“our future: sustainably successful!“...privatization threshold: constitutionally mandated...

May 2012

Deutsche Bahn AG / DB Mobility Logistics AG

CFO

Dr. Richard Lutz

“Our future: Sustainably successful!“

Munich –

Frankfurt –

London –

Edinburgh –

Milan –

Zurich –

Paris –

Helsinki –

Stockholm –

Amsterdam

2Deutsche Bahn AG Road Show Europe 2012

Intro

Our future


Solid financial position, sustainable profit growth

Key investment highlights

DB Group combines stability with a good position for future growth

Key investment highlights

Strong track record in all key financial figures

Leading market position in all relevant markets

Core competence in managing transport networks

Balanced business mix of growth and value

Megatrends support our future growth potential

Unique geographic position in the heart of Europe

Profitable growth path continued since 2009

Very good ratings from Moody’s (Aa1), S&P (AA) and Fitch (AA)


Integrated Group structure with two holding companies (DB AG and DB ML AG) and 9 business units

DB AG is 100% owned by the Federal Republic of Germany

Privatization threshold: constitutionally mandated Federal majority shareholding in DB AG (“ownership clause”)

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 Long-

Distance

Deutsche Bahn AG

DB Netze Track

DB Netze Stations

DB Netze Energy

DB Bahn Regional DB Arriva

DB Schenker

Rail

DB Schenker Logistics

DB Services

DB Mobility Logistics AG

DB ML Group

DB Group

Structure

Organizational structure

DB Finance

B.V.

100%

100%

100%

Federal Republic of Germany

Deutsche Bahn Group Comments


Where do we come from

Turnaround of German railway business was key to success

171 174191

171184 191

388

327

299

261

239221

206194

184 177 173

135127

140139 144 145 149

159 159 153 155 160 161 157156154154149

164

154151

720

893975

860863820

1,2201,184

328

656

413468

533603

1,0421,133

1,167

1,247

1,106

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

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

2.3

1.91.7

2.52.4

0.5

1.0

1.4

2.1

-0.4-0.7-0.8

-1.5-1.7

-2.1-2.2

-2.7-3.0

6.1%

5.4%

5.7%7.4%

7.6%

-20.3%

-17.5%

-14.6%-13.3%

-11.1%

-9.8%

-5.0% -4.6%

-2.2%

7.1%

5.4%4.0%

1.6%

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

EBIT adjusted Adj. EBIT margin

1993-2011:

+272%CAGR:

+7.6%1994-2011:

€

+5.3 bnPer year:

€

+294 mn

Figures until 2004 FY according to German GAAP

Productivity –

rail (thousand ptkm/employee)

EBIT adjusted and adjusted EBIT margin (€

bn or %)


16.616.9

15.015.916.5

19.619.7

2005 2006 2007 2008 2009 2010 2011

15.114.3

13.112.2

11.0

9.2

7.7

2005 2006 2007 2008 2009 2010 2011


Equity ratio significantly improved, financial debt noticeably decreased

Equity (€

bn) Net financial debt (€

bn)Equity ratio (%)

29.227.527.6

25.2

22.6

19.0

16.3

2005 2006 2007 2008 2009 2010 2011

-15.7%/-

€

3.1 bn +96.1%/+ €

7.4 bn +12.9 %-points



Key value management figures significantly improved

ROCE

(%)

7.3

6.05.9

8.98.7

7.5

5.0

'05 '06 '07 '08 '09 '10 '11

20.5

18.119.4

22.521.1

18.6

14.7

'05 '06 '07 '08 '09 '10 '11

256

213

151

131115 118

110

'05 '06 '07 '08 '09 '10 '11

3.2

3.63.4

3.13.2

3.9

4.8

'05 '06 '07 '08 '09 '10 '11

Redemption coverage

(%) Gearing

(%) Net debt/EBITDA

(multiple)

Target: 10%

Target: 30%

Target: 100%

Target: 2.5


NetzeNo.1

Rail infrastructure

No.1Operation of railway stations

BahnNo.1

Local rail passenger transport

No.2Long-distance passenger rail transport

No.2Bus transport

Schenker

No.1Rail freight transport

No.1Land transport No.

Ocean freight

6Contract logistics

No.2Air freight

3No.

Where we are today

We hold leading market positions in Europe and the world


Where we are today

We are operating today in more than 130 countries with more than

2,000 sites

DB worldwide

(examples)

Own sites Partners

Transfesa

(DB SR)

DB Schenker

Spain-Tir

(DB SL)

DB Arriva Spain

DB Schenker

Brasil

(DB SL)

DB International

DB Schenker

China (DB SL)

DB International

Railion

Russija

Services (DB SR)

DB Schenker

Russia (DB SL)

DB International

DB Schenker

Australia (DB SL)

ECR (DB SR)

DB Schenker-Joyau

(DB SL)

DB Schenker

Rail UK

DB Schenker

UK

DB Arriva UK

DB Vertrieb

UK


Entrepreneurial approach to business

Integrated

GroupCross-modal solutions

Internationally positioned

Where we are today

Our success is based on four factors


Challenges and opportunities of the future

The megatrends of the future


Source: In-house figures as well as Progtrans, BMVBS figures

Ocean freight

Air freight

Land transport

Rail freight transport

Rail passenger transport

Public road/passenger transport

Contract logistics >+100

+80

+60

+35

+35

+10

+5

Market growth 2010 –

2020 % based on volumes (rounded figures)

Challenges and opportunities of the future

Transport markets will expand further in the future


Customer

and quality

Profitable growth

Strategic directions

Vision We are becoming the world's leading mobility and logistics company

Sustainable business success and social acceptance

1

2

3 4Cultural change/ employee satisfaction

Resource preservation/ emissions and noise reduction

Sustain-

ability

dimension

Profitable market leaderEconomic

Top employerSocial

Eco-pioneerEnvironmental

TopTop TopTopTopTop 11101011

Strategy ‒

DB 2020

Sustainable success by bringing all three dimensions into harmony


Strategy ‒

DB 2020

For people, for markets, for tomorrow

May 2012

Deutsche Bahn

AG / DB Mobility Logistics AG

Group Treasurer, Head of M&A

Wolfgang Reuter

“Our future: Sustainably successful!“

Munich –

Frankfurt –

London –

Edinburgh –

Milan –

Zurich –

Paris –

Helsinki –

Stockholm –

Amsterdam


Sustained recovery of global economy (GDP world +2.5%)Germany as a driver of economic growth in Europe

(GDP +3.0%)Economic development weakened during the course of the yearPrevailing insecurities as a result of the Euro-/debt crisisHigh cost burdens due to increase in energy, personnel and maintenance expenses

2011 Financial Year –

Overview

Highlights 2011

Positive development of German rail passenger transportFirst-time full-year inclusion of Arriva; major success in tender procedures in Denmark and Sweden

Rail freight transport again with strong growth Varying development in freight forwarding and logistics: strong growth in European land transport, further growth in ocean freight, decline in air freight

Train-path demand reached a new all time high at 1,051 mn

train-path kmNon-Group demand showed again double digit growth rates, share of total train-path demand increased to 20.9%

General conditions

Passenger transport

Transport and

logistics

Infrastructure


Key figures (€

mn)

EBIT adjusted

Net profit for the year

Net financial debt as of Dec 31

2,309

1,332

16,592

37,901

35,888


Overview

Strong development in 2011 financial year

2011

Revenues adjusted

Revenues comparable

+23.7

+25.9

-2.0

+10.1

+4.3

€ %Change

+443

+274

-347

+3,491

+1,481

+8.9+610Gross capital expenditures 7,501

+24.0+497Net capital expenditures 2,569

ROCE (%) 7.3 --

2010

1,866

1,058

16,939

34,410

34,407

6,891

2,072

6.0



Performance development

Significant recovery in transport and logistics

Performance in rail transport increasedDevelopment in long-distance transport dampened by non reoccurrence of positive one time effects from 2010 (among others pilot strike and ash clouds)No performance figures from Arriva included

Passenger Transport

DB Netze

Track

Train kilometers (train-path km: +1.7%)

Infrastructure in Germany

DB Netze

Stations

Stops (number: +0.9%)

Passenger Transport

Rail volume sold (pkm: +0.8%)

DB Bahn

Long-Distance

Rail volume sold (pkm: -1.3%)

DB Bahn

Regional Rail

Rail volume sold (pkm: +2.2%)

DB Bahn

Regional Bus

Bus volume sold (pkm: -4.0%)

Further recovery of transport volumesIncreases in performance except for air freightDevelopment in air freight weakened due to general market development especially on important Asian routes

Transport and Logistics in Europe/worldwide

DB Schenker

Rail

Rail volume sold (tkm: +5.8%)

Capacity utilization (t per train: +2.2%)

DB Schenker

Logistics

Land transport (shipments: +18.6%)

Air freight (t: -6.2%)

Ocean freight

(TEU: +7.0%)

Passenger Transport in Germany



Revenues

Further increase in revenues

35,88835,87634,410

37,979 37,901 2,025 1278

Revenues (€

mn)

2010 2011 2011comparable

+10.4%

Changes in scope of

consolidation

+1,478 / +4.3%

FX

effects

2011adjusted

-5.8%-P. -0.0%-P.

Special items

-0.3%-P.



Revenues

Structural shift in favor of passenger transport

4%6%

1%

59%29%

41%

1% 7%

51%

52% 48%

Revenues by division 2011

Germany

Europe (excl. Germany)

North America

Asia/Pacific

Other

Passenger transport

DB Schenker

DB Netze

(2010)

(54%)

(39%)

(6%)(1%)

Other

(62%)(25%)

(1%)

(5%)(6%)

Revenues by regions 2011

(2010)

Revenues by activities 2011

Rail Non-rail

(2010)

(47%)(53%)


572,309

1,8661,817

75

49

2,177


Profits

EBIT development significantly positive

EBIT and EBIT adjusted (€

mn)

EBIT Special items EBIT adjusted

2010 2011

+19.8%

+23.7% +443

EBIT Special itemsEBIT adjusted Reclassifications


4.1

9.2

0.6

2.7

3.71)

15.4

21.0

2.8

-

6.1

4.8

Margin (%)


Profits

Overall positive EBIT development on business units level

EBIT adjusted (€

mn)

DB Bahn Long-Distance

DB Bahn Regional

DB Schenker Rail


DB Services

DB Netze Track

DB Netze Stations

DB Netze Energy

Other/Consolidation

DB Group

DB Arriva

117

794

12

304

129

601

217

82

-442

1,866

52

2010

157

801

32

403

123

715

226

80

-388

2,309

160

2011

+40 +34.2

+7 +0.9

+20 +167

+99 +32.6

-6 -4.7

+114 +19.0

+9 +4.1

-2 -2.4

+54 -12.2

+443 +23.7

+108 -

€ %Change

3.1

9.2

0.3

2.1

4.11)

13.1

20.8

3.3

-

5.4

4.2

Margin (%)

1)

Based on segment revenues



Net financial debt

Decline in net financial debt

Arriva

2009 2010* 2011 2012E

-347

16.6

Net financial debt (€

bn)

15.0

* Excluding acquisition of Arriva

Dividend

16.9 16.6

-

Redemptions (2012) -1.9

Net liquidity

(as of Jan 1, 2012) +1.7

Net capex / other -4.4

Net liquidity

(as of Dec 31, 2012) +1.7

Anticipated funding requirements 2012 (€

bn)

Operating cash flow +4.9

Dividend 2011 -0.5

Bond issues (as of March 31, 2012) +0.9

Planned additional bond issues in 2012 +1.0

14.0*


+37.5%

EBIT adjusted(€

mn)


Q1 and outlook

Positive development in Q1 2012 and expected for 2012 financial year

ROCE (%)

Revenues adjusted

EBIT adjusted

7.3%

37,901

2,309

Dampened, but still positive economic environmentFurther increases in performance

Positive revenue developmentOngoing cost management

Development weakened by higher capital employed

Increase in cash flowAdverse effects from higher net capex and dividend payment

7,501 Continuation of growth and modernization programs

9.6

9.3Q1/11

Q1/12

+3.9%/+3.1%1)

Revenues(€

bn)

16.5

16.6Dec 31,2011

Mar 31,2012

-0.6%

Net financial debt(as of Mar 31, €

bn)

7.3

5.3Q1/11

Q1/12

ROCE(%)

Key figures (€

mn) Outlook 2012 financial year (Estimates as of March 2012)2011

16,592

Gross capital expenditures

Net financial debtas of Dec 31

576

419Q1/11

Q1/12

1)

Excluding FX effects and changes in the scope of consolidation

Appendix


Management summary

DB is in a very good position for sustainable and profitable growth

SkillsStrong core

competence in operating transport

networks +

experienced management team

Supporting megatrends

Globalization Climate change and shortage of resources

Deregulation and liberalization

Demographic change

Key investment highlightsProfitable growth opportunities

Robust business portfolioStrong recovery after the crisis

Solid financial positionVery good ratings

Current positionLeading market

positions

+

unique geographical position in Europe

Strategy and structure

Vertically integrated

Internationally focused

Politically supported

Strongly positioned in Europe

Commercially driven

Proven track record


Leading market position

Revenues (€

bn)

Appropriate returns

ROCE (%)

Financial stability

Redemption coverage (%)

6%

≥10%

18%

≥30%

34.4

70

As

a

profitable

market leader we offer our customers

first-class

mobility and logistics solutions

11TopTop

Strategy –

DB 2020

We want to become the profitable market leader by 2020


Strategy –

DB 2020

We want to improve customer satisfaction

1)

Including €

34 billion DB funds

86Areas for action (selected examples)

Expand customer information and service

Modernization of vehicle fleet

Upgrade and expand infrastructure

Consistent process quality

Link global IT systems together

Modernize and expand passenger stations

Push product and process innovation

Customer and quality

Information and Service

Gross capital expendituresuntil 2020

billion €1)


Acquisitions and

tenders

Expand existing and

new customer business

+100%

34,4

70

Profitable growth Areas for action

(selected examples)

Retain integrated structure and entrepreneurial approachImprove capacity utilization and productivity Develop, optimize and integrate transport networksTake advantage of opportunities arising from liberalization of European passenger transport marketExpand industrial competenceFurther development of cross-modal mobility and logistical

Strategy –

DB 2020

We intend to defend and expand our leading market position


Top 10 in Germany

Top 20 in Germany

…

…

NEW

TopTop

As a top employer

we

win and build loyalty with qualified employees

who work

with enthusiasm for DB and its customers

I’m a proud DB

employee

Strategy –

DB 2020

We want to become one of the top employers

http://www.google.de/imgres?imgurl=http://portal.tugraz.at/portal/page/portal/Files/i3110/04_Forschung_Dienstleistungen/Bilder/Siemens_Logo.jpg&imgrefurl=http://portal.tugraz.at/portal/page/portal/TU_Graz/Einrichtungen/Institute/Homepages/i3110/forschung_und_dienstleistungen/kooperationspartner&usg=__FPODaiaT7y_cF63tyDZCjk2S6hw=&h=200&w=922&sz=45&hl=de&start=12&zoom=1&tbnid=GMGYmm0leiSWWM:&tbnh=32&tbnw=147&ei=u7ZtTq2RF83Lswb-trzgBA&prev=/search?q=Siemens+logo&um=1&hl=de&sa=N&tbm=isch&um=1&itbs=1


Cultural change/ employee satisfaction

employeesenthusiastically

work

for DB and its customers

Qualified Areas for action (selected examples)

Regional future-focused discussions

Employee satisfaction

Employer attractiveness

Manage demographics

Understanding leadership

Diversity in leadership

Compatibility of career and family

Internationalization

Talent Pools

Career planning

Strategy –

DB 2020

We want to significantly increase employee satisfaction


Cultural change/ employee satisfaction

Strategy –

DB 2020

Our values form the foundation of how we interact with each other


Specific CO2

-

emissions DBShare of renewable energy in the DB Bahn energy mix

-15%TopTop

+75%

Noise emissions –

rail

-50%

20%

35%

Strategy –

DB 2020

By 2020 we’ll be recognized as the pioneer of environmental measures

As an eco-pioneer our products set standards for the efficient use of resources


Resource preservation/ emissions and noise reduction We are a leader in

environmental protection

Areas for action (selected examples)

Use of wind and hydro-

electric energy

Noise abatement

Efficient use of energy

Freight transport using Eco Solutions

CO2

-free offers for passenger transport

Electro-mobility on the road

Efficient usage of materials and resources

Strategy –

DB 2020

We will expand our leading environmental position



Revenues

Revenue increases across all business units

DB Group

Total revenues (€

mn)

+1,481 +4.3-2,022 12

€ %

Changes

DB Schenker Logistics +542 +3.8-1 -14

DB Netze Track +62 +1.4- -

DB Netze Stations +33 +3.2- -

DB Netze Energy +352 +14.1- -

DB Bahn Long-Distance +56 +1.5-8 -1

DB Bahn Regional +115 +1.3- -

DB Arriva +145 +11.7-2,001 15

DB Services +139 +10.9- -

DB Schenker Rail +340 +7.4-12 12

Other/Consolidation -303 +4.1- -

Consol.1) FX

Changes

35,888

14,852

4,642

1,077

2,853

3,785

8,718

1,381

1,413

4,924

-7,754

34,410

2010

14,310

4,580

1,044

2,501

3,729

8,603

1,236

1,274

4,584

-7,451

37,901

2011

14,867

4,642

1,077

2,853

3,794

8,718

3,367

1,413

4,924

-7,754

2011

comp.

1) Scope of consolidation



Profit development

Differentiated EBITDA development by business units

Changes

by business units (€

mn)

DB Group

DB Schenker Rail

DB Services

DB Netze Track

DB Netze Stations


DB Bahn Regional

DB Netze Energy


DB Arriva

Other/Consolidation

+23 +4.8%

+10 +0.7%

+183 +129%

+34 +11.3%

+94 +19.7%

-9 -3.1%

+100 +6.6%

+8 +2.3%

-6 -3.6%

+53 -12.5%

+490 +10.5%

EBITDA adjusted(€

mn)

5,141

336

278

1,624

351

504

1,361

159

572

325

-369

2011

4,651

302

287

1,524

343

481

1,351

165

478

142

-422

2010



Profit development

Reconciliation to the adjusted income statement

Income statement

(€

mn)

Com-

pounding/

discounting IFRS

Personnel expenses -

Depreciation -

Operating profit | EBIT adjusted -

Net interest | Operating net interest 98

Revenues -

Inventory changes and internally produced and capitalized assets -

Other operating income -

Other operating expenses -

Cost of materials -

Operating profit after interest 98

Other financial result -98

PPA-Amortization customer contracts -

Extraordinary result -

Results from at equity investments | investment income -

Profit before taxes -

Net investment

income

-

-

-

-

-

-

-

-

-

-

-1

-

-

1

-

PPA-

amorti-

zation

-

75

75

-

-

-

-

-

-

75

-

-75

-

-

-

Personnel-

related provisions

-

-

-114

-

-

-

-114

-

-

-114

-

-

114

-

-

Restruc-

turing

of US domestic business

28

13

118

-

-78

-

-22

70

107

118

-

-

-118

-

-

Decommis-

sioning

of GKN I

-

-

46

-

-

-

-

-

46

46

39

-

-85

-

-

Other

-

44

7

-

-

7

-76

-

32

7

-

-

-7

-

-

2011

-13,076

-2,964

2,177

-840

37,979

2,457

3,062

-4,375

-20,906

-

3

-

-

19

1,359

2011

adjusted

-13,048

-2,832

2,309

-742

37,901

2,464

2,850

-4,305

-20,721

1,567

-57

-75

-96

20

1,359

RECLASSIFICATIONS ADJUSTMENT OF SPECIAL ITEMS



Profit development

Significant improvement in operating profits

Adjusted income statement (€

mn) 2010

-11,583

-2,785

1,866

-752

34,410

2.207

2,636

-3,885

-19,134

1,114

-183

-

-49

18

900

Change

-1,465

-47

+443

+10

+3,491

+257

+214

-420

-1,587

+453

+126

-75

-47

+2

+459

Thereof due to changes in scope

of consolidation

-943

-96

+78

-8

+2,022

+4

+55

-281

-683

+70

+2

-50

-

+2

+24

Thereof due to exchange rate

effects

+6

+1

-20

-2

-12

-

-11

-13

+9

-22

-14

-

-

-

-36

2011

-13,048

-2,832

2,309

-742

37,901

2,464

2,850

-4,305

-20,721

1,567

-57

-75

-96

20

1,359

Personnel expenses

Depreciation

Operating profit | EBIT adjusted

Net interest | Operating net interest

Revenues

Inventory changes and internally produced and capitalized assets

Other operating income

Other operating expenses

Cost of materials

Operating profit after interest

Other financial result

PPA-Amortization customer contracts

Extraordinary result

Results from at equity investments | investment income

Profit before taxes



Balance sheet

Development of balance sheet

(€

mn, as of Dec 31)

Equity and liabilities

Assets

+/-

Current assets +259

Cash and cash equivalents +228

Equity +810

Non-current liabilities -524

Current liabilities -498

Non-current assets -471

Total assets -212

AssetsEquity and

liabilities

Non-current assets(85%, 2010: 86%)

Current assets

(15%, 2010: 14%)

Equity (29%, 2010: 28%)

Non-current liabilities(47%, 2010: 48%)

Current liabilities

(24%, 2010: 25%)

Maturity structure (as of Dec 31, 2011)

€

51.8 bnTotal€

51.8 bnTotal

Property, plant and equipment -501

Trade receivables +217

Intangible assets +15

Deferred tax assets -10

Financial debt -27

Financial debt -175

Trade liabilities

2011

7,732

1,703

15,126

24,238

12,427

44,059

51,791

37,372

4,094

4,169

1,461

16,367

1,984

4,312 26

2010

7,473

1,475

14,316

24,762

12,925

44,530

52,003

37,873

3,877

4,154

1,471

16,394

2,159

4,286


4,399

983

500

2,569

347

Reconciliation of decline in net financial debt (€

mn)

Operatingcash flow


Net financial debt

Decline in net financial debt

Net capex

Changes in

working

capital/Other

Dividend Surplus of funds

2009 2010 2011

-347

16,592

Net financial debt (€

mn)

15,011

13,966

-1,045

DividendArriva

16,092

16,939-847


Net financial debt

+ Commercial paper

+ Bank borrowings (incl. EIB)

+ Finance Lease (present value)

+ Other finance liabilities

Financial debt excl. federal loans

+ Federal loans (present value)

Bonds

+ EUROFIMA loans

-

Cash and cash equivalents and receivables from financing

Financial debt

-347

+/-

+160

-155

+154

-8

+642

-844

+799

0

+804

+145

-202

Financial debt (€

mn; as of Dec 31)


Financial debt

Components of financial debt

2011

16,592

202

991

1,270

9

16,259

2,092

12,634

1,153

14,980

1,759

18,351

Dec 31, 2010 Dec 31, 2011

18,553 18,351

Net:

16,939Net:

16,592

-347

2010

16,939

42

1,146

1,424

17

15,617

2,936

11,835

1,153

14,176

1,614

18,553

-202


2010 2011


Capital expenditures

Significant increase of capital expenditures

By business units (€

mn) 2010Gross capital expenditures (€

mn)€ %

Change

DB Group

DB Schenker Rail

DB Services

DB Netze Track

DB Netze Stations


DB Bahn Regional

DB Netze Energy


DB Arriva

6,891

350

177

4,986

511

48

287

144

189

187

Other/Consolidation 12

+610

-90

+70

+157

+36

+91

+106

+63

+57

+113

+7

+8.9

-25.7

+39.5

+3.1

+7.0

-

+36.9

+43.8

+30.2

+60.4

+58.3

6,891

7,501

2,0722,569

Net:

+610 +8.9%

+497 +24.0%

2011

7,501

260

247

5,143

547

139

393

207

246

300

19


7.9 8.1

10.88.7

2010 20112010 2011

46.040.8

32.430.6

2010 2011

Relevant markets

Order book in regional transport increased significantly in 2011

DB order book* (€

bn; as of Dec 31, 2011)

78.4

+7.0 +9.8%

71.4

32.3 37.3

21.421.7

2010 2011

58.754.1

+4.6 +8.5%

0.8

-

0.8

+2.3 +14%

18.916.6

DB Group DB Bahn Regional (rail) DB Bahn Regional (bus) DB Arriva

* Secured and unsecured revenues (mostly farebox revenues).

Secured

Unsecured


Relevant markets

€

46 bn of long-term secured revenues in regional transport

Long-term secured revenues Remarks

5.7 5.4 4.7 4.1 3.3 2.4 2.1 1.7

10.2

5.9

4.0 3.83.8

3.22.7

1.8 1.6 1.4

6.2

3.8

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021ff

Total: €

78 bn (€

46 bn secured + €

32 bn unsecured) As of December 31, 2011 the volume of revenues secured by long-term rail transport contracts (concession fees) in the DB Bahn Regional business unit increased by €

5.0 billion. The total of unsecured revenues decreased slightly by €

0.3 bn.

As of December 31, 2011, volume of revenues secured by long-term contracts (concession fees) in the DB Arriva business unit increased by €

0.2 billion. The total of unsecured revenues increased by €

2.1 bn.

secured unsecured

9.7 9.7 9.28.5

7.3

6.0

4.2 3.73.1

16.4


Capex and financing (€

bn)

59

125Total

16

35

2005 2006 2007 2008 2009 2010 2011

Net financial debt (as of Dec 31, €

bn)

19.7 19.6

16.5 15.915.0

16.9

-3.1 / -

15.7%

Proven track record: Capex campaign and deleveraging

Despite high capex volume significant reduction of net financial

debt

16.6

95

14

64

DB funds

133Total

Infra-structure

17

38 37Other

Investment

grants

Interest-free

loans

1994-2011

FinancingCapex

Other grants

DB funds

(71%)

(29%)


Major portfolio changes in DB Group: total M&A transactions (EqV) of €

11 bn

(€

4 bn divestitures and €

7 bn acquisitions)

2001 2002 2004 20052003 2006

Stinnes,Joyau

BAX,StarTrans

RAG Bahn

Brenntag,Interfer,Mitropa

2007

EWS

2008

Transfesa

…

Proven track record: Reshaping the entire DB Group

Expansion of transport networks partly through focused portfolio

measures

2009

PCC

2010

NordCargo

SDS

Rail freight

Logistics

Passenger transport

Divesti-

tures

DSB Gods

Deutsche Eisenbahn-

reklame

Scandlines,Aurelis,

Nuclear Cargo

Linjegods Spain-Tir

Arcor

Arriva

Romtrans

Chiltern,PanBus

RailNon Rail 9%

91%

RailNon Rail

31%

69%

2001 2003

Non Rail

48% 52%

Rail

2006

Non Rail

47% 53%

Rail

2010

Non Rail

47% 53%

Rail

2008

Revenue split

Non Rail

48% 52%

Rail

2011

2011

COBRA

Jean Heck

GrandCentral

Arriva Germany


Debt and financing

Deutsche Bahn is an active player in the bond markets

2.1

2.5

2.2

0.6

1.81.71.7

2.2

1.2

1.0

00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

DB Group has a very good access to capital marketsIn 2012 we expect to tap the bond markets for up to €

2 bnWe plan to issue benchmark bonds in the capital markets and private placements in 2012

Total: €

16.8 bn, Ø

p.a.: €

1.4 bn

<2.0

Bond issues 2000-12 (€

bn) Remarks


2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Ratings

Very good ratings:

Moody’s:

Aa1/stable S&P: AA/stable

Fitch:

AA/stableRatings confirmed in 2012

Major refinancing activities in 2011

EUR 500 mn bond with a 3.750 % coupon issued in MaiEUR 500 mn bond with a 2.875 % coupon issued in JuneEUR 200 mn bond with a 3.750 % coupon issued in JulyCHF 375 mn (€

323 mn) bond with a 1.500 % coupon issued in JulyNOK 750 mn (€

95 mn) bond with a 3.375 coupon issued in AugustHKD 836 mn (€

78 mn) bond with a 2.000 % coupon issued in OctoberNOK 500 mn (€

65 mn) bond with a 3.375% coupon issued in OctoberEUR 92 mn bond with a 3.535 % coupon issued in NovemberEUR 60 mn bond with a variable coupon at 3M-Euribor+50 bp issued in NovemberUSD 200 mn (€

146 mn) bond with a variable coupon at 3M-Euribor+82,5 bp issued in November

Interest-bearing debt

(%)

Maturity profile of financial debt (as of Dec 31, 2011; €

bn; incl. underlying swaps)

Bonds Eurofima EIBBank

Currency structure MTN program

Federal loans Leasing (as of Dec 31, 2011)

Bonds MTN78%

EUROFIMA7%

Bank6%

Other9%

NOK1%

CHF9%

EUR81%

USD1%

JPY7%

HKD1%

(as of Dec 31, 2011)

Total volume in 2011:

€

2,059 mn

1.7

1.4

1.2

1.1

2.2

1.5

1.9 1.8

1.7 1.7

1.1

0.2 0.2 0.2

0.5

Debt and financing

Rating and financing activities


Long-distancetransport

Land transport

Contract

logistics/SCM

Air/ocean freight

Regionaltransport

Rail infrastructure

Rail freighttransport

Skills and current positions

Successfully developed transport networks ensure top market positions

DB

worldwide

No. 2

Air freight

No. 2

Long-distance rail passenger transport

No. 1

Regional rail passenger transport

No. 2

Urban bus transport

No. 1

Rail infrastructure

No. 1

Rail freight

transport

No. 3

Ocean freight

No. 5

Contract logistics/SCM

No. 1

Land transport

Our transport networks DB

in Europe


Contacts

DB road show team

Dr. Richard LutzCFO

Wolfgang ReuterGroup Treasurer, Head of Mergers and Acquisitions

Tel.:

+49 30 297-64300

[email protected]

Address

Deutsche Bahn

AG/

DB Mobility Logistics AG

Europaplatz

1

10557 Berlin

Germany

Internet

www.deutschebahn.com/ir-e

www.deutschebahn.com/ir-dbml-e

Robert Allen StrehlHead of Investor Relations

Tel.:

+49 30 297-64030

[email protected]

Sascha

FriedrichManager Investor Relations

Tel.:

+49 30 297-64032

[email protected]

Hartwig

SchneidereitHead of Capital Market Financing

Tel.:

+49 30 297-64010

[email protected]

Marcus MehlingerHead of Equity and Debt Financing

Tel.:

+49 30 297-64006

[email protected]

Ute HaasCapital Market Financing

Tel.:

+49 30 297-64007

[email protected]


Appendix

Disclaimer and photo credits

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.

Page 2

–

Jo Kirchherr, Claus Weber

Page 9

–

ClipDealer

(#393325), Max Lautenschläger, Wolfgang Klee, Michael Neuhaus

Page 10

–

Tobias Heyer, ClipDealer

(#218972), ClipDealer

(#132843), Simon Kent, ClipDealer

(#245691)

Page 12

–

Jo Kirchherr, Claus Weber, ClipDealer

(#70420), S. Müller

Page 27

–

Jochen Manz, Christian Bedeschinski

Page 28

–

Thomas Schwörer

Page 29

–

ClipDealer

(#70420)

Page 30

–

Heiner Müller-Elsner

Page 31

–

GettyImages

(#88752051)

Page 32

– S. Müller

Page 33

–

Bartlomiej

Banaszak

Page 48

–

Günter Jazbec, Ralf Braum, Claus Weber, Stefan Warter, Rainer Garbe, Michael Neuhaus

Disclaimer

Photo credits

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