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Financing Regime

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Financing Regime 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% / +
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