Für externe Präsentationen bitte immer eine Titelfolie mit der Ressort-Farbe verwenden.

2019 DB Group presentation

Deutsche Bahn AG | April 2019 One-voice policy at the DB Group

Please note the following:

◼ There is a strict one-voice policy at the DB Group. This means that no changes whatsoever may be made to the content or design of the slides.

◼ Only PDFs or printouts of the slides may be shared with third parties.

◼ The slides are updated regularly. Please visit DB Planet (https://db-planet.deutschebahm.com/pages/profil-und- organisation/apps/content/praesentation) to make sure you have the most up-to-date version.

2 Deutsche Bahn AG Agenda

Deutsche Bahn at a glance

Developments since the German Rail Reform

Strategy, Zukunft Bahn program and digitalization

3 Deutsche Bahn AG DB is an international mobility and logistics company that was formed from several large, long-established companies

Family tree of Deutsche Bahn AG (simplified)

Acquisitions (selection) Deutsche Acquisitions The beginning: Bahn AG Rail line connecting established Nuremberg and Fürth Split into Deutsche Bundesbahn 1835 and Deutsche Reichsbahn

1931 1949 1991 1994 2000-2002 2005-2009

1872 German Imperial Railway buys Schenker 2010 International Schenker Schenker reacquired mobility established Majority stake in and Schenker sold to logistics company Stinnes AG 1938 1997 Arriva Today Cowie family opens Renamed acquired motorcycle shop "Arriva"

4 Deutsche Bahn AG Through its eight business units1, DB operates in every segment of the transport market

Passenger Transport: Freight Transport and Logistics: Infrastructure: Moving people from A to B – Smart logistics by land, sea and air Efficient, future-oriented rail in Germany and throughout Europe infrastructure in Germany ◼ DB Cargo ◼ DB Long Distance European rail freight transport ◼ DB Netze Track Long distance rail passenger Rail network ◼ DB Schenker transport2 Global logistics services ◼ DB Netze Stations ◼ DB Regio Passenger stations Regional and local passenger ◼ DB Netze Energy transport in Germany Traction power ◼ DB Arriva Regional and local passenger transport in Europe3

1 The former DB Services Business Unit has been dissolved and its responsibilities distributed across the DB divisions; 2 In Germany and cross-border transport 3 And long-distance rail transport in the UK, through CrossCountry, an Arriva subsidiary 5 Deutsche Bahn AG DB offers both commercial and public ("PSO") services in its market segments

We differentiate between services run on a purely commercial basis ("commercial services") and services commissioned by local transport authorities to meet a Commercial services public service obligation ("PSO services") PSO services

Freight Transport and Passenger transport Infrastructure Logistics

Long distance service Rail freight transport Provision of infrastructure ◼ Direct competition, in particular with ◼ Direct competition with other rail ◼ No competition, monopoly position in car and air traffic companies and other modes of regulated markets; government ◼ Business-to-consumer (B2C) service transport commissions reliable provision of high-capacity infrastructure at ◼ Asset heavy ◼ Business-to-business (B2B) service with key accounts; clear focus on competitive costs Regional and local service specific industries ◼ Serves rail operators (derived demand) ◼ PSO services awarded in a ◼ Asset heavy competitive tendering process ◼ Very asset heavy Freight forwarding and logistics ◼ Serving both passengers (B2C) and ◼ Direct competition (global) local transport authorities1 ◼ Full-service forwarder, large ◼ Asset heavy customer base; serves a wide range of industries ◼ Asset light

1 "Local transport authorities" in this context can be states, state enterprises, transit authorities or local and regional authorities. 6 Deutsche Bahn AG DB holds leading market positions – in Europe and throughout the world

Infrastructure

No.1 Rail infrastructure Passenger Transport Freight Transport No.1 and Logistics Operation of rail stations No. 1 Regional and local rail passenger transport No.1 Rail freight transport No. 2 No. 3 Long distance rail passenger transport Air freight No. 1 No. Land transport No. 4 4 Ocean freight Public road transport No. 5 Contract logistics

7 Deutsche Bahn AG The revenue and EBIT levels generated by the business units varied in 2018

Revenues, 2018 EBIT, 2018 Workforce, 2018 (EUR m) (EUR m) [FTEs2] PASSENGER TRANSPORT DB Long Distance 4,682 417 16,548 DB Regio 8,968 492 35,881 DB Arriva 5,441 300 53,056 FREIGHT TRANSPORT AND LOGISTICS DB Cargo 4,460 -190 28,842 DB Schenker 17,050 503 75,817 INFRASTRUCTURE

DB Netze Track 5,511 840 46,969 DB Netze Stations 1,314 221 5,804 DB Netze Energy 2,850 21 1,734

1 44,024 2,1111,946 318,528306,368

Data as of Dec. 31, 2018; 1 The difference between the sum of the divisional figures and the DB Group total is a result of other items and consolidation-related items (for revenues and EBIT) and other items (for workforce numbers); 2 Full-time equivalents 8 Deutsche Bahn AG Revenues continued to grow – EBIT in 2018 was below the previous year

Revenues, DB Group1 EBIT, DB Group1 in EUR m in EUR m

42,704 44,024

2,152 2,111

+3.1% -1.9%

2017 2018 2017 2018

1 Revenues and EBIT adjusted for special items 9 Deutsche Bahn AG Long distance transport volumes continued to grow, while rail freight volumes fell

DB rail transport volumes

Long distance Regional rail1 Rail freight Infrastructure2 (in billions of pkm) (in billions of pkm) (in billions of tkm) (in millions of train-path km)

92.7 1,086 88.2 1,073 42.8 41.9 41.9 40.5

+1.1% +5.6% -4.8%

2017 2018 2017 2018 2017 2018 2017 2018

1 Excluding DB Arriva; including Usedomer Bäderbahn; 2 Including Usedomer Bäderbahn 10 Deutsche Bahn AG We grew in most of our logistics segments, and particularly in air and ocean freight

Transport volumes at DB Schenker

Land transport Air freight Ocean freight Contract logistics (in millions of (in thousands of (in thousands of (revenues consignments) metric tons1) TEUs1,2) in EUR million)

2,203 2,634 2,622 106.5 1,300 1,304 2,169 100.5

+6.0% +0.3% +1.6% -0.5%

2017 2018 2017 2018 2017 2018 2017 2018

1 Exports only, to avoid double counting; 2 TEU = Twenty-foot equivalent unit; 3 Adjusted for currency effects 11 Deutsche Bahn AG DB2020+ Strategy – Passenger Transport DB Long-Distance runs a network of long-distance commercial rail passenger transport services centered on Germany

Profile

◼ DB Long-Distance provides fast, comfortable, convenient and eco-friendly travel within Germany and to and from its neighboring countries on a purely commercial basis ◼ Daily scheduled ICE, IC and EC services are the backbone of the DB Long- Distance portfolio ◼ DB Long-Distance is progressively increasing and modernizing its fleet, in DB Long-Distance in 2018 particular with more and longer ICE 4 trains, IC 2 trains and ECx trains Revenues € 4,682 mn ◼ Connections to the islands of Sylt and Wangerooge are also offered ◼ IC Bus services are complement to the existing rail network for certain EBIT € 417 mn German and international connections Employees (FTE) 16,548 ◼ With its high percentage of renewable traction power, new energy-efficient trains and a completely carbon-neutral ICE maintenance depot, DB Long Volume sold 42,827 mn pkm Distance is committed to environmental sustainability. The percentage of journeys run on green power rose from roughly 75% to 100% in the year Passengers 148.6 mn under review Fleet 2431) / 2742) ◼ The BahnCard discount card, with five million holders, is the most important customer loyalty tool at DB Long-Distance Avg. dist. traveled 290 km

1) Locomotives 2) ICEs 12 Deutsche Bahn AG DB2020+ Strategy – Passenger Transport DB Regional offers on-time, reliable and eco-friendly regional transport service for nearly seven million passengers each day

Profile

◼ DB Regional Trains is commissioned by local transport authorities to offer rail passenger transport tailored to regional and local needs and is market leader in local German public transport. Its services cover both urban transport in high-population areas and regional transport in lower- population areas ◼ The 27 contracting organizations in Germany use competitive tendering to select operators for regional and local rail passenger transport service. DB Regional in 2018 ◼ These public service obligation (PSO) services are financed by concession Revenues € 8,968 mn fees and ticket sales ◼ The predominant model in Germany is based on gross-cost contracts, in EBIT € 492 mn which ticket sales go straight to the oderer, who then compensates the operator in full fot the PSO services offered Employees (FTE) 35,881 ◼ DB Regional Bus offers both commercial and PSO services on the regional Volume sold 48,615 mn pkm bus market in Germany ◼ There are over 400 local transport authorities responsible for public road Passengers 2,521 mn1) transport, and services are increasingly being awarded in competitive Fleet 4,9482) / 11,7123) tenders

Avg. dist. traveled 21.6

1) Including 1,940 mn rail passengers 2) Locomotives (871) and multiple units (4,077) 3) Buses (including 4,969 of DB Regio's own) 13 Deutsche Bahn AG DB2020+ Strategy – Freight Transport and Logistics Ever since it was acquired in September 2010, DB Arriva has been a platform for growth in passenger transport outside Germany

Profile

◼ DB Arriva is a platform for growth and the foundation for all of DB's passenger services outside Germany (with the exception of cross-border long-distance service) ◼ DB Arriva offers a broad range of transport services in 14 European countries, running buses, trains, trams, water buses, non-emergency patient transport services, carsharing and bikesharing DB Arriva in 2018 ◼ DB Arriva is usually commissioned by regional and national authorities or other parties ordering transport services Revenues EUR 5.441 bn ◼ DB Arriva runs both commercial and PSO services, generating the EBIT EUR 300 m majority of its revenues with the latter ◼ DB Arriva UK Trains is a leader on the UK rail passenger transport market Employees (FTEs) 53,056 ◼ DB Arriva UK Bus is one of the largest providers of urban and regional bus Rail volume 12.999 bn pkm transport in the UK ◼ DB Arriva Mainland Europe operates a range of transport services and is Bus volume 1.074 bn bus km steadily growing in continental Europe Passengers/year 1.998 bn1

Fleet 1,0932 / 17,0493

1 Including 493.6 m rail passengers 2 Locomotives (19) and multiple units (1,074) 3 Buses (including buses of other providers) 14 Deutsche Bahn AG DB2020+ Strategy – Freight Transport and Logistics 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 car and multimodal services. Tailor-made transport and logistics DB Cargo 2018 solutions are also available as additional services that can link the rail mode with road (trucking) and ocean freight service Revenues EUR 4.460 bn ◼ DB Cargo's customers are primarily key accounts EBIT EUR -190 m ◼ The key customers served are the building material, fertilizer, and metals and coal industries in the bulk goods segment; automotive, chemicals, Employees (FTEs) 28,842 mineral oil, consumer goods, and pulp and paper industries in the industry Metric ton km 88.237 bn and retail logistics segment; and operators, freight forwarders and shipping companies in the multimodal segment Freight carried 255.5 m t ◼ A high level of customer loyalty, motivated and well trained employees,

1 efficient use of rolling stock and a capacity-based high-performing Fleet 2,686 / 82,895 infrastructure are DB Cargo's key resources. Most of DB Cargo's services Ø dist. transported 345 km are carried out using its own fleet of locomotives and freight cars

1 Locomotives / freight cars 15 Deutsche Bahn AG DB2020+ Strategy – Freight Transport 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 in more than 140 countries ◼ DB Schenker's dense land transport network links the most important economic centers in Europe ◼ DB Schenker is one of the world's leading air and ocean freight providers, DB Schenker in 2018 offering a full range of services in this segment Revenues € 17,050 mn ◼ Its contract logistics portfolio serves every stage of the value chain: suppliers, manufacturers and dealers, customers, and spare part service EBIT € 503 mn ◼ DB Schenker has a global customer base in a wide range of industries Employees (FTE) 75,817 ◼ It uses a vertical market approach to develop sector-specific solutions ◼ In air and ocean freight, DB Schenker serves exclusively as a freight Shipments 106.468 mn forwarder, without its own planes or ships; in land transport, however, it relies in part on its own vehicles and swap bodies Air freight volume 1.304 mn t ◼ Effective IT support plays an especially important role Ocean freight volume 2.203 mn TEU1)

Warehousing space 8.3 mn m2

1) Twenty-foot Equivalent Unit 16 Deutsche Bahn AG DB2020+ Strategy – Infrastructure DB Netze Track is Europe's number one track infrastructure provider

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 center keep rail service in Germany running smoothly 365 days a year DB Netze Track in 2018 ◼ DB Netze Track's core responsibilities also include preparing train schedules Revenues € 5,511 mn in close partnership with customers, managing operations and construction, and providing maintenance service EBIT € 840 mn ◼ Train path products are the most important source of revenues for DB Netze Track Employees (FTE) 46,969 ◼ Track access charges are set in a transparent train path pricing system regulated by the German Federal Network Agency Train-path km 1,086 mn ◼ DB Netze Track coordinates over 78,000 regular train path requests in its working timetable, and roughly 1,000,000 ad hoc requests Line operated1) 33,440 km2) from the freight transport sector in particular Switches1) 65,844 ◼ Focusing new line and line upgrade projects on removing infrastructure bottlenecks and creating additional capacity for transport growth along core Bridges1) 25,127 routes and in urban areas will be crucial for further growth

1) Including Infra Silesia S.A. and UBB Usedomer Bäderbahn GmbH 2) Including 20,286 km powered by electricity 17 Deutsche Bahn AG DB2020+ Strategy – 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 services at and around stations for customers and visitors ensuring that stations are pleasant places in which to spend time ◼ It links diverse transport-related services and ensures that stations are pleasant places in which to spend time DB Netze Stations in 2018 ◼ DB Netze Stations is also one of the largest landlords for commercial real estate in Germany, with nearly 1 million m² of leasable space Revenues € 1,314 mn ◼ Each day, its stations are served by more than 410,000 trains operated by EBIT € 221 mn some 100 rail companies, and used by roughly 20 million passengers and visitors Employees (FTE) 5,804 ◼ DB Netze Stations earns its revenues from station access charges Station stops 151 mn (regulated in the station pricing system by the German Federal Network Agency) and commercial property leases (not regulated) Stations 5,368 ◼ To ensure high quality, DB Netze Stations focuses on safety, service, and station cleanliness, with its Triple-S Centers Platforms ~ 9,500 ◼ Station access fees account for roughly 70% of total revenues Passenger info 12,8001)

1) 6,100 passenger information systems and roughly 6,700 dynamic displays 18 Deutsche Bahn AG DB2020+ Strategy – Infrastructure DB Netze Energy is the utility company for the DB Group and one of the largest power providers in Germany

Profile

◼ DB Netze Energy offers the entire range of energy products for traction as well as stationary power supply for property in Germany ◼ These commodity portfolio includes traction power and diesel for rail traffic, and electricity, gas and heat for the DB Group's stations and other buildings ◼ DB Netze Energy also offers a broad range of electricity and natural gas products to industrial and commercial customers throughout Germany DB Netze Energy in 2018 ◼ Energy consulting and technical services enhance the commodities offered Revenues € 2,850 mn ◼ DB Netze Energy is operator for the nationwide high-voltage traction power grid, offering non-discriminatory use to all railway companies EBIT € 21 mn ◼ Its network charges are regulated by the German Federal Network Agency Employees (FTE) 1,734 ◼ DB Netze Energy furthermore operates the nationwide network of diesel refueling stations for trains Traction power1) 8,245 GWh ◼ DB Netze Energy continually raises the share of renewables in its traction Stationary Power2) 18,196 GWh current (2018: 57.2%)

Diesel 429.6 mn liters

Traction power grid 7,936 km

1) 16.7 Hz and DC 2) 50 Hz and 16.7 Hz 19 Deutsche Bahn AG The DB Group's integrated, international structure makes it possible to develop rail operations in Germany as an complete system

Cornerstones of the DB Group

Passenger transport Freight transport and logistics

Rail operations in Germany

infrastructure

20 Deutsche Bahn AG The business units of Deutsche Bahn are managed directly by the Management Board

Chairman and Digitalization and Human Passenger Finance, Freight Infrastructure CEO Technology Resources and Transport Transport and Legal Affairs Logistics Dr. Lutz Prof. Dr. Jeschke Seiler Huber Doll Pofalla

DB Netze DB Long Distance DB Cargo Track (TBD) (Dr. Bosch) (Sennhenn)

DB Netze DB Regio DB Schenker Stations (Dr. Sandvoss) (Thewes) (Koch)

DB Netze DB Arriva Energy (Dr. Rudhart) (Schein)

21 Deutsche Bahn AG DB is increasingly active in international markets – but its focus remains on rail operations and on Germany

Revenues by region Revenues by activity (100% ~ annual revenues in EUR bn) (100% ~ annual revenues in EUR bn)

44.0 44.0 68% 43% 25.1 62% 25.1 48% International 26% Non-rail 41%

Germany 57% 52% 74% Rail 59%

20051 2018 20051 2018

Data as of Dec. 31, 2018; 1 Consolidated financial statements according to IFRS 22 Deutsche Bahn AG DB employs over 310,000 people globally, including some 196,000 in Germany

Employees by region Employees by business unit 100% ~ 318,528 full-time equivalents 100% ~ 318,528 full-time equivalents Europe excluding Germany 29% Other Asia Passenger Transport North Germany America 62% 5% DB Long Distance: 5.2% 17% 3% DB Regio: 11.2% DB Arriva: 16.7% 33%

17% Other international locations 1%

33% Freight Transport and Infrastructure Logistics DB Netze Track: 14.7% DB Cargo: 9.1% DB Netze Stations: 1.8% DB Schenker: 23.8% DB Netze Energy: 0.5%

Data as of Dec. 31, 2018 23 Deutsche Bahn AG DB is one of the largest and most multifaceted providers of vocational training in Germany

DB employs over 318,000 people around the world in more than 500 professions. Nearly two-thirds of its employees are based in Germany.

DB trains some 10,000 vocational trainees and 950 cooperative education students in more than 50 professions.

Through its "Chance plus" program, DB helps some 250 interns launch their careers at the company each year.

Over 94% of DB's vocational trainees are offered jobs upon successful completion of their training.

Data as of Dec. 31, 2018 24 Deutsche Bahn AG Agenda

Deutsche Bahn at a glance

Developments since the German Rail Reform

Strategy, Zukunft Bahn program and digitalization

25 Deutsche Bahn AG The history of rail operations in Germany began in 1835, when the six-kilometer-long line between Nuremberg and Fürth opened

1835 1920 1949 1994 TODAY

Split into The beginning: Deutsche Bahn AG Rail line connecting Deutsche Bundesbahn is a leading Nuremberg and international mobility Fürth and Deutsche Reichsbahn and logistics company

German Imperial Railway Deutsche Bundesbahn and established Deutsche Reichsbahn merge to form Deutsche Bahn AG

26 Deutsche Bahn AG The German Rail Reform in 1994 established Deutsche Bahn AG, ushering in a new era of rail in Germany

Before the Rail Reform Today

Private-market- based structures ✓established Rail opened up to ✓competition ◼ Bureaucratic structures Responsibility for ◼ Modern and efficient regional and local organization ◼ Monopoly transport delegated ◼ Heavy government influence ✓to regional ◼ Increasing competition ◼ High losses – personnel costs authorities ◼ Value-based decision-making higher than revenues ◼ Greater profitability ◼ Debts of over DM 60 billion ◼ Ongoing debt reduction ◼ Decline in market share of rail ◼ Renaissance of rail

27 Deutsche Bahn AG The successes since the Rail Reform have strengthened rail in Germany in a lasting way

Rail passenger transport volumes Rail freight transport volumes Germany, in billions of passenger kilometers Germany, in billions of metric ton kilometers

128,3 129,4 131,6

94,2 95,8 97,7

71,0 71,7 70,6 69,6 65,2 68,1

+50% +86%

1994 1995 1996 2016 2017 2018 1994 1995 1996 2016 2017 20181

Data as of Dec. 31, 2018; 1 DB's own estimate 28 Deutsche Bahn AG Since 1994, DB has notably increased both revenues and EBIT, thereby relieving pressure on the German federal budget

44,024 Revenues in EUR m

+189%

14,793

1994'95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 18

2,111 EBIT in EUR m

HGB IFRS EBIT with compensation for pre-unification liabilities EBIT -2.998 Data as of Dec. 31, 2018, 1 Revenues adjusted for special items resulting from Stinnes acquisition 29 Deutsche Bahn AG Agenda

Deutsche Bahn at a glance

Developments since the German Rail Reform

Agenda for a better railway

30 Deutsche Bahn AG With sustainable mobility services, we play a key role in protecting the planet

We achieved our 2020 climate targets early, in 2018. Now we want to raise the percentage of renewables in DB's traction current mix step-by-step to 80% by 2030 More and more people are choosing our eco-friendly mobility services

Passengers DB Long-Distance [in millions] >200 >200

148

129 132

2014 2015 2018 2030 Our digital and innovative services provide seamless, door-to-door transport already today

With up to 10 million users1 a month, DB Navigator is one of the most popular mobility apps in Germany

1 Unique visitors as of December 2018 Growth leads to shortages

Lines where capacity utilization is high account for roughly 5% of our network – but they affect roughly 19% of our long-distance train kilometers and roughly 72% of our long-distance passenger kilometers Our Agenda for a better railway will generate more capacity – for infrastructure, rolling stock, and staff

We will be investing additional funds of some EUR 5 billion over the coming years to make rail operations in Germany fit for the future, for growth and for employment We are inspiring more and more people to join us in shaping a new future for rail

We plan to hire 22,000 new employees in 2019 to help us on our way to a better railway We will transition our Agenda for better railway to an overall strategy in 2019

"The course we have set is not a sprint. It is a marathon that will need several years of systematic implementation..."

Today June 2019

Agenda for a better railway New DB strategy Transition

▪ Focus on specific activities in 2019 and ▪ Present to and discuss with Supervisory 2020 Board in June 2019 ▪ Ensure that full impact of Agenda is ▪ Transition and ensure long-lasting impact reflected in medium-term planning for of our “Agenda for a better railway” by 2019-2023 incorporating it into strategic guidelines and targets for entire Group with focus on period up until 2030

37 Deutsche Bahn AG Setting the course for tomorrow Photos

Slide 1 From left: Max Lautenschläger, Slide 20 First row – from left: Bartlomiej Slide 33 Clockwise: Axel Hartmann, DB AG, Bartlomiej Banaszak, Banaszak, DB Sales, Michael Oliver Lang, Kai Michael Neuhold Max Lautenschläger Neuhaus, Michael Neuhaus Second row – from left: Kai Michael Slide 34 Max Lautenschläger Slide 3 Lothar Mantel Neuhold, Marco Reeuwijk, Rainer Slide 35 Max Lautenschläger Garbe, Thomas Herter, Georg Slide 4 DB AG, DB Schenker, DB Arriva Wagner, Michael Neuhaus, Ralf Slide 36 Max Lautenschläger Braun, DB AG/ECR Slide 5 From left: Claus Weber, Slide 37 Markus Nass Third row – from left: Wolfgang Klee, DB Schenker, Volker Emersleben Mario Vedder, Günter Jazbec, Slide 38 Markus Nass Slide 7 World map: ClipDealer (#194937) Michael Neuhaus Slide 39 Markus Nass Slide 9 Jet-Foto/Kranert Slide 21 Max Lautenschläger, Max Lautenschläger, Pablo Castagnola, Slide 40 DB AG; bottom left: Syda Slide 10 From top: Bartlomiej Banaszak, Max Lautenschläger, Max Production/shutterstock.com; Wolfgang Klee Lautenschläger, Bernd Roselieb, bottom right: DB Schenker Andreas Varnhorn, Andreas Slide 11 From top: Maurice Weiss, Varnhorn, Axel Stephan, Slide 41 From left: Andrea Vollmer, Hanno Michael Neuhaus Bernd Roselieb, BMF, Ralf Kranert Harland, Hanno Haarland, Holoplot, Slide 12 Thomas Herter Siut, background image: Markus Slide 24 Heiner Müller-Elsner Nass/Brauer Photos Slide 13 Jet-Foto Kranert Slide 25 Michael Neuhaus Slide 42 Pexels/Pixabey (crossing) Slide 14 Oliver Lang Jplenio/Pixabey (light bulb) Slide 26 From left: Ralf Kranert, Carsten Slide 43 Volker Emersleben Slide 15 Wolfgang Klee Ulich, Claus Rethorn, Claus Weber Clockwise: Rainer Garbe, Thomas Slide 44 DB AG; bottom left: Arne Lesmann Slide 16 Max Lautenschläger Herter, Volkswagen AG, Ralf Braun Slide 45 Claus Weber Slide 27 Claus Weber, Heiner Müller-Elsner Slide 17 Wolfgang Klee Slide 46 Max Lautenschläger Slide 31 Christian Bedeschinski, Tobias Slide 18 Bartlomiej Banaszak Heyer, James O Jenkins Slide 19 Annette Koch Slide 32 Max Lautenschläger

39 Deutsche Bahn AG