Performance Measures Revenues EBITDA before special Operating income after Gross capital expenditures in € million burden compensation interest in € million in € million in € million Financial Calendar 15,722 18,685 28,228 1,433 2,021 3,092 –204 –454 –172 7,110 9,994 9,121 August 16, 2004 Publication of the Interim Report January – June 2004 30,000 3,000 0 10,000 May 25, 2005 Annual Results Press Conference on financial year 2004 25,000 2,500 –100 8,000 20,000 2,000 6,000 –200 15,000 1,500 4,000 10,000 1,000 –300 2,000 5,000 500 –400 2001 2002 2003 2001 2002 2003 2001 2002 2003 2001 2002 2003 2002 to 2003: 2002 to 2003: 2002 to 2003: 2002 to 2003: +51.1% € +1,071 million € +282 million –8.7% Key figures Change in € million 2003 2002 in % Revenues 28,228 18,685 + 51.1 Revenues – comparable 15,890 15,575 + 2.0 Income before taxes – 133 – 438 + 69.6 Income after taxes – 245 – 468 + 47.6 Fixed assets 41,362 39,775 + 4.0 Total assets 47,647 46,023 + 3.5 Equity 5,076 5,708 – 11.1 Interest-bearing debt 12,731 11,051 + 15.2 EBITDA before special burden compensation 3,092 2,021 + 53.0 Income effect special burden compensation – 443 – EBITDA 3,092 2,464 + 25.5 Annual Report 2003 Operating income after interest – 172 – 454 + 62.1 EBIT 465 37 – Capital employed 30,964 30,428 + 1.8 Return on capital employed in % 1.5 0.1 – Cash flow before taxes 2,600 2,052 + 26.7 Gross capital expenditures 9,121 9,994 – 8.7 Net capital expenditures1) 4,013 5,355 – 25.1 Employees (as of Dec 31) 242,759 250,690 – 3.2 Annual Report 2003 Change Performance figures 2003 2002 in % 1) Gross capital expenditures less investment grants from Passenger Transport third parties Passengers million 1,681.7 1,657.2 + 1.5 2) Passenger kilometers: Passenger kilometers million pkm 2) 69,534 69,848 – 0.4 product of number of Train kilometers million train-path km 3) 722.8 720.0 + 0.4 passengers and mean Deutsche Bahn AG travel distance Potsdamer Platz 2 3) D-10785 Berlin Freight Transport 4) Train-path kilometers: driving performance in km Germany Freight carried million t 282.3 278.3 + 1.4 of trains on rail Ton kilometers million tkm 5) 79,864 77,981 + 2.4 4) Please note: all ton figures www.bahn.de Mean transport distance km 282.9 280.2 + 1.0 represent metric tons (1,000 Train kilometers million train-path km 3) 204.1 211.0 – 3.3 kg = 2,200 lbs.) 5) Passenger stations 6) 5,665 5,710 – 0.8 Ton kilometers: product of freight carried and mean Train kilometers on track infrastructure million train-path km 3) 988.2 967.4 + 2.2 transport distance Non-Group customers million train-path km 3) 70.4 50.2 + 40.2 6) Thereof in 2003: 5,443 Length of line operated km 35,593 35,804 – 0.6 managed by the Group Passenger Stations division Deutsche Bahn AG Deutsche Bahn Performance Measures Revenues EBITDA before special Operating income after Gross capital expenditures in € million burden compensation interest in € million in € million in € million Financial Calendar 15,722 18,685 28,228 1,433 2,021 3,092 –204 –454 –172 7,110 9,994 9,121 August 16, 2004 Publication of the Interim Report January – June 2004 30,000 3,000 0 10,000 May 25, 2005 Annual Results Press Conference on financial year 2004 25,000 2,500 –100 8,000 20,000 2,000 6,000 –200 15,000 1,500 4,000 10,000 1,000 –300 2,000 5,000 500 –400 2001 2002 2003 2001 2002 2003 2001 2002 2003 2001 2002 2003 2002 to 2003: 2002 to 2003: 2002 to 2003: 2002 to 2003: +51.1% € +1,071 million € +282 million –8.7% Key figures Change in € million 2003 2002 in % Revenues 28,228 18,685 + 51.1 Revenues – comparable 15,890 15,575 + 2.0 Income before taxes – 133 – 438 + 69.6 Income after taxes – 245 – 468 + 47.6 Fixed assets 41,362 39,775 + 4.0 Total assets 47,647 46,023 + 3.5 Equity 5,076 5,708 – 11.1 Interest-bearing debt 12,731 11,051 + 15.2 EBITDA before special burden compensation 3,092 2,021 + 53.0 Income effect special burden compensation – 443 – EBITDA 3,092 2,464 + 25.5 Annual Report 2003 Operating income after interest – 172 – 454 + 62.1 EBIT 465 37 – Capital employed 30,964 30,428 + 1.8 Return on capital employed in % 1.5 0.1 – Cash flow before taxes 2,600 2,052 + 26.7 Gross capital expenditures 9,121 9,994 – 8.7 Net capital expenditures1) 4,013 5,355 – 25.1 Employees (as of Dec 31) 242,759 250,690 – 3.2 Annual Report 2003 Change Performance figures 2003 2002 in % 1) Gross capital expenditures less investment grants from Passenger Transport third parties Passengers million 1,681.7 1,657.2 + 1.5 2) Passenger kilometers: Passenger kilometers million pkm 2) 69,534 69,848 – 0.4 product of number of Train kilometers million train-path km 3) 722.8 720.0 + 0.4 passengers and mean Deutsche Bahn AG travel distance Potsdamer Platz 2 3) D-10785 Berlin Freight Transport 4) Train-path kilometers: driving performance in km Germany Freight carried million t 282.3 278.3 + 1.4 of trains on rail Ton kilometers million tkm 5) 79,864 77,981 + 2.4 4) Please note: all ton figures www.bahn.de Mean transport distance km 282.9 280.2 + 1.0 represent metric tons (1,000 Train kilometers million train-path km 3) 204.1 211.0 – 3.3 kg = 2,200 lbs.) 5) Passenger stations 6) 5,665 5,710 – 0.8 Ton kilometers: product of freight carried and mean Train kilometers on track infrastructure million train-path km 3) 988.2 967.4 + 2.2 transport distance Non-Group customers million train-path km 3) 70.4 50.2 + 40.2 6) Thereof in 2003: 5,443 Length of line operated km 35,593 35,804 – 0.6 managed by the Group Passenger Stations division Deutsche Bahn AG Deutsche Bahn Group Divisions Ten-Year Summary Key Figures Deutsche Bahn Group Ten-Year Summary Group Passenger Transport division Group division Passenger Transport Change in € million 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 in € million 2003 2002 in % Attractive mobility services – the calling card of our Group Passenger Transport division. Our services encompass rail transport and, with increasing importance, land transport by bus. Key figures External revenues 11,157 11,179 – 0.2 Balance sheet 1) Fixed assets as % of Divisional revenues 11,699 12,090 – 3.2 Intelligent integration is our overreaching objective – we create convenient, customer-focused Properties 40,093 38,869 35,055 34,071 32,815 31,155 29,866 24,034 21,815 17,982 total assets 86.8 86.5 85.3 87.8 90.0 90.8 90.1 83.5 83.3 85.1 Operating income after interest – 34 225 – mobility chains in our Long-Distance Transport and Regional and Urban Transport business Financial assets 1,269 906 735 600 680 584 665 710 367 305 Fixed assets 41,362 39,775 35,790 34,671 33,495 31,739 30,531 24,744 22,182 18,287 Equity incl. special items Operating cash flow 853 1,065 – 19.9 units. Measured by transport performance, we are one of the leading transport companies in % of total assets 10.7 12.4 20.1 22.3 23.5 24.5 25.0 23.3 24.2 29.6 Inventories 1,399 1,515 992 973 866 654 604 490 597 709 Gross capital expenditures 1,304 1,847 – 29.4 in Europe. Fixed assets coverage (in %) 7) 85.9 84.2 91.8 86.9 89.2 91.9 87.6 95.5 92.9 88.9 Employees as of Dec 31 68,180 71,037 – 4.0 Accounts receivable and other assets2) 4,462 4,347 4,238 3,023 2,346 2,141 2,277 3,755 3,139 1,804 Cash flow coverage of net capex (in %) 8) 64.8 38.3 54.0 65.0 65.3 65.3 29.5 35.1 28.3 26.7 Cash and cash equivalents 265 271 363 394 280 351 447 603 654 640 Return on capital employed Group Transport and Logistics division Current assets 6,126 6,133 5,593 4,390 3,492 3,146 3,328 4,848 4,390 3,153 9) Group division Transport and Logistics Change (ROCE) (in %) 1.5 0.1 0.4 1.6 0.3 1.1 1.4 1.7 1.5 1.8 Prepayments and in € million 2003 2002 in % The successful integration of Stinnes in 2003 created this new Group division – a leader in Interest coverage10) 0.80.30.01.11.42.32.45.24.34.6 accrued income 159 115 579 406 211 76 33 30 48 53 the transportation and logistics areas. Our market presence consists of the business units Cash flow 1) Total assets 47,647 46,023 41,962 39,467 37,198 34,961 33,892 29,622 26,620 21,493 External revenues 10,804 5,321 + 103 return on revenues (in %)11) 9.2 11.0 11.4 13.7 13.5 12.9 11.8 11.5 9.5 10.0 1) Schenker, Freight Logistics, Intermodal, and Railion.