Back on track – DB Group after the crisis

Deutsche Bahn AG / DB Mobility Logistics AG CFO Dr. Richard Lutz September 2011 Management Summary DB is in a very good position for sustainable and profitable growth

Supporting megatrends

Climate change and Globalization Deregulation and Demographic shortage of liberalization change resources

Skills Key investment highlights Current position Strong core Profitable growth opportunities Leading market competence in positions Robust business portfolio operating transport + networks Strong recovery after the crisis unique geographical + Solid financial position position in Europe experienced Very good ratings management team

Proven track record

Strategy and structure

Commercially Vertically Internationally Strongly positioned Politically driven integrated focused in Europe supported

Deutsche Bahn AG 2 Road Show Asia 2011 Strategy and Structure Organizational structure

Deutsche Bahn Group Comments

Federal Republic of Germany Integrated Group structure with two DB Group 100% holding companies (DB AG and DB ML AG) and 9 business units 100% DB Deutsche Bahn AG Finance DB AG is 100% owned by the B.V. Federal Republic of Germany Privatization threshold: DB ML Group constitutionally mandated Federal 100% majority shareholding in DB AG (“ownership clause”) DB Mobility Logistics AG DB Netze DB Netze DB Netze Track Stations Energy Infrastructure business units are directly managed by DB AG DB ML AG operates as a holding company for DB Group’s passenger and logistics activities DB Bahn DB DB DB Bahn DB Long- DB Arriva Schenker Schenker Regional Services Distance Rail Logistics

Deutsche Bahn AG 3 Road Show Asia 2011 Strategy and Structure Thinking beyond railway in Germany as key to success

DB Group’s fundamental concept

Passenger Transport Transport and Logistics

Railway in Germany

Infrastructure

Deutsche Bahn AG 4 Road Show Asia 2011 Proven Track Record: Turnaround of Railway in Germany Permanent focus on cost efficiency helped us through the crisis

EBIT adjusted and adjusted EBIT margin Productivity – rail (€ bn or %) (thousand ptkm/employee)

1994-2010:  € +4.9 bn 1993-2010:  +261% 2.4 2.5 Per year:  € +304 mn CAGR:  +7.8% 2.1 1,184 1.9 1,247 1.7 388 1,167 1,106 1.4 7.6% 1,133 5.7% 1,042 1.0 7.4% 7.1% 327 975 5.4% 5.4% 0.5 299 893 4.0% 863 860 820 -2.2% 1.6% 261 -4.6% 239 720 -5.0% 221 206 -0.4 194 191 -9.8% 184 184 -0.7 656 177 -0.8 533 173 164 171 174 171 -11.1% 603 159 159 161 154 156 140 149 153 155 160 151 149 154 139 144 145 154 -13.3% 135 -14.6% -1.5 127 468 -1.7 413 -17.5% -2.1 328 -20.3% -2.2 -2.7 EBIT adjusted Adj. EBIT margin -3.0

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Ptkm (bn) Employees - rail (thd, year average) Productivity

Figures until 2004 FY according to German GAAP Deutsche Bahn AG 5 Road Show Asia 2011 Proven Track Record: Capex Campaign and Deleveraging Despite high capex volume significant reduction of net financial debt

Capex and financing (€ bn) Net financial debt (as of Dec 31, € bn)

-5.7 / - 29.0% Capex Financing 19.7 19.6 16.9 59 Investment 16.5 15.9 Infra- grants 15.0 structure 14.0 89 (71%) Interest-free Total 14 125 loans 16 DB funds

Other 36 35 DB funds (29%) Other grants

1994 - 2010 2005 2006 2007 2008 2009 2010* 2010

* Excluding Arriva Deutsche Bahn AG 6 Road Show Asia 2011 Proven Track Record: Reshaping the Entire DB Group Expansion of transport networks partly through focused portfolio measures

Major portfolio changes in DB Group: total M&A transactions (EqV) of € 11 bn (€ 4 bn divestitures and € 7 bn acquisitions)

… 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Rail freight DSB Gods RAG Bahn EWS Transfesa PCC NordCargo

Logistics Stinnes, Linjegods BAX, Spain-Tir Romtrans Joyau StarTrans

Passenger Chiltern, Arriva transport PanBus

Divesti- Brenntag, Deutsche SDS Scandlines, Arcor tures Interfer, Eisenbahn- Aurelis, Mitropa reklame Nuclear Cargo

2001 2003 20062008 2010 Non Rail Non Rail Non RailNon Rail Non Rail Revenue Rail 9% Rail Rail Rail Rail split 31% 48% 52% 47% 53% 47% 53% 91% 69%

Deutsche Bahn AG 7 Road Show Asia 2011 Skills and Current Positions Successfully developed transport networks ensure top market positions

Our transport networks DB in Europe

Long-distance No. 2 No. 1 transport Long-distance rail Rail passenger transport infrastructure Rail Regional infrastructure transport No. 1 No. 1 Regional rail Rail freight passenger transport transport No. 3 No. 1 Urban bus Land Contract Rail freight transport transport logistics/SCM transport

DB worldwide

No. 2 No. 5 Air freight Contract logistics/SCM No. 3 Air/ocean Land Ocean freight freight transport

Deutsche Bahn AG 8 Road Show Asia 2011 DB Group 2010 at a Glance Strong Group portfolio with three divisions

DB Group (2010)

International provider of mobility and logistics services Active in more than 130 countries Vertically integrated Group structure DB AG and DB ML AG act as management Key figures (2010) holding companies Ratings: Aa1 / AA / AA >2.7 bn rail and bus >415 mn t rail freight >1 bn train-path km passengers >80.8 mn shipments >143 mn station stops >10 mn rail and bus >1.2 mn t air freight 33,723 km length of passengers/day >1.6 mn TEU ocean line operated (incl. DB Arriva) freight 5,700 stations Total revenues 34,410 +17.3% 13,606 +9.7% 18,894 +23.1% 8,125 +5.5%

EBIT adjusted 1,866 +10.7% 963 -13.3% 316 - 900 +2.5%

EBITDA adjusted 4,651 +5.7% 1,974 -4.0% 780 +63.2% 2,032 +1.8%

Capital expenditures 6,891 +6.6% 522 +2.2% 539 +4.7% 5,641 +6.9%

Employees (as of Dec 31) 276,310 +15.4% 89,741 +70.3% 91,289 - 46,021 -1.1%

Excluding DB Services and Other/consolidation; Key figures vs. 2009 Deutsche Bahn AG 9 Road Show Asia 2011 Supporting Megatrends Significant global megatrends support our strategy

Globalization Deregulation

Climate change and shortage of resources Demographic change

Deutsche Bahn AG 10 Road Show Asia 2011 Vision and Strategic Direction Vision and strategic direction confirmed

Our vision: The world’s leading mobility and Long-term objectives and strategic direction logistics company

Further improve leading market positions Expand and interlink transport networks worldwide Improve quality and customer satisfaction Permanent focus on cost efficiency Sustainably increase profitability

Transport networks CO2 emissions

Deutsche Bahn AG 11 Road Show Asia 2011 Investment Highlights DB Group combines stability with a good position for future growth

Key investment highlights

Strong track record since 1994

Strong recovery in 2010 after passed stress test in 2009

Unique geographic position in the heart of Europe

Leading market position in all relevant markets

Core competence in managing transport networks

Megatrends support our future growth potential

Balanced business mix of growth and value

Solid financial position, sustainable profit growth

Deutsche Bahn AG 12 Road Show Asia 2011 Financial Development 2010 and H1 2011 Capital Market Activities

Deutsche Bahn AG / DB Mobility Logistics AG Group Treasurer, Head of Mergers & Acquisitions Wolfgang Reuter September 2011 2010 Financial Year – At a Glance Update on financial results 2010

Highlights

Economic upswing supported our development in 2010 Arriva acquisition significantly impacts key figures DB Group back on track: increases in performance, revenues and profits Net financial debt increased due to acquisition of Arriva Value management figures improved (excluding Arriva) Revenues EBIT adjusted EBITDA adjusted Net financial debt ROCE (€ bn) (€ bn) (€ bn) (as of Dec 31, € bn) (%)

2010 34.4 2010 1.9 2010 4.7 2010 16.9 2010 6.0

+17.3% +10.7% +5.7% +12.8% 6.4 (excl. Arriva)

2009 29.3 2009 1.7 2009 4.4 2009 15.0 2009 5.9

Deutsche Bahn AG 14 Road Show Asia 2011 2010 Financial Year – Relevant Markets Overall positive development of the relevant transport markets

Passenger transport (vs. previous year in %) European rail freight transport (vs. previous year in %)

Rail (pkm) Bus (pkm) tkm based +15 Long-distance Regional +13 +8 +3.9 +4.5 +3.8

+1.1 +1.0 +0.7 -2 -0.4 -0.5 -2.1 -18 -17

2008 2009 2010 2008 2009 2010 2008 2009 2010

European land transport Ocean freight AirAir freight freight (vs. previous year in %) (vs. previous year in %) (vs.(vs. previous prior year year in %) in %)

€ based TEU based t based +15 +16 +21 +19 +8 +13 +4 +4 +4 +0

-2 -4 -3 -9 -10 -19 -20 -16 2008 2009 2010 2008 2009 2010 2008 2009 2010

Market DB Deutsche Bahn AG 15 Road Show Asia 2011 2010 Financial Year – Value Management Value management figures improved on a comparable basis

ROCE (%) Redemption coverage (%)

Redemption coverage = operating cash flow ÷ adjusted net financial debt ROCE = EBIT adjusted ÷ capital employed Target 10% Target 30%

21.1 22.5 21.2 18.6 19.4 8.7 8.9 pre-tax WACC 9.6% 18.1 7.5 5.9 6.4 6.0

2006 2007 2008 2009 2010* 2010 2006 2007 2008 2009 2010* 2010

Gearing (%) Net debt/EBITDA

Gearing = net financial debt ÷ equity 3.8 Net debt/EBITDA = net financial debt ÷ EBITDA adjusted 3.4 3.6 213 3.2 3.1 3.1 151 131 115 118 98

Target 100% Target 2.5x

2006 2007 2008 2009 2010* 2010 2006 2007 2008 2009 2010* 2010

* Excluding Arriva Deutsche Bahn AG 16 Road Show Asia 2011 H1 2011 – At a Glance Significant improvement of key financials in H1 2011

Highlights

Ongoing economic upswing supported our development in H1 2011: increases in performance, revenues and profits Arriva acquisition significantly impacts key figures Slight increase in net financial debt Value management figure ROCE improved First dividend payment ever

Revenues EBIT adjusted EBITDA adjusted Net financial debt ROCE1) (€ bn) (€ bn) (€ bn) (€ bn) (%)

H1 H1 H1 Jun 30, H1 2011 18.9 2011 1,1 2011 2.6 2011 17.3 2011 7.2 +17% +34% +17% +2% H1 16.1 H1 H1 Dec 31, H1 2010 2010 0.8 2010 2.2 2010 16.9 2010 5.9

1) In order to calculate an ROCE on a full-year basis, the figures for EBIT adjusted are extrapolated to the full year on the basis of a linear projection. Deutsche Bahn AG 17 Road Show Asia 2011 H1 2011 – At a Glance Strong increases in T&L, but rail freight still below pre-crisis level

Rail passenger transport (bn pkm) Rail freight transport (bn tkm)

77.8 76.8 78.6 113.6 105.8 93.9 93.9 -0.1% +2.0% -0.1% -25.3% +18.8% +8.0% 59.3 37.4 37.3 38.1 38.0 56.8 44.3 52.6

H1 H1 H1

2008 2009 2010 2011 2008 20092010 2011

Land transport (mn shipments) Air freight (thousand t) Ocean freight (thousand TEU)

1,229 1,225 1,647 80.8 1,032 1,454 1,424 72.8 70.1 47.5 800 837 630 587 583 721 37.3 34.4 39.4 456 650 -7.9% +14.6% +20.7% -27.5% +28.6% -0.6% -9.8% +23.1% +4.6%

H1 H1 H1 H1 H1 2008 2009 2010 2011 2008 2009 2010 2011 2008 2009 2010 2011

Deutsche Bahn AG 18 Road Show Asia 2011 H1 2011 – Revenues Revenue increase mainly at DB Schenker and DB Netze Energy

H1 H1 Adjustments H1 2011 +/- (H1 2011 comp. vs. H1 2010) Total revenues (€ mn) 2010 2011 Cons. eff. FX effects comp. abs. %

DB Bahn Long-Distance 1,828 1,825 -5 - 1,820 -8 -0.4%

DB Bahn Regional 4,288 4,365 - - 4,365 +77 +1.8%

DB Arriva 87 1,632 -1,529 -1 102 +15 +17.2%

DB Schenker Rail 2,268 2,481 0 -2 2,479 +211 +9.3%

DB Schenker Logistics 6,746 7,466 -1 -58 7,407 +661 +9.8%

DB Services 557 648 - - 648 +91 +16.3%

DB Netze Track 2,198 2,269 - - 2,269 +71 +3.2%

DB Netze Stations 524 537 - - 537 +13 +2.5%

DB Netze Energy 1,230 1,448 - - 1,448 +218 +17.7%

Other/consolidation -3,624 -3,795 - - -3,795 -171 +4.7%

DB Group 16,102 18,876 -1,535 -61 17,280 +1,178 +7.3%

Cons. eff. = Changes in scope of consolidation; FX effects = Currency effects Deutsche Bahn AG 19 Road Show Asia 2011 H1 2011 – Development of Revenues Shift in revenue structure due to Arriva acquisition

Revenue split by divisions Revenue split by activities Revenue split by regions H1 2011 H1 2011 H1 2011 (H1 2010) (H1 2010) (H1 2010)

 29%  

51%  59% (23%) (55%) 51% 49% (65%) (54%) (46%)  41% (38%) 5% (5%) 6% 1% 6% (6%) 2% (6%) (1%) (1%)

Passenger DB Netze Rail Non-rail Germany North America Transport Europe Asia/Pacific DB Schenker Other (excl. Germany) Rest of World

Deutsche Bahn AG 20 Road Show Asia 2011 H1 2011 – Profit Development Adjusted EBIT improved by 34 percent

EBIT and EBIT adjusted (€ mn)

+23.0%

+33.9% +287 1,133 -57 1,076

875 +29 846

EBIT Special items EBIT adjusted EBIT adjusted Special items EBIT H1 2010 H1 2011

Deutsche Bahn AG 21 Road Show Asia 2011 H1 2011 – Profit Development Overall positive EBIT development on business unit level

(€ mn) Margin Margin (€ mn) EBIT adjusted H1 2011 (%) H1 2010 (%) Change by business unit

DB Bahn Long-Distance 46 2.5 80 4.4 -34 -42.5%

DB Bahn Regional 477 10.9 449 10.5 +28 +6.2%

DB Arriva 71 4.4 -3 - +74 -

DB Schenker Rail 58 2.3 -19 - +77 -

DB Schenker Logistics 170 2.3 110 1.6 +60 +54.5%

DB Services 80 5.11) 74 5.21) +6 +8.1%

DB Netze Track 262 11.5 237 10.8 +25 +10.5%

DB Netze Stations 124 23.1 123 23.5 +1 +0.8%

DB Netze Energy 24 1.7 40 3.3 -16 -40.0%

Other/consolidation -179 - -245 - +66 -26.9%

DB Group 1,133 6.0 846 5.3 +287 +33.9%

1) Based on segment revenues Deutsche Bahn AG 22 Road Show Asia 2011 H1 2011 – Balance Sheet Slight increase in net financial debt

Gross capex (€ mn) Financial debt (€ mn) Balance sheet structure as of Jun 30, 2011 (Dec 31, 2010) +7.5% +2.4% Equity and Assets liabilities 2,689 18,553 19,001 2,502 Non-current Equity 1,614 1,711 assets 27.7% (27.5%) 84.5% (85.6%)

Pension prov. Net: 3.8% (3.7%) Other provisions Net: +351 11.7% (12.0%) Financial debt +21.3% 15,943 16,939 17,29015,011 36.5% (35.7%) 1,049 865 Other Current assets 20.3% (21.1%) 15.5% (14.4%)

Total € 52.1 bn Total €52.1 bn H1 2010 H1 2011 Dec 31, 2010 Jun 30, 2011 (€ 52.0 bn) (€ 52.0 bn)

Deutsche Bahn AG 23 Road Show Asia 2011 Debt and Financing Ratings confirmed, four bond issues in 2011 so far

Ratings Major refinancing activities

Very good ratings: Total volume in 2010: € 2,477 mn / 5 bond issues Moody’s: Aa1/stable Total expected volume in 2011: approximately € 2 bn / up to now: € 1.6 bn S&P: AA/stable EUR 700 mn bond with a 3.750% coupon issued in two tranches in May/July Fitch: AA/stable EUR 500 mn bond with a 2.875% coupon issued in June CHF 375 mn (€ 323 mn) bond with a 1.500% coupon issued in July All ratings confirmed NOK 750 mn (€ 95 mn) bond with a 3.375% coupon issued in August in 2011 Interest-bearing debt Maturity profile of financial debt (as of Jun 30, 2011; Currency structure (%) € bn; incl. underlying swaps; incl. actual bond issues in H2 2011) MTN-program € 17.1 bn Bonds Bank Federal loans Leasing Eurofima EIB (as of Jun 30, 2011) (as of Jun 30, 2011) 1.9 1.8 1.8 1.8 Other 1.6 CP 9% 1.5 1.5 1.5 EUR 10% 1.3 84% 1.1 1.0 HKD Bank 1% 6% JPY 0.5 0.5 8% USD 0.1 0.1 <1% CHF Bonds MTN 7% EUROFIMA 68% 7% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Deutsche Bahn AG 24 Road Show Asia 2011 Debt and Financing Focus on credit quality

Ratings: Moody’s (Aa1) / S&P (AA) / Fitch (AA) Very good ratings Increase in performance, revenues and profits Stable financial profile, sound financing structure and conservative funding strategy Federal obligations resulting from Art. 87e German Constitution - “Infrastructure obligations”: High share in funding of infrastructure capex, amounting to around Obligations € 2.5 bn p.a. for replacement capex and additional funds for expansion capex of the Federal Republic - “Public interest obligations”: Federal states receive funds for ordering local passenger transport of Germany services, amounting to around € 6.9 bn p.a. (increasing by 1.5% p.a. until 2015) - Privatization threshold: Only up to 49.9% of shares could be privatized due to constitutionally mandated Federal majority shareholding (“ownership clause”)

Significant DB guarantees overall mobility in Germany and is Europe‘s largest company providing integrated responsibility mobility, transport and logistics services.

Stable cash flow due to long-term service contracts in regional transport (2010 revenue share: 13%) – order book of about € 40 bn (DB Bahn Regional: € 28 bn, DB Arriva: € 12 bn) Operating Vertical integration as a major factor for business success performance Productivity improved by 261% since 1993 (workforce reduction in rail business by about 232,000), significant profit increases since 1994 (EBIT by € 4.9 bn/€ 304 mn p.a., EBITDA by € 6.7 bn/€ 417 mn p.a.) and total capex of € 125 bn since the 1994

Deutsche Bahn AG 25 Road Show Asia 2011 2011 Financial Year – Outlook Further positive development in 2011 financial year expected

(€ mn) 2010 2011 Outlook 2011 financial year (as of July 2011)

Revenues 34,410  Continuing economic recovery Further performance growth Full-year inclusion of Arriva

EBIT adjusted 1,866  Positive development of revenues Continued cost management

ROCE 6.0%  Lower increase in capital employed compared to adjusted EBIT

Gross capex 6,891  Continued modernization course Realization of capital expenditures initiative

Net financial debt 16,939  Increase in cash flow as of Dec 31 Noticeable increase in net capital expenditures First-time dividend payment

Deutsche Bahn AG 26 Road Show Asia 2011 Appendix 2010 Financial Year – At a Glance Highlights 2010

World-wide economic recovery (world GDP +4.0%) World trade develops very positive again (+13.5%) General conditions Germany is at the economic forefront in Europe (GDP +3.7%) Significant cost burdens due to severe winters

Performance increase and market share gains in Germany First-time inclusion of Arriva Passenger transport Limited availability of vehicle fleet in long-distance transport and at S-Bahn (metro) Berlin

Significant recovery of transport volumes Transport and Rail freight transport regains market shares logistics Pre-crisis level almost reached respectively surpassed Gross profit margins under pressure, but EBIT-margins improved

Increased train-path demand, especially in rail freight transport Infrastructure Trend of increasing non-Group usage continues

Deutsche Bahn AG 28 Road Show Asia 2011 2010 Financial Year – Arriva First-time inclusion of Arriva

Inclusion in consolidated financial statements Overview Arriva acquisition (€ mn) 2010 (€ mn)

Purchase price 1,916 Partial inclusion (09-12/2010) Passengers bus/rail -/- Arriva net financial debt 1,183 Volume sold bus/rail -/- Acquisition process Revenues 1,046 May 18, 2010: Binding offer for acquiring 100% of shares of Arriva Plc EBITDA adjusted 132 June 17, 2010: Consent of Arriva shareholders EBIT adjusted 55 August 27, 2010: Offer becomes effective Gross capital expenditures 171 September 1, 2010: First-time fully consolidation of Arriva (excl. Arriva Germany) Full inclusion (as of Dec 31) December 11, 2010: Signing contract for selling Arriva Germany Capital employed 3,076 February 25, 2011: Closing sale of Arriva Germany Net financial debt 1,057

Employees 36,454

Deutsche Bahn AG 29 Road Show Asia 2011 2010 Financial Year – Performance Development Significant recovery in transport and logistics

Passenger Transport Transport and Logistics

Performance increase and market share gains in Significant recovery of transport volumes in logistics Germany markets Limited availability of vehicle fleet in long-distance Rail freight transport regains market shares transport and at S-Bahn (metro) Berlin Pre-crisis level almost reached respectively Harsh winter weather surpassed

Passenger Transport Regional Rail Freight Logistics  Rail volume sold  Rail volume sold  Rail volume sold  Land transport (+2.4%) (+1.1%) (+12.6%) (shipments: +15.4%) Long-Distance Urban  Tons per train (+3.8%)  Air freight (t:+18.7%)  Rail volume sold  Bus volume sold  Ocean freight (TEU: +15.7%) (+3.8%) (-0.6%)

Infrastructure

Track Infrastructure Stations  Train kilometers (+3.1%)  Stops (+0.4%)

Deutsche Bahn AG 30 Road Show Asia 2011 2010 Financial Year – Development of Revenues Strong recovery of revenues after decrease in 2009

Revenues (€ mn)

+3,121 / +10.6%

-12.3% +17.3% -4.4%-p. -2.3%-p. 34,410 -1,286 33,452 33,124 -668 32,456 29,335

2008 2009 2010Changes in 2010 FX-effects 2010 scope of (excl. changes in comparable consolidation scope of consol.)

Deutsche Bahn AG 31 Road Show Asia 2011 2010 Financial Year – Development of Revenues Increase in revenues predominantly at DB Schenker

Adjustments 2010 +/- (2010 comp. vs 2009) Total revenues (€ mn) 2008 2009 2010 Cons. eff. FX effects comp. abs. % DB Bahn Long-Distance 3,652 3,565 3,729 -2 -1 3,726 +161 +4.5%

DB Bahn Regional 6,769 7,587 7,559 0 -6 7,553 -34 -0.4%

DB Bahn Urban 1,986 1,252 1,272 1 - 1,273 +21 +1.7%

DB Arriva - - 1,046 -1,046 - - - -

DB Schenker Rail 4,951 4,055 4,584 -136 -34 4,414 +359 +8.9%

DB Schenker Logistics 14,732 11,292 14,310 -96 -627 13,587 +2,295 +20.3%

DB Services 1,297 1,237 1,274 - - 1,274 +37 +3.0%

DB Netze Track 4,375 4,369 4,580 - - 4,580 +211 +4.8%

DB Netze Stations 992 1,025 1,044 - - 1,044 +19 +1.9%

DB Netze Energy 2,169 2,308 2,501 - - 2,501 +193 +8.4% Other/Consolidation -7,471 -7,355 -7,489 -7 - -7,496 -141 +1.9% DB Group 33,452 29,335 34,410 -1,286 -668 32,456 +3,121 +10.6%

Cons. eff. = Changes in scope of consolidation; FX-effects = Currency effects Deutsche Bahn AG 32 Road Show Asia 2011 2010 Financial Year – Development of Income Significantly less impact from special items in development of EBIT

EBITin Mrd. and € EBIT adjusted (€ mn)

-17.7%

2,208 +523 +10.7% +181 1,866 -49 1,817 1,685

EBIT Special items EBIT adjusted EBIT adjusted Special items EBIT 2009 2010

Deutsche Bahn AG 33 Road Show Asia 2011 2010 Financial Year – Development of Income Differentiated EBIT development on business unit level

EBIT adjusted 2010 2009 Change by business units (€ mn) €mn margin €mn margin (€ mn) DB Bahn Long-Distance 117 3.1% 141 4.0% -24 -17.0%

DB Bahn Regional 729 9.6% 899 11.8% -170 -18.9%

DB Bahn Urban 62 4.9% 71 5.7% -9 -12.7%

DB Arriva 55 5.3% - - +55 -

DB Schenker Rail 12 0.3% -189 -4.7% +201 -

DB Schenker Logistics 304 2.1% 199 1.8% +105 +52.8%

DB Services1) 129 4.1% 125 4.4% +4 +3.2%

DB Netze Track 601 13.1% 558 12.8% +43 +7.7%

DB Netze Stations 217 20.8% 217 21.2% - -

DB Netze Energy 82 3.3% 103 4.5% -21 -20.4%

Other/Consolidation -442 - -439 - -3 +0.7%

DB Group 1,866 5.4% 1,685 5.7% +181 +10.7%

1) Margins based on segment revenues Deutsche Bahn AG 34 Road Show Asia 2011 2010 Financial Year – Profit Development Income increased stronger than expenses

+/- Adjusted P&L (€ mn) 2010 2009 Driver abs. % Revenues 34,410 29,335 +5,075 +17.3 Revenue increase due Total income 39,253 33,598 +5,655 +16.8 to higher volumes in transport and logistics Cost of materials -19,134 -15,295 -3,839 +25.1 Inclusion of DB Arriva Personnel expenses -11,583 -10,648 -935 +8.8 since 09/2011 Other operating expenses -3,885 -3,253 -632 +19.4 Increase in purchased services (cost of EBITDA adjusted 4,651 4,402 +249 +5.7 materials) driven by Depreciation -2,785 -2,717 -68 +2.5 volumes and prices Additional burdens due EBIT adjusted 1,866 1,685 +181 +10.7 to higher maintenance expenses for busses, Financial result -917 -789 -128 +16.2 trains, wagons and rail Extraordinary result -49 491 -540 - infrastructure Profit before taxes 900 1,387 -487 -35.1

Taxes on income 158 -557 +715 -

Net profit 1,058 830 +228 +27.5

Deutsche Bahn AG 35 Road Show Asia 2011 2010 Financial Year – Balance Sheet Equity ratio significantly improved, net financial debt reduced strongly

Equity (€ bn) Equity ratio (%) Net financial debt (€ bn)

+5.1 / +54.8% -5.6 / -28.7% 14.3 14.3 19.6 13.1 30.1 12.2 27.6 27.5 16.5 16.9 11.0 25.2 15.9 15.0 22.6 14.0 9.2 19.0

2006 2007 2008 2009 2010* 2010 2006 2007 2008 2009 2010* 2010 2006 2007 2008 2009 2010* 2010

* Excluding Arriva Deutsche Bahn AG 36 Road Show Asia 2011 2010 Financial Year – Development of Net Financial Debt Redemption of net financial debt excluding Arriva acquisition

Net financial debt (€ mn)

+12.8%+1,928 / /+12.8% +1,928

-1,045 / -7.0% +1,916 16,939 15,011 -3,589 +1,057 +2,072 +472 13,966

2009Cash flow Net capital Working 2010 Net financial Purchase 2010 pretax expenditures capital/ (excl. Arriva) debt price Arriva (incl. Arriva) Other (Arriva)

Deutsche Bahn AG 37 Road Show Asia 2011 2010 Financial Year – Financial Debt Components of financial debt

Financial debt (€ mn; as of Dec 31) 2010 2009 +/-

+2,043 Bonds 11,835 10,063 +1,772 + EUROFIMA loans 1,153 953 +200 18,553 16,510 + Commercial paper 42 0 +42 + Bank borrowings (incl. EIB) 1,146 916 +230

14,176 11,932 +2,244

+1,928 + Finance Lease (present value) 1,424 1,281 +143 + Other finance liabilities 17 21 -4 Net: Net: 16,939 15,011 Financial debt excl. federal loans 15,617 13,234 +2,383

+ Federal loans (present value) 2,936 3,276 -340

Financial debt 18,553 16,510 +2,043 - Cash and cash equivalents and receivables from financing 1,614 1,499 +115 Dec 31, 2009 Dec 31, 2010 Net financial debt 16,939 15,011 +1,928

Deutsche Bahn AG 38 Road Show Asia 2011 2010 Financial Year – Balance Sheet Stable balance sheet structure, capex and total assets increased

Gross capex (€ mn) Total assets (€ mn) Balance sheet structure (as of Dec 31, 2010) (Dec 31, 2009) +9.9% Equity and +6.6% Assets liabilities 52,003 6,891 47,303 Equity 6,462 Non-current assets 27.5% (27.6%) 85.6% (87.3%) Pension prov. 3.7% (3.7%) Other Net: provisions 12.0% (13.6%) +14.3% Financial debt 35.7% (34.9%) 2,072 1,813 Other Current assets 21.1% (20.2%) 14.4% (12.7%)

2009 2010 Dec 31, 2009 Dec 31, 2010 Total € 52.0 bn Total €52.0 bn

Deutsche Bahn AG 39 Road Show Asia 2011 2010 Financial Year – Capital Expenditures Gross and net capital expenditures significantly higher

+/- Gross capital expenditures (€ mn) By business unit 2010 2009 abs. %

+6.6% DB Bahn Long-Distance 48 47 +1 +2.1

6,891 DB Bahn Regional 212 407 -195 -47.9 6,462 DB Bahn Urban 91 57 +34 +59.6

DB Arriva 171 - +171 -

DB Schenker Rail 350 319 +31 +9.7

Net: DB Schenker Logistics 189 196 -7 -3.6 177 138 +39 +28.3 +14.3% DB Services DB Netze Track 4,986 4,624 +362 +7.8 2,072 1,813 DB Netze Stations 511 488 +23 +4.7

DB Netze Energy 144 164 -20 -12.2 Other/consolidation 12 22 -10 -45.5

2009 2010 DB Group 6,891 6,462 +429 +6.6

Deutsche Bahn AG 40 Road Show Asia 2011 H1 2011 – At a Glance Highlights H1 2011

Sustained recovery of global economy (world GDP +3.0%) German economy stays strong (GDP +3.9%) General conditions Prevailing insecurities as a result of the Euro/debt crisis High cost burdens due to increase in energy, personnel and maintenance expenses

Stable development of German rail passenger transport Passenger transport Development influenced by one-time effects in H1 2010 as well as in current year

Rail freight transport continues its strong growth Transport and Differentiated development in logistics: logistics Strong increase in European land transport, slightly weaker development in ocean freight, slight decrease in air freight

Greater demand for train-path, especially in freight transport business Infrastructure Trend towards greater demand by non-Group customers continues

Deutsche Bahn AG 41 Road Show Asia 2011 H1 2011 – At a Glance Very good development in H1 2011

+/- Selected key figures (€ mn) H1 2011 H1 2010 abs. %

Revenues 18,876 16,102 +2,774 +17.2

Revenues comparable 17,280 16,102 +1,178 +7.3

EBIT adjusted 1,133 846 +287 +33.9

Net profit 648 392 +256 +65.3

ROCE1) 7.2% 5.9% - -

Net financial debt as of Jun 30, 2011/Dec 31, 2010 17,290 16,939 +351 +2.1

Gross capital expenditures 2,689 2,502 +187 +7.5

1) In order to calculate an ROCE on a full-year basis, the figures for EBIT adjusted are extrapolated to the full year on the basis of a linear projection. Deutsche Bahn AG 42 Road Show Asia 2011 H1 2011 – Capital Expenditures Noticeable increase of net capital expenditures

H1 H1 +/- Gross capital expenditures (€ mn) By business unit 2011 2010 abs. %

+7.5% DB Bahn Long-Distance 40 13 +27 -

2,689 DB Bahn Regional 116 128 -12 -9.4 2,502 DB Arriva 72 9 +63 -

DB Schenker Rail 135 147 -12 -8.2

DB Schenker Logistics 89 61 +28 +45.9

DB Services 97 51 +46 +90.2 Net: DB Netze Track +21.3% 1,872 1,921 -49 -2.6 DB Netze Stations 190 136 +54 +39.7 1,049 865 DB Netze Energy 39 32 +7 +21.9

Other/consolidation 39 4 +35 - H1 2010 H1 2011 DB Group 2,689 2,502 +187 +7.5

Deutsche Bahn AG 43 Road Show Asia 2011 Strategy and Structure DB’s clear vision forms the foundation of its strategic direction

Vision We will become the world ’s leading mobility On track for tomorrow and logistics company. DB`s Mission Statement Values

Who are we? What is our goal? How do we achieve this? We will strive to achieve this with our five values: Customer-oriented Economically successful Progressive Collaborative Responsible which will convince our customers, employees and owners.

Deutsche Bahn AG 44 Road Show Asia 2011 Strategy and Structure With strong core business, developing new products and entering new markets

Strategic directions

Development of new Worldwide leading offers mobility and logistics Expand integrated company offers Offer mobility and logistics solutions

Further development of Expand into new core business markets Stabilize core business Further develop Services/Products Improve quality and transport networks efficiency Expand market presence and share of market Core business markets

Deutsche Bahn AG 45 Road Show Asia 2011 Strategy and Structure DB is the second biggest provider in the European passenger transport market

2.02.0 DB Bahn Long Distance DB Bahn Regional BillionBillion passengerspassengers viavia railrail perper yearyear 27,00027,000 PassengerPassenger trainstrains perper dayday OnceOnce aroundaround thethe worldworld –– the the approx.approx. distancedistance traveledtraveled monthlymonthly byby everyevery ICEICE traintrain inin GermanyGermany DB Arriva DB Bahn Sales1) 10.110.1 percentpercent modalmodal splitsplit railrail inin GermanyGermany

Figures excluding Arriva; 1) Service center within the Passenger Transport division. Deutsche Bahn AG 46 Road Show Asia 2011 Strategy and Structure Future mobility solutions will link together all modes of transport

Vision Integrated mobility solutions We integrate all intermodal transport services Door-to-door from door-to-door Door-to-door information comprehensively and across regions Online ticket using internal as well as external service Station-to-station Mobility BC 100 providers Parking at the station using intelligent mobility management Connect to local public to deliver customer-oriented mobility transport solutions! From a train operating company … … to mobility manager

Deutsche Bahn AG 47 Road Show Asia 2011 Strategy and Structure DB is the second biggest worldwide provider of transport and logistics services

415415 DB Schenker Rail MillionMillion tonstons ofof freightfreight shippedshipped viavia railrail perper yearyear 1.21.2 MillionMillion tonstons ofof airair freightfreight perper yearyear 1.61.6 MillionMillion TEUTEU1)1) oceanocean freightfreight perper yearyear 8181 DB Schenker Logistics MillionMillion shipments shipments sentsent viavia EuropeanEuropean landland transporttransport perper yearyear MoreMore thanthan 44 MillionMillion squaresquare feetfeet ofof warehousewarehouse spacespace aroundaround thethe worldworld

1) Twenty-foot Equivalent Unit Deutsche Bahn AG 48 Road Show Asia 2011 Strategy and Structure DB Schenker offers customers integrated logistics chains from a single source

Value added Value added services services

Door-to-door solutions, tracking Supply Chain Management Key Account Management

Deutsche Bahn AG 49 Road Show Asia 2011 Strategy and Structure DB operates the biggest rail network in the heart of Europe

5,7005,700 DB Netze Track DB Netze Stations TrainTrain stationsstations 64,00064,000 kmkm totaltotal tracktrack lengthlength 27,00027,000 RailwayRailway bridgesbridges 800800 RailwayRailway tunnelstunnels DB Netze Energy DB Netze Projects1) 67,00067,000 Switches/train-crossingsSwitches/train-crossings 5th5th LargestLargest powerpower providerprovider inin GermanyGermany

1) Service center within the Infrastructure division. Deutsche Bahn AG 50 Road Show Asia 2011 Relevant Markets € 40 bn of long-term secured revenues in regional transport

Long-term secured revenues Remarks

∏ € 40 bn As of December 31, 2010 the volume of revenues secured by long-term contacts (concession fees) in the DB Bahn Regional business unit was € 28 billion. As of December 31, 2010, we expect the DB Arriva business unit to generate revenues of € 12 billion. These revenues include concession fees and expected farebox revenues. Due to the huge number of contracts in bus transport and the insignificance of concession fees no detailed calculations with respect to secured revenues in bus transport in Germany have 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021ff been performed.

Deutsche Bahn AG 51 Road Show Asia 2011 Contacts DB road show team

Dr. Richard Lutz Wolfgang Reuter Robert Allen Strehl Martin Masch CFO Group Treasurer, Head of Investor Relations Senior Manager Investor Relations Head of Mergers and Acquisitions Tel.: +49 30 297-64030 Tel.: +49 30 297-64033 Tel.: +49 30 297-64300 [email protected] [email protected] [email protected]

Address Deutsche Bahn AG/ DB Mobility Logistics AG Europaplatz 1 10557 Berlin Germany

Hartwig Schneidereit Marcus Mehlinger Ute Haas Internet Head of Capital Market Financing Head of Equity and Debt Financing Capital Market Financing www.deutschebahn.com/ir Tel.: +49 30 297-64010 Tel.: +49 30 297-64006 Tel.: +49 30 297-64007 www.deutschebahn.com/ir-dbml [email protected] [email protected] [email protected]

Deutsche Bahn AG 52 Road Show Asia 2011 Appendix 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.

Deutsche Bahn AG 53 Road Show Asia 2011