Investor Presentation Roadshow Europe 2019 Deutsche Bahn AG, May 2019 1 Deutsche Bahn AG | May 2019 Investor Update Group overview On track towards a better railway 2 Deutsche Bahn AG | May 2019 Investor Update Group overview Strong Group portfolio with three strong pillars Passenger Freight Transport DB Group (2018) Infrastructure Transport and Logistics . International provider of mobility and logistics services. Active in > 130 countries. Vertically integrated Group structure. DB AG acts as management holding company. Domestic and European Intelligent logistics Future-oriented rail . Ratings: Aa1 / AA- mobility services services via rail, land, infrastructure in air and the sea Germany Revenue Structure (%) .> 4,557 m rail and bus .~256 m t rail freight .1,086 m train-path km passengers .>106 m shipments on track infrastructure 8% 1% Passenger Transport .>12.5 m rail and bus .1,3 m t air freight .Up to 800 construction 43% Transport and Logistics passengers/day .~2,2 m TEU ocean sites per day 48% Infrastructure freight .127 stations offer free Other/consolidation WiFi External revenues1) 44,024 +3.1% 18,823 +3.7% 21,150 +2.9% 3,478 +3.4% EBIT adjusted1) 2,111 -1.9% 1,209 +1.6% 313 -19.1% 1,082 +9.1% EBITDA adjusted1) 4,739 -3.9% 2,376 +1.7% 757 -6.1% 1,895 -5.1% Capital expenditures1) 11,205 +7.1% 1,946 -7.7% 860 +49.8% 7,971 +6.5% Employees (as of Dec 31) 318,528 +2.4% 105,485 -0.8% 104,659 +4.5% 54,507 +3.7% 1) Other/consolidation (2018, € mn): Revenues 627; EBIT: -493; EBITDA: -289; Capex: 428; Employees: 53,877. 3 Deutsche Bahn AG | May 2019 Investor Update DB Group - Overview DB Group holds leading market positions – in Europe and throughout the world DB Arriva Passenger Transport Freight Transport and Logistics DB Schenker Bundles all international Provides logistics services in air and passenger transport activities of ocean freight, in land transport, as DB Group. DB Connect well as in contract logistics. Mobility Manager of DB Group offering networked mobility solutions at the internal and external market. DB Regional Divided into the line of business rail and bus. Provides services in rail and public road passenger transport. DB Cargo DB Long-Distance Bundles the European Offers daytime traffic with ICE, IC and EC connections. This rail freight business of offer is supplemented by some long-distance bus routes. DB Group. Integrated Rail System DB Netze Track DB Netze Energy Operates and manages the rail Ensures the availability of the daily infrastructure with more than 30,000 needed energy, especially for rail traffic. kilometers of route network, including all operational equipment. DB Netze Stations Development and operation of modern, demand- and customer-oriented stations. Infrastructure 4 Deutsche Bahn AG | May 2019 Investor Update DB Group - Overview We are acting worldwide in more than 130 countries Germany Europe (excl. Germany) . ~194,000 employees . ~94,000 employees (61% of total) (30% of total) . € 25.0 bn revenues . € 13.6 bn revenues (57% of total) (31% of total) Offerings Offerings . Rail infrastructure Americas . Passenger transport Asia/Pacific . Passenger transport (rail and bus) . ~9,000 employees (rail and bus) . Land transport . ~16,700 employees (3% of total) . Land transport (rail and truck) (5% of total) . € 1.9 bn revenues (rail and truck) . Logistics services . € 3.0 bn revenues (4% of total) . Logistics services . Rail projects (7% of total) Offerings . Rail projects Offerings . Logistics services . Logistics services . Rail projects Africa . Land transport (rail) . Rail projects . ~1,200 employees (<1% of total) . € 0.2 bn revenues (<1% of total) Offerings . Logistics services . Rail projects 5 Deutsche Bahn AG | May 2019 Investor Update Strategy - Where we are coming from And the further growth perspectives for rail transport in Germany are good as well German passenger transport Rail passenger transport market (bn pkm) in Germany (bn pkm) Other Rail passenger . Positive growth trends +0.4% continue: +1.4% +1.2% 1,132 1,180 1,236 +2.1% 115 94 100 − Rail passenger transport 1,039 1,080 1,121 growth above market. − Rail freight transport growth 94 100 115 1) in line with market. 2015 20181) 2030 2015 2018 2030 . Chances resulting among German freight transport Rail freight transport others from climate protection market (bn tkm)2) in Germany (bn tkm) measures. Other Rail freight +1.7% 849 +1.7% 162 +2.4% +3.2% 616 693 113 132 687 504 561 113 132 162 2013 20181) 2030 2013 20181) 2030 1) Forceast. 2) Excl. pipelines. CAGR Sources: Federal Office of Statistics, EuroStat. 6 Deutsche Bahn AG | May 2019 Investor Update Strategy - Where we are coming from Our record level of patronage shows that more and more people make their decision in favor of climate friendly rail transport Passengers DB Long-Distance (million) Ø +3.5% Ø +2.5% . Continued increase in long-distance rail passenger >200 numbers since 2014, on average by 3.5% p.a. − in 2018 by 4%. This strong development was 148 139 142 mainly driven by service 129 132 expansions and improvements (among others extension of complementary WiFi on board of trains). We want to increase the passenger number in long-distance rail transport to above 200 million until 2030. 2014 2015 2016 2017 2018 … 2030 7 Deutsche Bahn AG | May 2019 Investor Update Strategy - Where we are coming from Deutsche Bahn is key for a successful transition to sustainable transport and further reductions of CO2 emissions Aligned to sustainability . Being an eco-pioneer with ambitious targets. We want to be climate-neutral by 2050. Climate- and eco-friendly solutions . For moving people and goods. Top sustainability ratings . Among others from MSCI, ISS-oekom, CDP and EcoVadis. 8 Deutsche Bahn AG | May 2019 Investor Update Strategy - Where we are coming from German Government underpins importance of rail to reach climate and environmental targets Coalition agreement strengthens Government programs and activities rail transport in Germany for implementation Railway pact Existing network/LuFV1), Rail requirement plan, modernization/ . Between politics and Infrastructure industry. digitalization, electrification . Targets: Double Long-distance Germany in Sync number of rail rail passenger (Deutschland-Takt) passengers by 2030 transport and shift more freight Regional rail traffic to rail. Increase of regionalization passenger funds Higher Capex transport . Increase funding Master Plan for Rail Freight further on record Rail freight Transport including support program transport level. for reduction of track access fees . Make planning and financing more Alliance future of the railway, General reliable. German platform future of mobility 1) Leistungs- und Finanzierungsvereinbarung (LuFV, Performance and Financing Agreement). 9 Deutsche Bahn AG | May 2019 Investor Update Strategy – What we are striving for Our Agenda for a Better Railway lays the foundation for being sustainable successful in the future Increase . More capacity (infrastructure, vehicles Long-term and Capacity & and employees) is fundamental for sustainable availability further growth. growth Improve . Improved punctuality and reliability is Be even more Customer & foundation to inspire more and more attractive to quality people to use our products. customers . Drive Improved processes and innovative Connectivity via Digitalization & platforms and service offerings. networks and innovation . Better solutions together with partners partnerships and start-ups. 10 Deutsche Bahn AG | May 2019 Investor Update Strategy – What we are striving for We want to realize substantial improvements for our customers already in 2019 Five-Point Plan Higher More capex and Improved comfort Expanding our Restructuring of punctuality expenses and reliability offers DB Cargo and becoming greener . Punctuality of . € 10.7 billion for . Refitting of 80 . 15 new ICE4 and . Improving our DB long-distance our rail network. stations with a new 10 new IC2, i.e. position as the most transport up by . Additional spending generation of 20,000 additional environmentally 1.6%. for infrastructure, displays, monitors seats. friendly mode of . Increased capacity vehicles and and boards. 2 additional transport. thanks to new digitalization. DB Navigator and Sprinters every day . Increase the share maintenance . 22,000 additional DB Route Agent will on the Berlin – of green energies in employees and 5% employees. offer more options Munich line. the DB traction more ICEs. for customers. Modernization of current mix to 60%. Optimized . New menue in the the S-Bahn (metro) . More staff, capex construction site 650 on-board fleet. and sales campaign management. restaurants and in freight transport. bistros. 11 Deutsche Bahn AG | May 2019 Investor Update Strategy – What we do Example 1: Increasing fleet capacity and availability in long- distance transport by investing more than € 7 bn until 2023 € 5.8 bn € 0.8 bn € 0.6 bn Fleet expansion Fleet modernization Fleet availability . Additional trains required to support . Modernization of trains in operation . Increasing maintenance capacity growth and stability ambitions. to secure existing capacities. (personnel and infrastructure). Expending fleet by 229 new trains . Comprehensive technical overhaul . Improving maintenance processes until 2024 (thereof 137 ICE 4 of 58 ICE 1 and redesign of further and material availability. and 69 IC 2). 47 ICE 3 until 2024. Technical stabilization of vehicles . First order of 23 new long-distance to reduce error rate. trains from Talgo for about € 0.6 bn. Digitalize maintenance. 12 Deutsche Bahn AG | May 2019 Investor Update Strategy – What we do Example 2: We are working on improvements of customer satisfaction in regional transport with a bunch of measures New trains WiFi and mobile WiFi portal Passenger Digital reception information services . More comfort . Upgrade of 10 . Prototyp for new . Streckenagent . Ramp up of and capacity: further existing DB Regional (line agent) app ticket sales for – S-Bahn Hamburg contracts in 2018 WiFi portal already with 1.5 transport – S-Bahn Munich (e.g. S-Bahn developed. million associations in Measures – S-Bahn Berlin Rhine-Main, downloads.