transport authorities responsible for public road transport, and services are increasingly being awarded in competitive Passengers 2,536 mn2) tenders Trains/busses 4,9623) / 13,4284) . More than 35 German and international long-distance bus lines are run under the berlinlinienbus.de brand Avg. dist. traveled 23 km 1) Only Rail 2) Rail and bus; 3) Locomotives (1,006) and multiple units (3,956) 4) Buses (thereof 5,037 own stock) 56 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Passenger Transport ‒ Regional DB Regional Rail: 27 client organizations order local rail passenger transport services

Market overview for DB Regional Rail . In 1996 responsibility for local rail passenger transport (LRPT) was transferred from the German government to Organizations the individual German states ordering LVS LRPT1) VMV . To finance this, the Federal Government mades services in Hamburg Germany regionalization funds (2016 approx. € 8 bn; Bremen 2015: approx. € 7 bn) available to the Federal states LNVG

RH VBB ZGB . 27 client organizations order LRPT services from train NASA operating companies on behalf of the states NWL VRR ZVNL ZVON NVV VVO . Market volume is about 654 mn train km

NVR NVS ZVMS . The market in Germany is completely liberalized. RMV ZVV SPNV- Nord With a market share of around 71 % DB Regional is the backbone of the LRPT market SPNV- VRN VGS Süd

BEG VVS

NVBW

1) LRPT = local rail passenger transport 57 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Passenger Transport ‒ Regional DB Regional Bus: market consists of three segments

Sub-markets of the public road transport (PRT) market Description Provider structure

. Regional overland transport with a focus on . DB Regional Bus Regional school/college services . Global players Bus . Predominantly franchise renewals . SMEs . Increasing competition . Municipal district transport companies . DB Regional Bus market share: > 50%

. Generally in towns with min. 20,000 inhabitants . Almost exclusively municipal transport City Bus . Most contracts awarded internally to municipal companies companies . Some privatized exceptions PRT . DB Regional Bus market share: around 1% market . In conurbations and urban regions . Almost exclusively municipal transport Light Rail . Contracts almost exclusively awarded internally companies to municipal companies . Very few private providers . No DB Regional Bus transport services

Long- . Intercity bus carrier serving relations that exceed . FlixBus currently dominates the long- a cross border distance over 50 kilometers distance distance bus market with a market share . Increasing competition since market liberali- of ~70% Bus zation in 2013 with no profitable player so far . Different national and international . DB Group market share about 11% operators in intense competition

58 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Passenger Transport ‒ DB Arriva DB Arriva is DB Group’s platform for growth in passenger transport outside Germany

Profile

. DB Arriva is a platform for growth and operates all of DB Group's passenger services outside Germany (with the exception of international long-distance service) . DB Arriva offers a broad range of transport services in 14 European countries, running buses, trains, trams, water buses, car-sharing and non-emergency patient transport services DB Arriva in 2015 . DB Arriva is usually commissioned by regional and national authorities or other parties ordering transport services Revenues € 4,843 mn . DB Arriva runs both commercial and public service obligation (PSO) EBIT € 270 mn services, generating the majority of its revenues with the latter . Arriva UK Trains is a leader in the UK rail passenger transport market Employees (FTE) 46,484 . Arriva UK Bus is one of the largest providers of urban and regional bus Volume sold rail 8,980 mn pkm transport in the UK . Arriva Mainland Europe operates a range of transport services in Volume sold bus 1,024 mn bus km continental Europe Passengers1) 1,633 mn

Fleet 7432) / 16,2523) 1) Rail and bus 2) Locomotives (25) and multiple units (718) 3) Buses (including 15,597 own stock) 59 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Passenger Transport ‒ DB Arriva DB Arriva: established growth platform in 14 European countries

Market overview DB Arriva

Bus Rail Significant characteristics . Europe sees highly varying degrees of liberalization . Heterogeneous markets throughout Europe – in terms of both market liberalization and competition – complete liberalisation means a redistribution of € 100 bn worth of contracts . DB Arriva is a growth platform in Europe and is already well-established in 14 markets with over 16,200 buses and 740 trains, as well as 96 trams, 4 waterbuses, 400 electric cars and more than 460 patient transport vehicles . Thanks to its diversified portfolio, DB Arriva is well positioned for further market opening (broad geographical coverage, various modes of transport and business models)

mature mid-liberalization emerging yet to liberalise . DB Arriva has proven its ability to generate not defined DB Arriva market profitable growth in the past

Data as of Dec 31, 2015. 60 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Passenger Transport ‒ DB Arriva Arriva UK Trains is one of the leading providers with a diversified portfolio

Arriva UK Trains – facts and figures

Arriva Trains Wales Chiltern . Important rail operator in UK with five transport CrossCountry LOROL service contracts Tyne and Wear Metro Grand Central . Entered market in 2000 . Market share of rail passenger transport: ~22% . 5,700 employees . Fleet of 670 trains and 45 metro trains . Broad portfolio of products and services: light rail, commuter transport, regional and long-distance transport . Over a decade of experience in a highly competitive, deregulated rail transport market . Close relationships with customers, transport associations and client bodies . Operation and development of open access transport services through Grand Central Railway and Alliance Rail Holdings

Data as of Dec 31, 2015. 61 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Passenger Transport ‒ DB Arriva DB Arriva won tender for the Northern Rail transport contract with an order volume of about € 10 bn

Northern transport contract

. On Dec 9, 2015 positive decision by the Department for Transport - With 8% market share one of the largest franchise contracts in the UK market - Market share of DB Arriva increases from 14% to 22% - Besides Govia (merger GoAhead & Keolis) with 24% market share and Stagecoach with 23%, DB Arriva is now one of the TOP 3 in the UK rail market . Key facts Northern transport contract - Operation started at the beginning of April 2016 - Term of 9 years (until March 2025); extension option of 1 year - > 50 bn train km per year, increasing over the term - Order volume about € 10 bn (thereof concession fees about 25 %) resulting in a significant increase in the order book at UK Trains (before € 4 bn) schematic depiction - 5,230 employees

62 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Passenger Transport ‒ DB Arriva DB Arriva won the transport contract for London Overground (LOROL) with an order volume of € 1.9 bn

London Overground contract

. On March 18, 2016 Arriva is awarded the £ 1.5bn (€ 1.9 bn) London Overground (LOROL) contract by Transport for London (TfL) . The transport contract has a term of 7.5 years starting on November 13, 2016 . Currently Arriva operates LOROL in a joint venture with MTR Corporation . Consolidation of LOROL activities from November 2016 on . The new contract includes a close cooperation with TfL, with the goal to - improve rolling stock - improve stations - extend offer - improve customer service - have more than 180 mn passengers per year

63 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Passenger Transport ‒ DB Arriva DB Arriva is finally awarded the transport contract in Limburg with an order volume of € 2.6 bn

. Withdrawal of the opposition by Veolia Transport against the award of the Limburg transport contract to DB Arriva . Arriva Netherlands can continue with the preparations for the bus and rail transport activities in the region of Limburg/the Netherlands

. Details of the transport contract: - Volume of € 2.6 bn - Term of 15 years - 260 busses and 34 trains - Volume produced: 6.9 mn train km p.a. 24.3 mn bus km p.a. - 1,005 employees

. With more than 5,000 employees DB Arriva is one of the largest provider of bus and train services in the Netherlands and operates in nine provinces

64 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Passenger Transport ‒ DB Arriva Arriva UK Bus provides urban and regional transport services

Arriva UK Bus – facts and figures Regions outside London . Third-largest provider of bus services in regional markets (outside London) . Entered market in 1996 . 10,200 employees . Fleet of 3,600 buses . On-demand transport services and non-emergency patient transport services also part of the portfolio . Flexible management of products and services . Predominantly commercial transport services

London Bus . One of the market leaders, operating ~16% of bus services . Entered market in 1980 (privatisation in 1994) . 5,300 employees . Management of a fleet of 1,600 buses . Mainly contracted transport services

Data as of Dec 31, 2015. 65 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Appendix

DB Group

Passenger transport

Freight transport and logistics

Infrastructure

2015 Financial Year

Debt, financing and value management

Track record

66 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Freight transport and logistics ‒ Freight forwarding and logistics DB Group is the third biggest worldwide freight transport and logistics services provider

. >2,000 DB Cargo locations in over 130 countries . 4,500 freight trains per day through Europe . >100 million shipments sent per year via European land transport DB Schenker . >7 million square meters of storage space around the world

67 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Freight transport and logistics ‒ Freight forwarding and logistics DB Cargo & DB Schenker address digitalization with Logistics 4.0

1 2 4

Product of the future . New digital solutions Target picture: . Customer interface of the future Logistics market of the Enablers future . DB Schenker Labs . Research cooperations . Key developments 3 . Customer innovation . Business models Optimized processes & assets projects . Competitive landscape . Asset intelligence . Workplace of the future . Data analytics

68 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Freight transport and logistics ‒ Rail freight DB Cargo has a strong European network and is the number one in European rail freight transport

Profile

. With some 4,200 private customer sidings in Europe, DB Cargo offers its customers access to one of the world's largest rail networks . DB Cargo's international network follows the major European rail freight corridors . DB Cargo offers European rail transport in the form of block train, single wagonload and multimodal services DB Cargo in 2015 . Tailor-made transport and logistics solutions are also available as Revenues € 4,767 mn additional services that can link the rail mode with road (trucking) and ocean freight service EBIT € -183 mn . The key industries served by DB Cargo are metals and coal, chemicals, automotive, building materials, industrial and consumer goods, and Employees (FTE) 30,303 intermodal transport Volume sold 98,445 mn tkm . DB Cargo's customers are primarily key accounts . Most of DB Cargo's services are carried out using its own fleet of Freight carried 300 mn t locomotives and freight cars Fleet1) 2,869 / 87,264

Avg. dist. transported 313 km 1) Locomotives / freight cars 69 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Freight transport and logistics ‒ Rail freight DB Cargo is perfectly positioned in Europe

Leading position in Europe… …and in individual markets Market share 2015, % based on tkm1) Market share 2015 per country, % based on tkm1)

23 1 67 8 49 62 2 62 5 72)

17 3 1

7 4 9

52

Data 2015: BG, CH, DE, DK, ES, FR, NL, PL, SE, UK, BE (excluding Cobra, incl. Cobra market share 1) Current DB market estimate, incl. subsidiaries of about 26%) 2) Data 2014 Data 2014: IT, RO Source: Eurostat, national statistical offices, UIC, company, DB 70 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Freight transport and logistics ‒ Rail freight Significant core factors shape the business model of DB Cargo

European Clear sector and High asset network customer focus business

SW

. International network . Key industrial sectors: steel . Own production alongside the major & coal, chemicals, . Fleet1) of over 2,900 European rail freight automotive locomotives and around corridors . Crude steel production as 87,000 wagons . Organizational benefits an important driver of . High specialization of from scale effects through results rolling stock size . Business mainly driven by key accounts

1) Own and finance lease 71 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Freight transport and logistics ‒ Rail freight DB Cargo offers special industry solutions inline with customer needs

Building . Over 6,000 customers Metals and Coal Materials, . Cross-border transports account Industrial & for about 60% of Consumer DB Cargo DB Cargo’s revenue industry Goods sectors . Strong market position in conventional transports with Green Rail Automotive Chemicals, Mineral Oil special services, e.g. metals and and Fertilizers coal, chemicals and automotive

Intermodal Building Materials, Industrial & Consumer Goods

72 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Freight transport and logistics ‒ Freight forwarding and logistics DB Schenker offers global transport and logistics solutions – by land, ocean and air

Profile

. As an integrated transport and logistics provider, DB Schenker serves both established and emerging markets, with a global network of over 2,000 sites in over 140 countries . DB Schenker's dense land transport network links the most important economic centers in Europe and offers part-load, LCL and FCL consignments, plus door-to-door solutions across Europe DB Schenker in 2015 . DB Schenker is one of the world's leading air and ocean freight providers, offering a full range of services in this segment Revenues € 15,451 mn . Its contract logistics portfolio serves every stage of the value chain: EBIT € 395 mn suppliers, manufacturers and dealers, customers, and spare part service . DB Schenker has a global customer base from broad a range of sectors, Employees (FTE) 66,327 with a focus on industrial customers Shipments 102 mn . It uses a vertical market approach to develop sector-specific solutions . In air and ocean freight, DB Schenker serves exclusively as a freight Air freight volume 1.1 mn t forwarder, without its own planes or ships; in land transport, however, it Ocean freight volume 1.9 mn TEU relies in part on its own vehicles and containers

Warehouse space 7.7 mn m2

73 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Freight transport and logistics ‒ Freight forwarding and logistics Global transport network with 2,000 locations in over 130 countries

Shipments 101.7 mn SQM 7.7 mn

Revenues 6,317 Revenues 2,381

EBIT 99 EBIT 106

Change Key figures (€ mn) 2014 2015 € % Revenues 14,943 15,451 +508 +3.4

EBIT adjusted 332 395 +63 +19.0 Tons4) 1.1 mn Gross capital expenditures 240 238 ‒2 ‒0.8 TEU5) 1.9 mn Revenues Employees 6,753 (Full-time employees) 64,810 66,327 +1,517 +2.3 EBIT 255

1) Based on revenues. 2) Based on t. 3) Based on TEU. 4) Air freight volume. 5) Ocean freight volume. 74 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Freight transport and logistics ‒ Freight forwarding and logistics DB Schenker has a broad global customer base and an asset-light business model

DB Schenker: business model

Network business Broad customer base Asset-light business model

Land transport CL/SCM

Air freight Ocean freight

. Size is key for a high supply . Approximately 700,000 customers . Own vehicles and swap bodies only density and for economies of with a wide range of industries in parts of land transport scale when purchasing . Large anchor customers and . Predominately leased logistics transport capacity small/medium-sized customers locations . Door-to-door solutions thanks . Wide range of customers/industries . Asset-light business model creates to a global presence in 130 makes business less prone to crisis flexibility countries

75 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Freight transport and logistics ‒ Freight forwarding and logistics No other provider links as many places in European land transport as DB Schenker

Land transport network - Europe Competitive advantage

. Fully integrated network with 430 operational branches . More than 720 locations in 36 countries with own national organizations . 101.7 mn shipments in 2015 . Own fleet with 29,094 trucks . Daily departures to all European terminals . Approx. 32,000 scheduled services per week . Defined door-to-door lead times . Timely customer information through tracking

DB Schenker Land Transport Terminals DB Schenker Land Transport Euro Hubs (Friedewald, Malmö, Paris, Salzburg)

76 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Freight transport and logistics ‒ Freight forwarding and logistics DB Schenker possesses a global network for air and ocean freight solutions

Air freight Ocean freight

. No. 3 worldwide . No. 3 worldwide . Global presence with 600 sites worldwide . Global presence with 700 sites worldwide . Organization of "door-to-door" transport . Worldwide network with regional hubs services . Organization of "door-to-door" transports . LCL services with 600 direct connections . 900 dedicated charter flights p.a. . >1.9 mn TEU (exports) ocean freight . >1.1 mn t air freight volume (exports) 2015 volume in 2015

. Preferred-carrier strategy . Paperless transport (digital transport documentation) . DB Schenker skybridge (combined air and sea traffic) . Supply chain solutions (value added services)

77 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Freight transport and logistics ‒ Freight forwarding and logistics DB Schenker takes advantage of market opportunities in contract logistics

Contract logistics/supply chain management

. No. 5 worldwide . Global presence in over 56 countries . Around 667 locations overall . 7.7 million m2 warehouse space . Products along the supply chain: procurement – warehousing – fulfillment – value-added services – aftermarket/reverse . Focus on industry branches: − Automotive − Consumer − Electronics − Healthcare − Industrial . FLEX global business excellence program . G4P (Go-for-Performance) is the new global profitability program of Contract Logistics

78 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Appendix

DB Group

Passenger transport

Freight transport and logistics

Infrastructure

2015 Financial Year

Debt, financing and value management

Track record

79 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Infrastructure DB Group operates the biggest rail network in the heart of Europe

. 5,700 DB Netze Track DB Netze Stations stations serve as railway gateways in Germany . 33,300 km long rail network – three times as long as the German Autobahn network . 25,000 bridges make its way through rivers and valleys DB Netze Energy . 5th largest provider of energy in Germany – annual volume of available energy equal to energy consumed by Berlin metropolitan area

80 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Infrastructure Rail infrastructure financing in Germany - profits of rail infrastructure companies will be reinvested

Financing circle (FC)

FC 1.0 . Closed financing circle for the infrastructure, meaning that all profits of DB rail infrastructure Federal budget FC 2.0 companies will be reinvested in the Dividend DB AG infrastructure. Infrastructure Rest of Investment companies DB Group grants . FC 2.0: Net profit of the rail infrastructure companies will be fully paid out to the Federal full distribution partial distribution Government as part of the dividend of DB AG DB AG in the first step and then paid back to DB Group as non-repayable investment grants for existing Net profit of Net profit of non network capex. rail infrastructure infrastructure companies activities . FC 1.0: The net profit of the non-infrastructure activities of DB Group is paid out partly as Existing network (LuFV) dividend to the Federal Government, and Dividend Investment DB funds afterwards paid back as construction grants to infrastructure grants DB Group for the network extension. The profits of the non-infrastructure activities of DB Requirement plan (network extension) Group are thus involved in co-financing in the Dividend non- Investment DB funds construction and extension. The rest is used to infrastructure grants finance growth projects.

81 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Infrastructure Rail infrastructure financing in Germany - DB dividend will be fully used for infrastructure grants

Split of DB dividends in financing circle (FC) 1.0 (network extension) and FC 2.0 (existing network) (€ mn)

DB dividend 1,000 (2015-2019: 950 3,950) 850 800 FC 1.0 to support network extension 700 350 350 (2015-2019: 350 1,750) 350 350 FC 2.0 to support 600 650 Amount for existing network Federal budget 500 450 350 (2015-2019: consolidation 2,200)

2015 2016 2017 2018 2019

82 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Infrastructure DB Netze Track is the largest, highest-capacity rail infrastructure company in Europe

Profile

. DB Netze Track is responsible for the rail network and all the infrastructure necessary for operations . It ensures non-discriminatory network access for all authorized rail companies, local and regional passenger transport authorities, and freight forwarders and consignors . DB Netze Track's seven operations centers and one network control DB Netze Track in 2015 center keep rail service in Germany running smoothly 365 days a year Revenues € 5,110 mn . DB Netze Track's core responsibilities also include preparing train schedules in close partnership with customers, managing operations EBIT € 578 mn and construction, and providing maintenance service . Train-path products are the most important source of revenues for Employees (FTE) 45,972 DB Netze Track Train-path km 1,054 mn . Track access fees are set in a transparent train-path pricing system regulated by the German Federal Network Agency Line operated 33,332 km . DB Netze Track coordinates over 65,000 regular train path requests in Switches & crossings 67,552 its working timetable, and roughly 950,000 ad hoc requests from freight transport in particular

Railway bridges 25,183

83 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Infrastructure DB Netze Stations is the largest operator of rail stations in Europe

Profile

. In addition to its core business of developing and operating rail stations, DB Netze Stations also offers a variety of transport-centered services at and around stations . It offers a network linking diverse transport-related services and ensures that stations are pleasant places in which to spend time . DB Netze Stations is also one of the largest landlords for commercial DB Netze Stations in 2015 real estate in Germany, with over 1 million m² of leasable space Revenues € 1,199 mn . Each day, its stations are served by more than 400,000 trains operated by some 115 rail companies, with roughly 8 million passengers EBIT € 254 mn . To ensure high quality, DB Netze Stations focuses on safety, service and station cleanliness, with its Triple-S Centers Employees (FTE) 4,982 . DB Netze Stations earns its revenues from station access charges Station stops 151 mn (regulated in the station pricing system) and commercial property leases (not regulated) Rail stations 5,681 . Station access fees account for roughly 70% of total revenues Platforms 9,600

Passenger info1) 6,400 1) Passenger information systems (DSA) 84 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Infrastructure DB Netze Energy is the fifth-largest power provider in Germany

Profile

. DB Netze Energy offers all the typical energy products for traction power and power for stationary facilities in Germany . These products include traction power and diesel for rail traffic, and electricity, gas and heat for DB Group's stations and other buildings . DB Netze Energy also offers a broad range of electricity and gas products to industrial customers throughout Germany DB Netze Energy in 2015 . DB Netze Energy continually raises the percentage of renewables in its Revenues € 2,812 mn traction power (2015: 42%) . Its portfolio also includes energy-related consulting and technical EBIT € 66 mn services

Employees (FTE) 1,726 . DB Netze Energy is not an energy producer, only owns two small hydroelectric power stations 1) Traction power 8,644 GWh . The network charges paid for non-discriminatory use of the traction power grid are regulated by the German Federal Network Agency Stationary enery2) 14,865 GWh . Another important element of the DB Netze Energy portfolio is a Diesel fuel 427 mn l Germany-wide network of refueling stations, and charging infrastructure for electric vehicles Traction supply sys. 7,912 km

1) 16,7 Hz and DC 2) 50 Hz and 16.7 Hz 85 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Appendix

DB Group

Passenger transport

Freight transport and logistics

Infrastructure

2015 Financial Year

Debt, financing and value management

Track record

86 Deutsche Bahn AG | September 2016 Road Show Asia 2016 2015 Financial Year ‒ Overview Economic and market environment 2015 financial year

. Global economic growth stagnating at low level (+2.5 %) General . Growth of world trade weaker than in the previous year (+1.0 %) conditions . Recovery of Eurozone due to increased domestic demand and exports . Fall in commodity and oil prices, among other things: supply exceeded demand

. Positive development of German passenger transport market (+1.3 %) . German rail passenger transport market on the level of the previous year Passenger . Negative effects due to strikes of GDL and lower fuel prices transport . Strong growth in long-distance bus transport (+30 %) . DB Arriva still facing challenging conditions (e.g. government austerity programs)

. Positive development in German freight transport market (+1.4 %) . European freight transport market nearly on the level of the previous year Freight transport and logistics . Still positive development in transport and logistics business: Volume growth in European land transport as well as in air and ocean freight – continuing positive development of the global contract logistics market

. Train-path demand positive, drivers were freight and local passenger transport

. Non-Group train-path demand still growing, share rises up to 27.5 % – Group Infrastructure train-path demand decreases among other things due to strikes . Number of infrastructure customers still rising on a already high level

87 Deutsche Bahn AG | September 2016 Road Show Asia 2016 2015 Financial year ‒ Performance development Mixed performance development in 2015 across the business units

DB Arriva ‒ volume produced

Rail Bus (mn (mn train-path km) bus km)

1,024 131.6 132.7 1,003

+0.8% +2.1%

2014 2015 2014 2015

88 Deutsche Bahn AG | September 2016 Road Show Asia 2016 2015 Financial year ‒ Performance development Mostly positive performance development in 2015 in the logistics business

DB Schenker ‒ volumes

Land transport Air freight Ocean Contract (mn shipments) (thousand t1)) logistics freight (thousand TEU1)) (€ mn)

1,128 1,112 2,381 1,983 101.7 1,942 98.9 2,030

+2.9% +1.4% -2.1% +17.3%

2014 2015 2014 2015 2014 2015 2014 2015

Market: +1.3% Market: +1.3% Market: +1.2% Market: +5.4%

1) Exports. 89 Deutsche Bahn AG | September 2016 Road Show Asia 2016 2015 Financial Year ‒ Revenues Mixed development of comparable revenues on business unit level

2015 Adjustments 2015 2014 (€ mn) +/‒ € +/‒ % Total revenues effective Consol.1) FX2) comp. comp.

DB Long-Distance 3,951 – –1 3,950 4,034 ‒84 ‒2.1

DB Regional 8,670 – – 8,670 8,831 ‒161 ‒1.8

DB Arriva 4,843 –21 –290 4,532 4,469 +63 +1.4

DB Cargo 4,767 – –49 4,718 4,863 ‒145 ‒3.0

DB Schenker 15,451 –58 –428 14,965 14,939 +26 +0.2

DB Services 3,192 – – 3,192 3,172 +20 +0.6

DB Netze Track 5,110 – – 5,110 4,951 +159 +3.2

DB Netze Stations 1,199 – – 1,199 1,172 +27 +2.3

DB Netze Energy 2,812 – – 2,812 2,797 +15 +0.5

Other/consolidation ‒9,527 – – ‒9,527 ‒9,534 +7 ‒0.1

DB Group 40,468 ‒79 ‒768 39,621 39,694 ‒73 ‒0.2

1) Changes in the scope of consolidation. 2) Effects from changes in exchange rates. 90 Deutsche Bahn AG | September 2016 Road Show Asia 2016 2015 Financial Year ‒ Revenues Stable revenue structure by divisions, activities and regions compared to 2014

By divisions By activities By regions

Infra- North Other Asia / 2014 structure America Rest of World 0,9% Pacific 3,7% 1,3% 6,7% 6,2%

Freight transport Non-rail Rail Rest of and Germany Passenger 47,9% 52,1% Europe Logistics 57,7% Transport 48,9% 31,1% 43,5%

Infra- North 2015 Other Asia / structure America Rest of World 1.5% Pacific 4.2% 1.2% 7.1% 6.5%

Freight transport Non-rail Rail Rest of Passenger and Germany 48.6% 51.4% Europe Transport Logistics 56.6% 48,9% 31.5% 42.5%

91 Deutsche Bahn AG | September 2016 Road Show Asia 2016 2015 Financial Year – Profit development Overall weak EBIT development on business unit level

Operating profit after interest Extraordinary EBIT adjusted result (€ mn) 2015 2014 +/‒ € 2015 2014 +/‒ € 2015

DB Long-Distance 164 212 ‒48 162 212 ‒50 ‒35

DB Regional 669 843 ‒174 617 794 ‒177 ‒

DB Arriva 270 265 +5 233 230 +3 ‒17

DB Cargo –183 46 ‒229 –254 ‒41 ‒213 ‒1,363

DB Schenker 395 332 +63 353 289 +64 –196

DB Services 70 82 ‒12 60 71 ‒11 –4

DB Netze Track 578 562 +16 306 207 +99 ‒197

DB Netze Stations 254 240 +14 215 195 +20 ‒2

DB Netze Energy 66 55 +11 48 40 +8 –

Other/consolidation –524 –528 +4 –740 –712 ‒28 –

DB Group 1,759 2,109 ‒350 1,000 1,285 ‒285 –1,814

92 Deutsche Bahn AG | September 2016 Road Show Asia 2016 2015 Financial Year – Profit development Mixed EBITDA development across business units

EBITDA adjusted 2015 2014 Changes by business units (€ mn) (€ mn)

DB Long-Distance 437 546 ‒109 ‒20.0%

DB Regional 1,316 1,452 ‒136 ‒9.4% DB Arriva 525 498 +27 +5.4% DB Cargo 120 343 ‒223 ‒65.0% DB Schenker 589 520 +69 +13.3% DB Services 274 270 +4 +1.5% DB Netze Track 1,513 1,503 +10 +0.7% DB Netze Stations 391 375 +16 +4.3% DB Netze Energy 133 123 + 10 +8.1% Other / Consolidation ‒520 ‒520 ‒ ‒ DB Group 4,778 5,110 ‒332 ‒6.5%

93 Deutsche Bahn AG | September 2016 Road Show Asia 2016 2015 Financial Year – Profit development Decline in operating profit

Thereof due to Thereof due to Adjusted income statement (€ mn) 2015 2014 Change changes in scope of exchange rate consolidation effects Revenues 40,468 39,720 +748 +53 +768 Inventory changes and internally produced and 2,699 2,684 +15 +0 +3 capitalized assets Other operating income 2,763 2,545 +218 +1 +16 Cost of materials -20,165 -20,221 +56 -49 -355 Personnel expenses -15,462 -14.694 -768 -2 -236 Other operating expenses -5,525 -4,924 -601 -2 -153 EBITDA adjusted 4,778 5,110 -332 +1 +43 Depreciation -3,019 -3,001 -18 -1 -11 Operating profit | EBIT adjusted 1,759 2,109 -350 0 +32 Net interest | Operating net interest -759 -842 +65 -1 +6 Operating profit after interest 1,000 1,285 -285 -1 +38 Results from at equity investments | investment 23 8 +15 - -1 income Other financial result -42 -77 +35 -3 +12 PPA-Amortization customer contracts -99 -95 -4 - -5 Extraordinary result -1,814 -184 -1,630 - -23 Profit before taxes -932 937 -1,869 -4 +21

94 Deutsche Bahn AG | September 2016 Road Show Asia 2016 2015 Financial Year – Balance sheet Development of balance sheet

(€ mn, as of Dec 31) 2015 2014 + / ‒ Maturity structure (as of Dec 31, 2015)

Assets Equity and Assets liabilities Non-current assets 45,199 45,530 ‒331 Property, plant and equipment 39,059 39,022 +37 Non-current Equity Intangible assets 3,762 4,195 ‒433 assets (24%, 2014: 26%) Deferred tax assets 1,335 1,604 ‒269 (81%, 2014: 81%) Current assets 10,860 10,353 +507 Trade receivables 4,018 4,146 ‒128 Non-current Cash and cash equivalents 4,549 4,031 +518 liabilities (50%, 2014: 51%) Equity and liabilities

Equity 13,445 14,525 ‒1,080 Non-current liabilities 28,091 28,527 ‒436 Financial debt 19,753 19,173 +580 Current liabilities 14,523 12,831 +1,692 Current liabilities Current assets Financial debt 2,675 1,161 +1,514 (26%, 2014: 23%) (19%, 2014: 19%) Trade liabilities 4,679 4,949 ‒270 Total assets 56,059 55,883 +176 Total € 56.1 bn Total € 56.1 bn

95 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Appendix

DB Group

Passenger transport

Freight transport and logistics

Infrastructure

2015 Financial Year

Debt, financing and value management

Track record

96 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Debt, financing and value management

Overview rating and financing activities

Ratings

Very good ratings: . Stable financial profile, sound . Federal obligations resulting from Art. 87e German Constitution . Moody’s: Aa1 / stable financing structure and − “Infrastructure obligations”: High share in funding of infrastructure S&P: AA- / stable conservative funding strategy capex in Germany, . DB Group guarantees overall − “Public interest obligations”: Funds for ordering local passenger Key rating driver: mobility in Germany and is transport services in Germany, totaling about € 8 bn p.a. . Development of performance, Europe‘s largest company − Privatization threshold: constitutionally mandated Federal majority shareholding (“ownership clause”) revenues and profits providing integrated mobility,

. Strong relationship with owner transport and logistics services

Bond issues Maturity profile financial liabilities (€ bn) (as of Aug 31, 2016; € bn; incl. swaps) Bonds Bank / EIB Federal loans Leasing EUROFIMA

Total: € 26.6 bn, Ø p.a.: € 1.6 bn 2.2 2.2 2.1 2.1 2.1 2.0 2.0

2.5 2.4 2.5 1.7 2.2 2.2 2.2 1.5 2.1 2.0 1.7 1.8 1.7 1.6 1.1 1.0 1.0 1.2 1.0 0.8 0.5 0.6

0.1 0 0 0.1 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2028 2029 2030 2031 2072

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016* * As of Aug 31, 2016

97 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Debt, financing and value management Clear targets for yield management and creditworthiness

Redemption Net financial debt / ROCE Gearing coverage EBITDA EBIT adjusted Operating cash flow Net financial debt Net financial debt Calculation = = = = Capital Employed Adjusted net financial debt Equity EBITDA adjusted

. ROCE links requirements . Connection of cash flow . Debt figure for assess- . Connection of cash flow of controlling (success and financial debt ment of financing risks and financial debt Rationale control, management . Key figure in rating . Focus on relevant, . Key figure in rating instrument) with capital assessment process directly manageable assessment process market requirements . Includes off balance parameters . Widely used in (derivability, acceptance) sheet transactions investment analysis

Target WACC

130%

30% 3.7 2.5 5.3% 9.0% 18.5% 100% Targets 98%

2015 Target 2015 Target 2015 Target 2015 Target DB Group has to earn its Access to the capital markets / preservation of a broad fixed income investor base cost of capital (WACC) in the Confirmation of credit ratings in the good investment grade area even on a stand alone mid-term; value generation: basis ROCEs>WACCs

98 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Appendix

DB Group

Passenger transport

Freight transport and logistics

Infrastructure

2015 Financial Year

Debt, financing and value management

Track record

99 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Track record Track record driven by restructuring programs and portfolio measures

Driver of changes in DB Group

(1) Internal – major Group-wide programs

“Fokus” “Qualify” “reACT” “Railway of the Future” Restructuring of core business Improve performance Coping with the crisis Group restructuring program 2001 ‒ 2004 2005 ‒ 2008 2009 ‒ 2013 2015 ‒

(2) External - major portfolio changes: total M&A transactions (EqV) of about € 11 bn (€ 4 bn divestitures and € 7 bn acquisitions)

‘01 ‘05 ‘07 ‘09 ‘10 DB ‘08 ‘11 ‘12 Cargo DSB RAG Bahn EWS Transfesa PCC NordCargo COBRA Transfracht Gods

DB ‘02 ‘05 ‘06 ‘07 ‘08 ‘11 ‘12 ‘16 ‘16 Stinnes, Schenker Linjegods BAX, Spain-Tir Romtrans Jean Heck Suomen SPA Redhead Joyau StarTrans Kiitoautot

‘08 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 DB Chiltern, Arriva Grand Ambuline Veolia CupTour GOFRI, Liorbus, Arriva PanBus Central Eastern Bus Partners, Europe Alpetour ‘04 ‘05 ‘06 ‘07 ‘08 ‘14

Divesti- Brenntag, Deutsche SDS Scandlines, Arcor Arriva Malta, The tures Interfer, Eisenbahn- Aurelis, Original London Mitropa reklame Nuclear Cargo Sightseeing Tour, Waggonbau Niesky

100 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Track record Development of key value management figures

EBIT adjusted (€ bn) Capital Employed (€ bn) ROCE (%)

‒14.3% EK/ ‒0.3 bn +16.7% EK/ € +4.8 bn ‒2.2%-points

33.733.5 2.7 32.6 33.1 Target: 9.0 % 31.3 31.7 2.5 2.4 28.7 8.9 2.3 28.028.6 8.7 2.2 27.4 8.3 2.1 2.1 7.5 7.3 1.9 6.8 1.8 1.7 6.3 5.9 6.0 5.3

'06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15

101 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Track record Development of equity and net financial debt

Equity (€ bn) Equity ratio (%) Net financial debt (€ bn) +45.7% / € +4.2 bn +5%-points –10.7% / € –2.1 bn

15.0 28.5 19.6 15.1 29.2 14.9 28.2 14.5 27.6 27.5 14.3 16.4 17.5 13.4 26.0 16.9 13.1 25.2 16.5 16.6 16.4 16.2 24.0 15.9 12.2 22.6 15.0 11.0 19.0 9.2

'06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15

102 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Track record Development of key value management figures

Redemption coverage Gearing Net financial debt / EBITDA (%) (%) (multiple)

Target: 30%

213 3.9 3.7 3.6 3.4 22.5 22.1 21.1 20.9 3.2 3.2 3.2 3.2 20.5 20.5 3.1 19.4 18.5 151 2.9 18.6 18.1 Target: 2.5 131 118 130 115 110 110 109 112

Target: 100%

'06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '06 '07 '08 '09 '10 '11 '12 '13 14 15

103 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Track record Development since 2001

(€ mn) 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001

Rail passenger 88,636 88,407 88,746 88,433 79,228 78,582 76,772 77,812 74,792 74,788 72,554 70,260 69,534 69,848 74,459 volume sold (mn pkm) Rail freight 98,445 102,871 104,259 105,894 111,980 105,794 93,948 113,634 98,794 96,388 88,022 89,494 85,151 82,756 84,716 volume sold (mn tkm)

Revenues 40,403 39,728 39,107 39,296 37,979 34,410 29,335 33,452 31,309 30,053 25,055 23,962 28,228 18,685 15,722

Profit before taxes ‒932 937 876 1,525 1,359 900 1,387 1,807 2,016 1,555 490 154 ‒133 ‒438 ‒409

EBIT adjusted 1,759 2,109 2,236 2,708 2,309 1,866 1,685 2,483 2,370 2,143 1,350 1,011 465 37 109

EBITDA adjusted 4,778 5,110 5,139 5,601 5,141 4,651 4,402 5,206 5,113 ‒ ‒ ‒ ‒ ‒ ‒

Cash flow from operating activities 3,489 3,896 3,730 4,094 3,390 3,409 3,133 3,539 3,364 3,678 2,652 2,736 ‒ ‒ ‒

Total assets 56,059 55,883 52,894 52,525 51,791 52,003 47,303 48,193 48,529 48,440 47,101 47,616 47,647 46,023 41,962

Gross capex 9,344 9,129 8,224 8,053 7,501 6,891 6,462 6,765 6,320 6,584 6,381 7,238 9,121 9,994 7,110

Net capex 3,866 4,442 3,412 3,487 2,569 2,072 1,813 2,599 2,060 2,836 2,362 3,251 4,013 5,355 3,307

Ratings (Moody’s/S&P) Aa1/AA Aa1/AA Aa1/AA Aa1/AA Aa1/AA Aa1/AA Aa1/AA Aa1/AA Aa1/AA Aa1/AA Aa1/AA Aa1/AA Aa1/AA Aa1/AA Aa1/AA

Employees (as of Dec 31) 297,202 295,763 295,653 287,508 284,319 276,310 239,382 240,242 237,078 229,200 216,389 225,632 242,759 250,690 214,371

104 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Contacts DB road show team

. Dr. Wolfgang Bohner . Robert Allen Strehl . Sascha Friedrich . Marcus Mehlinger Head of Finance and Treasury Head of Investor Relations Senior Manager Head of Equity and Investor Relations Debt Funding

Deutsche Bahn AG Europaplatz 1 10557 Berlin www.db.de/ir-e Germany www.db.de/ir-contact

105 Deutsche Bahn AG | September 2016 Road Show Asia 2016 Appendix Disclaimer and photo credits

Disclaimer This information contains forward-looking statements or trend information that are based on current beliefs and estimates of Deutsche Bahn AG’s/DB Mobility Logistics AG´s management and involves known and unknown risks and uncertainties. They are not guarantees of future performance. In addition to statements which are forward-looking by reason of context, including without limitation, statements referring to risk limitations, operational profitability, financial strength, performance targets, profitable growth opportunities, and risk adequate pricing, as well as the words "may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, or continue", "potential, future, or further", and similar expressions identify forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties that could cause the Company's actual results or performance to be materially different from those expressed or implied by such statements. Many of these risks and uncertainties relate to factors that are beyond Deutsche Bahn AG’s/DB Mobility Logistics AG’s ability to control or estimate precisely, e.g. future market and economic conditions and the behavior of market participants. Deutsche Bahn AG and DB Mobility Logistics AG do not intend or assume any obligation to update these forward-looking statements. This document represents the Company‘s judgment as on the date of this presentation.

Photo credits Cover page – Kai Michael Neuhold Page 45 – First row from left: Stefan Warter, Max Lautenschläger, Ralf Braun; second row from left: DB Arriva, DB Arriva, Hartmut Page 3 – Jet-Foto Kranert, Arne Lesmann, Bartłomiej Banaszak Reiche Page 4 – Pablo Castagnola Page 47 – Jo Kirchherr Page 5 – Max Lautenschläger Page 48 – Thomas Herter Page 6 – Arne Lesmann, Georg Wagner Page 52 – Uwe Miethe (background), DB AG/Siemens AG, DB AG/Bombardier Page 7 – Oliver Lang, Max Lautenschläger Page 54 – From left: Siemens AG, Gerhard Linnekogel, Siemens AG Page 8 – Volker Emersleben (background), From left to right: Bartlomiej Banaszak, Fotolia (#63201256),Max Lautenschläger, Page 55 – DB AG/Bombardier, Gerhard Linnekogel, Christian Dittmer Oliver Lang Page 56 – Jet-Foto Kranert Page 9 – Bartlomiej Banaszak Page 59 – Oliver Lang Page 11 – Fotolia (#63201256) (background), From left to right: Max Lautenschläger, DB Schenker, Max Lautenschläger, Max Page 60 – cycling-embassy.dk, DB Arriva Lautenschläger, Max Lautenschläger, Ralf Kreuels Page 62 – DB Arriva, Oliver Lang, DB Arriva, Oliver Lang, Christiane Ziegler, DB Arriva Page 12 – Volker Emersleben (background), From left to right: Tom Hanisch-Fotolia, Max Lautenschläger, Bartlomiej Banaszak, Page 63 – DB Arriva Max Lautenschläger, Max Lautenschläger, Max Lautenschläger, Max Lautenschläger, Michael Neuhaus Page 66 – Kai Michael Neuhold Page 13 – Max Lautenschläger Page 67 – First row from left: Wolfgang Klee, Claus Weber; second row from left: Michael Neuhaus, Michael Neuhaus, Michael Page 14 – First row from left: Max Lautenschläger, vege – Fotolia; Second row from left: Oliver Lang, Max Lautenschläger Neuhaus, Stefan Warter Page 17 – Volker Emersleben Page 68 – DB Schenker Page 18 – Volker Emersleben Page 69 – Wolfgang Klee Page 19 – Uwe Miethe Page 71 – Left row from left: Hans-Joachim Kirsch, Wolfgang Klee; Right row: Claus Weber Page 20 – Kai Michael Neuhold Page 72 – Automotive: Michael Neuhaus; metals and coal: Wolfgang Klee; chemicals, mineral oil and fertilizers: Hans-Joachim Page 21 – Volker Emersleben Kirsche; building materials, industrial & consumer good: Margit Brettman; intermodal: Michael Neuhaus Page 22 – Volker Emersleben Page 73 – Max Lautenschläger Page 23 – Jet-Foto Kranert Page 74 – Land transport: Michael Neuhaus; air freight: Ralf Braum; ocean freight: Michael Neuhaus; contract logistics: Stefan Warter Page 24 – Volker Emersleben Page 77 – From left: Rüdiger Nehmzow, Kai-Uwe Grundlach Page 25 – Hartwig Schneidereit, Jet-Foto Kranert Page 78 – Karl-Friedrich Heisterkamp Page 26 – Joujou/pixelio, www.pixelio.de Page 79 – Kai Michael Neuhold Page 29 – Kai Michael Neuhold Page 80 – First row from left: Wolfgnag Klee, Georg Wagner; Right row: Claub Weber Page 30 – Top down (line-by-line): Pablo Costagnola, Volker Emersleben, DB AG, Pablo Castagnola, Max Lautenschläger, Bernd Page 83 – Wolfgang Klee Roselieb, Bernd Roselieb, Werner Gabriel, Max Lautenschläger, P. v. Recklinghausen, Bernd Roselieb, Andreas Page 84 – Bartlomiej Banaszak Varnhorn, Günther Bauer, Andreas Varnhorn Page 85 – Annette Koch Page 31 – From left: Claus Weber, DB Schenker, Volker Emersleben Page 86 – Kai Michael Neuhold Page 39 – Right row from the top : Max Lautenschläger, Fotolia (#63201256) Page 88 – Bartlomiej Banaszak, Wolfgang Klee Page 41 – Christian Bedeschinski Page 89 – DB Arriva, Bartlomiej Banaszak Page 43 – DB AG, DB Schenker, Pablo Castagnola, Kai Michael Neuhold Page 96 – Kai Michael Neuhold Page 44 – Kai Michael Neuhold Page 99 – Kai Michael Neuhold