Strategy of Deutsche Bahn Group: Beijing - Tokyo - Hong Kong - Singapore

Beijing – Tokyo – Hong Kong – Singapore
Strategy of Deutsche Bahn Group
Deutsche Bahn AG / DB Mobility Logistics AG

CFO
Dr. Richard Lutz
September 2010
Strategy
Thinking beyond railway in Germany as key to success
DB Group’s fundamental concept
Passenger Transport Transport and Logistics
Rail system in Germany
Infrastructure
Deutsche Bahn AG 2 Road Show Asia 2010

Track record – Operational turnaround after German Rail Reform
Balanced Group portfolio helped us through the crisis
EBIT adjusted and adjusted EBIT-Margin Productivity – rail

(€ bn or %) (thousand ptkm/employee)
1994-2009:  € +4.7 bn 1993-2009:  +237%

Per year:  € +310 mn 2.4 2.5 CAGR:  +7.9%
2.1 1,247
1.7 388 1,167 1,106
7.6% 7.4% 1,133
1.4 7.1%
5.7% 1,042
1.0 327
975
0.5 5.4% 299 893
4.0% 863 860
261
820
-2.2% 1.6%
239 720
-4.6%
-5.0% 221
206
-0.4 194 191
184
-9.8%-0.8 -0.7 533 656 177 173 164 171 174 171
-11.1% 140 603 159 159 153 155 160 161 154 154
149 151 149
-13.3% 139 144 145 154
-14.6% 127 135 468
-1.5
-1.7 413
-17.5%
-2.1 328
-20.3% -2.2
-2.7
EBIT adjusted EBIT-Margin
-3.0
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Ptkm (bn) Employees - rail (thd, year average) Productivity
Figures until 2004 FY according to German GAAP

Track record – Driver of changes in DB Group
Track record driven by restructuring programs and portfolio measures
Driver of changes in DB Group

programs
Group
“Fokus” “Qualify”
Restructuring of core business Improve performance Coping
with the crisis
… 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
DSB Gods Stinnes RAG Bahn BAX EWS Transfesa PCC NordCargo
Joyau Linjegods StarTrans Spain-Tir Chiltern Arriva
Portfolio
changes
Romtrans
WBN Niesky
Brenntag Deutsche SDS Scandlines Arcor Sale

Interfer Eisenbahn- Aurelis Acquisition
Mitropa reklame Nuclear Cargo
Non 2001 Rail Non 2003 Rail Non 2006 Rail Non 2008
Rail Non 2009
Rail
Revenue
Rail 9% Rail Rail Rail Rail

split
31% 48% 52% 47% 53% 43% 57%

91% 69%

Track record – Capex campaign and deleveraging
Despite high capex volume significant reduction of net financial debt
Capex and financing (€ bn) Financial debt (as of Dec 31, € bn)
€ -3.8 bn
Capex Financing
20.3 20.0 19.9
0.8 0.3 0.3 18.1
Investment 16.8 16.5
55 1.5
Infra- grants 0.9
structure 1.5
84
Total
(71%) Interest-free
14 loans
118 Net: € -4.5 bn
15 DB funds
19.5 19.7 19.6 16.5 15.9 15.0
Other
34 33 DB funds
(29%)
Other grants
1994 - 2009 2004 2005 2006 2007 2008 2009
Figures until 2004 FY according to German GAAP

Structure
Focused Group portfolio with three divisions
 DB AG and DB ML AG Revenues (€ bn) 29.3 ROCE (%) 5.9

DB Group (2009) act as management
holding companies EBIT adjusted (€ bn) 1.7 Gross capex (€ bn) 6.5
 Vertically integrated EBITDA adjusted (€ bn) 4.4 Total assets (€ bn) 47.3
Group structure
 Ratings: Aa1 / AA / AA Net profit (€ bn) 0.8 Employees (as of Dec 31) 239,382
# 2 rail passenger transport # 1 European rail freight transport Longest rail network in Europe
in Europe # 1 European land transport 353 railways utilizing German
# 2 regional and local public # 2 Global air freight track infrastructure, thereof
transport in Europe # 3 Global ocean freight 323 non-Group railways
# 1 bus transport in Germany # 5 Global contract logistics
2009 € mn % 2009 € mn % 2009 € mn %
Total revenues 12,406 42 Total revenues 15,347 52 Total revenues 7,702 26
EBIT adjusted 1,111 66 EBIT adjusted 10 1 EBIT adjusted 878 52
EBITDA adjusted 2,057 47 EBITDA adjusted 478 11 EBITDA adjusted 1,996 45
Capital expenditures 511 8 Capital expenditures 515 8 Capital expenditures 5,276 82
Employees (as of Dec 31) 52,683 22 Employees (as of Dec 31) 91,279 38 Employees (as of Dec 31) 46,529 19
Excl. DB Services and Other/consolidation
Strategy
Vision and strategic directions
Our vision: The world’s leading mobility and Long-term objectives and strategic directions
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

Strategy
Mega trends remain driver of long-term growth in our markets
Mega trends in the transport markets
Climate change and

Globalization Liberalization Demography
resource shortage
Emerging growth Rising customer Further liberalization of Diverging regional

markets in Asia and sensitivity for climate rail transport in Europe development
Eastern Europe change Growing pressure on Increasing urbanization
Increasing level of Transport sector as a public budgets Increasing mobility in
outsourcing key driver of CO2 Continued outsourcing of career and private life
Growing global flow of emissions public responsibilities Aging population
goods in the long run Increasing prices for
fossil fuels

Strategy
Our core competence: development and operation of integrated networks
We operate six different transport networks with a German, European or global reach
Long-distance Long-distance transport

transport Dense polycentric network allows fast, interconnected
Aarhus
Copenhagen
and comfortable passenger transport
Air / ocean London Amsterdam Szczecin
Poznan
Warsaw
Regional and Regional and urban transport
freight urban transport
Brussels Wroclaw
Paris
Prague
Regional and urban transport networks offer attractive

Krakow
Basel Budapest
Vienna
Lyon
Zurich
Klagen-
Marseille furt
Italy Zagreb
alternatives to car travel

Belgrade
OSL STO
AMS
MOW
LHR
FRA WRO ICN
ORD CDG
MIL VIE
Rail freight
TOL
MAD
LAX
DFW ATL JFK PVGNRT
DXB HKG
MIA
Network ensures integrated cross-border rail freight

SIN
SAO MEL
JNB
services
Rail infrastructure
The biggest, most significant and challenging rail
infrastructure in Europe
Land transport
The most comprehensive hub network in Europe
enables fast and reliable regular pan-European delivery
Land Rail freight Air / ocean freight
transport Global network enables one-stop shop logistics
solutions
Rail infrastructure

Strategy
Passenger Transport – strategic directions
DB Bahnʼs strategic approach
Offering mobility
solutions
Attracting new
customers with
innovative services and Strategic rationale of
Products / Services
products acquisition deepened

Marketing travel chains in the following
Further developing core Advancing

business internationalization
Safeguarding and Expanding cross-border
expanding today's core long-distance services
business Developing new
Increasing punctuality, international markets in
quality and service regional transport
Core Business
Markets

Strategy
DB Bahn: great chances abroad, but small European footprint (prior to Arriva)
Market opening by European countries Revenues in regional transport outside of the

respective home market (2009, € bn)
Advanced
On Schedule (1) 69% 5.8
Delayed
Pending departure
Not relevant
(2) 3.3
(3) 100% 1.8
(4) 93% 1.5 DB Bahn

after
(5) 55% 1.1 acquisition
of Arriva:
(6) 100% 0.9 ~3.4

 #2
(7) 0.3
(8) 0.2
Source: Liberalization Index Rail 2007, EU Europe (excl. domestic) APAC America Other

Strategy
Arriva and DB – a “merger for growth” to utilize opportunities in Europe
Current status Strong combined market positions
June 17, 2010: General meeting of Arriva agreed cash offer with
Scandinavia (DK, SWE) UK
90.4% of votes
August 11, 2010: European Commission granted phase I clearence Revenues: € 0.5 bn Revenues: € 2.0 bn
August 27, 2010: Completion date and delisting DK: 2nd in rail / 1st in bus 3rd in bus and rail
Commitment of DB to divest German business SWE: 5th in bus / 4th in rail
Corporate profile of Arriva Germany The Netherlands

Revenues: € 8.6 bn Revenues: € 0.3 bn
Three divisions: UK Bus, UK Trains, Mainland Europe
Geographical diversification with strong position in continental 1st in rail and bus 3rd in bus and rail
Europe, activities in 12 countries
Balanced revenue-mix (2009): Bus (64%) and rail activities (36%); Eastern Europe Iberia (Portugal, Spain)
UK (51%) and Mainland Europe (49%)
Fleet of 14,800 buses and 587 train-sets; Employees: 42,300 Revenues: € 0.1 bn Revenues: € 0.2 bn
Order book of GBP 12.2 bn (as of Dec 31, 2009) 4th in bus in CZ; PL, HU, 3rd in bus in Portugal;
Key financials (GBP mn) 2005 2006 2007 2008 2009 SL: n.a. Spain: n.a.
Revenues 1,540 1,695 2,001 3,042 3,148
Italy
EBITDA 207 229 249 330 324
EBIT 109 117 128 172 160 Revenues: € 0.2 bn
Capex 247 167 233 264 288 1st in bus
Net financial debt 967 988

Investment highlights
DB Group combines stability with a good position for future growth
Key investment highlights
Strong track record since 1994
Passed “stress test” in 2009
Unique geographic position in the heart of Europe
Leading market positions in all relevant markets
Core competence in managing transport networks
Mega trends support our future growth potential
Balanced business mix of growth and value
Solid financial position, sustainable profit growth

Beijing –
Frankfurt – Amsterdam
Tokyo – Hong Kong––Zurich
– Paris Singapore
– Milan – Munich – London – Edinburgh
Financial Development 2009 and H1 2010

Capital Market Activities
Deutsche Bahn AG / DB Mobility Logistics AG

Group Treasurer,
Head of Mergers & Acquisitions
Wolfgang Reuter
September 2010
2009 financial year – At a glance
Positive result despite historical economic crisis
Highlights
Unprecedented economic crisis hit the economies and companies worldwide

Additional capex volume of € 1.3 bn for the German rail infrastructure
due to economic stimulus packages
Group-wide countermeasure program reACT with a positive EBIT-effect of € 0.6 bn
DB Group was the only European railway that remained in the black in the
2009 financial year
Revenues EBIT adjusted EBITDA adjusted Net financial debt ROCE
(€ bn) (€ bn) (€ bn) (as of Dec 31, € bn) (%)
2009 29.3 2009 1.7 2009 4.4 2009 15.0 2009 5.9
-12.3% -32.1% -15.4% -5.8%
2008 33.5 2008 2.5 2008 5.2 2008 15.9 2008 8.9

2009 financial year – Market trends
Stable development in core market Germany
Passenger transport - DB Bahn (2009; bus and rail) Rail freight transport - DB Schenker (2009)
Passengers (mn) 2,708 +0.6% Freight carried (mn t) 341 -10.0%
Volume sold (mn pkm) 86,033 -1.1% Volume sold (mn tkm) 93,948 -17.3%
Capacity utilization (long-distance; %) 45.1 - Capacity utilization (t/train) 484 -0.9%
Passenger transport – German market Rail freight transport – German market

Growth rates 2009 (%) Market share Growth rates 2009 (%) Market share
Chg. Chg.
2009 (%-points) 2009 (%-points)
-1.6 Market: -0.2% -20.8

DB Bahn (rail) 9.2% -0.1 DB Schenker Rail 12.3% -1.4
Rail: -1.2%
Motorized individual
+0.0 79.1% +0.1 Road -10.2 71.9% +1.2
transport
Public road transport -0.5 9.7% -0.1 Waterway -16.2 9.1% -0.5
Air -3.6 1.3% - Non-Group railways -4.4 4.0% +0.3

 1  1
Market: -11.7%
Non-Group railways +4.6 0.7% - Pipelines 2.7% +0.4
Rail: -17.3% 2.6

2009 financial year – Market trends
Significant downturn in European and global transport and logistics markets
European rail freight market (based on tkm) European land transport (based on €)
No. 1 in Europe
No. 1 in Europe Growth rates (2009) No. 1 in Europe
No. 1 in Europe Growth rates (2009)
2009 2008 2009 2008
Market (bn tkm) 386 482 -20% Market (€ bn) 137 169 -19%
DB Schenker (bn tkm) 93.9 114 DB Schenker (€ bn) 5.05 6.33

-17% -20%
Market share (%) 24.4% 23.6% Market share (%) 3.7 3.7
Global ocean freight (based on TEU) Global air freight (based on t)
No. 3 worldwide Growth rates (2009) No. 2 worldwide Growth rates (2009)
2009 2008 2009 2008
Market (mn TEU) 28.8 31.7 -9.0% Market (mn t) 16.7 19.0 -12%
DB Schenker (mn TEU) 1.42 1.45 DB Schenker (mn t) 1.03 1.23

-2.1% -16%
Market share (%) 4.9 4.6 Market share (%) 6.2 6.5
DB Schenker Market
2009 financial year – Value management
Drop in value management figures except for gearing
ROCE (%) Redemption coverage (%)
ROCE = EBIT adjusted ÷ capital employed Redemption coverage = operating cash flow ÷ adjusted net financial debt
Target 10% Target 30%

21.1 22.5
8.9 18.6 19.4
8.7 WACC bef. tax. 8.9%
7.5 14.7
5.9
5.0
2005 2006 2007 2008 2009 2005 2006 2007 2008 2009
Gearing (%) Net debt/adjusted EBITDA
Gearing = net financial debt ÷ equity capital Net debt/EBITDA = net financial debt ÷ EBITDA adjusted
256
213 4.8x
3.9x
151 3.2x 3.1x 3.4x
131 115
Target 2.5x
Target 100%
2005 2006 2007 2008 2009 2005 2006 2007 2008 2009

H1 2010 – At a glance
Significant improvement of all key financials in H1 2010
Highlights
DB Group is back on growth path in terms of volumes and revenues

DB Group showed improving profitability
DB Group was able to further reduce net financial debt
DB Group’s financial situation is stable and reliable
DB Group’s very good credit ratings are unchanged
Revenues EBIT adjusted EBITDA adjusted Net financial debt ROCE

(€ bn) (€ mn) (€ bn) (€ bn) (%)
H1 H1 H1 H1 H1
2010 16.1 2010 846 2010 2.2 2010 14.9 2010
5.9
+12.8% +26.1% +10.2% -1.0%

H1 H1 H1 H1 H1
2009 14.3 2009 671 2009 2.0 2009 15.0 2009
4.8

Strong increases in T&L business, but rail freight still below pre-crisis level
Volumes sold – Rail passenger transport Volumes sold – Rail freight transport
(bn pkm) (bn tkm)
77.8 76.8 113.6

93.9
37.4 37.3 38.1 59.3

52.6
44.3
-0.1% +2.0% -25.3%

+18.8%
H1 H1 H1 H1 H1 H1
2008 2009 2010 2008 2009 2010
Volumes sold – Land transport Volumes sold – Air freight Volumes sold – Ocean freight
(mn shipments) (thousand t) (thousand TEU)
72.8 1,229 1,454 1,424

70.1
1,032
37.3 39.4 800

34.4 630 587 721 650
456
+14.6% +23.1%
-7.9% +28.6% -9.8%
H1 H1 H1 -27.5%
H1 H1 H1 H1 H1 H1
2008 2009 2010
2008 2009 2010 2008 2009 2010

H1 2010 – Revenues
Revenue increase mainly in transport and logistics
Revenues (€ mn) Remarks
+12.8% Significant volume increase in

transport and logistics
+87 +165 -60 16,102 Positive impact from higher
+1,638
14,272 volume sold in passenger transport
Increases in infrastructure business
from higher non-Group demand,
price adjustments and expansion of
energy services business
Effects from key acquisitions:
+€ 110 mn
(exclusively due to inclusion of
DB Schenker Rail Polska)
Effects from currency exchange
rates : +€ 241 mn
(mainly DB Schenker Logistics)
Transport Passenger Infra- Other/Con-

H1 2009 H1 2010
and Logistics Transport structure solidation

H1 2010 – Revenue split
Shift in revenue structure in favor of transport and logistics
Revenue split (divisions) H1 2010 Revenue split (activities) H1 2010 Revenue split (regions) H1 2010
(H1 2009) (H1 2009) (H1 2009)
 55%

65%
(51%)  23%
54%

 46% (69%) (21%)
(57%)

38% (43%)
(42%)
5%
1% 6% 1% 6% (5%)
(1%) (6%) (<1%) (5%)
DB Bahn DB Netze Rail Non-rail Germany North America
DB Schenker Other Europe Asia/Pacific

(excl. Germany)
Rest of World

H1 2010 – Profit development
Significant lower volume of special items than in H1 2009
EBIT
in Mrd.and
€ EBIT adjusted (€ mn) Special items
-24.6% H1 2010
Special items mainly due to
1,160 partial reversal of provisions for
technical risks
+26.1%
H1 2009
875 Special items mainly due to
489 846
29 project Stuttgart 21
671
Net profit
Lower volume of special items

had a negative impact on net
profit as well:
H1 2010: € 392 mn
(€ 547 mn)
EBIT Special items EBIT adjusted Special items EBIT  -28.3%
H1 2009 H1 2010

H1 2010 – Balance sheet
Further reduction in net financial debt
Gross capex (€ mn) Financial debt (€ mn) Balance sheet structure

(as of Jun 30, 2010)
+5.3% +6.9% Equity and

Assets liabilities
2,502 17,648
2,376 16,510 Equity
Non-current
2,788 assets 27.7% (27.6%)
1,499
83.5% (87.3%)
Pension prov.
Net: 3.6% (3.7%)
Other
provisions
Net: -€ 151 mn 13.1% (13.6%)
15,943 Financial debt

-6.3% 15,011 35.8% (34.9%)
15,011 14,860
923
865
Other
Current assets 19.8% (20.2%)
16.5% (12.7%)
Total € 49.3 bn Total € 49.3 bn

H1 2009 H1 2010 Dec 31, 2009 Jun 30, 2010 (€ 47.3 bn) (€ 47.3 bn)

Debt and financing
Rating and financing activities
Ratings Major refinancing activities
Very good ratings: Total volume in 2009: € 2,100 mn

Moody’s: Aa1/stable Total volume in 2010: € 1,200 mn (as of August 31, 2010)
S&P: AA/stable € 200 mn EUROFIMA loan with a 4.00% coupon drawn in January, 12 years
Fitch: AA/stable € 500 mn bond with a 3.50% coupon issued in June, 10 years
€ 500 mn bond with a 3.75% coupon issued in July, 15 years
Ratings confirmed in 2010
Interest-bearing debt Maturity profile of financial debt Currency structure

(%) (as of Jun 30, 2010; € bn; incl. underlying swaps) MTN-program
€ 14.8 bn Bonds Federal loans Leasing Eurofima EIB (as of Jun 30, 2010)
(as of Jun 30, 2010) 2.0
1.9 1.9
Bonds MTN 1.7
67% EUR
1.4
1.3 1.3 HKD 78%
1.3
1.1 1%
0.8 0.8
0.7 JPY
CP
0.5 6%
10%
USD
Other EUROFIMA 12% CHF
8% Bank 8% 3%
7%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Debt and financing
Focus on credit quality
Ratings: Moody’s (Aa1) / S&P (AA) / Fitch (AA)

Very good
ratings Profitable business development since 2004 even in 2009
Stable financial profile despite crisis, sound financing structure and conservative funding strategy
Federal obligations resulting from Art. 87e German Constitution
- „Infrastructure obligations“: High share in funding of infrastructure capex,
Obligations amounting to around € 2.5 bn p.a. (replacement capex)
of the Federal
Republic - „Public interest obligations“: Federal states receive funds for ordering local passenger transport
of Germany services, amounting to around € 6.7 bn p.a. (increasing by 1.5% p.a. until 2014)
- Privatization threshold: Up to 49.9% of shares to 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 with Federal states (2009 revenue share:
15%) – order book of € 28 bn, Arriva: GBP 12 bn, aggregated amount: about € 42 bn
Operating Vertical integration as a major factor for business success
performance Productivity improved by 237% (workforce reduction in rail business by approx. 240,000 since
1994, EBIT increased by € 4.7 bn (€ 310 mn p.a.), EBITDA increased by € 6.4 bn (€ 430 mn p.a.)
and total capex of € 118 bn since the 1994 German Rail Reform

2010 financial year – Outlook
Noticeable positive development in 2010 financial year expected
€ mn 2009 2010 DB Group – Outlook 2010 financial year (as of July 2010)
Revenues - Increase expected due to recovery of economy

29,335 
comparable and volumes
Higher increase of revenues compared to operating expenses
EBIT adjusted 1,685 
expected, dampening effects from pressure on margins
Slight improvement expected due to increase in adjusted EBIT,
ROCE 5.9% 
but higher capital employed
Increase due to Arriva acquisition expected
Net financial debt 15,011 
(decline excluding Arriva)
Gross capex 6,462  Modernization process should continue on a higher level
This outlook is still subject to substantial caveats regarding continuing uncertainties from to the economic
development and is based on the following assumptions:
Continuing of the economic recovery that started in 2009
Positive effects from economic development in Germany and the Euro-Area
Recovery of the German rail freight market after significant reductions in volumes in 2009
Growth of the global air and ocean freight markets

Beijing – Tokyo – Hong Kong – Singapore
APPENDIX
Structure
Organizational structure (prior to integration of Arriva)
Overview Comments
Integrated Group structure with two

DB Group
holding companies (DB AG and
DB ML AG) and 9 business units
Deutsche Bahn AG DB AG is 100% owned by the
Federal Republic of Germany
DB ML Group Privatization threshold:

constitutionally mandated Federal
majority shareholding in DB AG
DB DB DB
DB Mobility Logistics AG Netze Netze Netze („ownership clause“)
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 Bahn DB Bahn DB DB DB
Long- Regional Urban Schenker Schenker Services Current Group structure was
Distance Rail Logistics established in 2008 for privatization
purposes

Strategy
Transport and logistics – strategic directions
DB Schenker’s Strategic Approach
Expanding
integrated offers
Integrated road-rail
solutions
Green logistics
Products / Services
Integrated solutions for

specific industries
Advance core business Strengthen networks

Improve productivity and Integrate acquisitions
quality Connect international
Optimize margins and networks
costs Extend presence and
Increase utilization market shares
Standardize products
and processes Core businesses
Markets

Strategy - Expand
DB Schenker Rail consequently built up its European network
Rail freight network of DB Schenker Acquisitions (fully consolidated as of Dec 31, 2009)
NL NS Cargo (2000, 98%)

DK DSB Gods (2001, 51%)
IT Strade Ferrate del Mediterraneo
(2004, 100%)
North
DE RBH Logistics (2005, 100%)
CH Brunner Railway Services (2007, 98%)
North-
west UK/FR EWS / ECR (2007, 100%)
East ES Transfesa (2008, 51%)
West PL PCC (2009, 98%)
South-
IT NordCargo (2009/2010, 60%)
east
South Joint ventures

South-
west
BE Cobra (49%)
CH BLS Cargo (45%)
International Regional DK/SE Railion Scandinavia (98%)
Corridors Network
IT Rail Traction Company (4,5%)

Strategy - Expand
DB Schenker Logistics operates leading networks in its markets
International presence in more than 130 countries
Land transport: 720 branches in 38 countries Americas APAC
Air freight
Europe
GOT
LON
HAM
Ocean freight RTM
MSL MIL BUS
TYO
NYC SHA
LAX
MIA KEE
HKG
DXB
SIN
Americas
DB Schenker Logistics land transport terminals
DB Schenker Logistics land transport Eurohubs International Hub
EMEA APAC
(Friedewald, Malmo, Paris, Salzburg) National Gateway

Strategy - Integrate
European land networks benefit from DB Schenker’s global presence
DB Schenker networks
America Linkage of European land

networks (road-rail)
- Intermodal transport (containers)
- Railports (single wagon transport)
Feeder and follow-up for air and

ocean freight by road or rail
transport
- Seaport hinterland
- Road feeder services
Asia
Increase volumes of inter-
European shipments
- By generating more business with
European customers
- Via new business with American
and Asian customers

Positive performance development, especially in transport and logistics
Rail DB Schenker Rail

Volume sold DB Market1), 2)
 Total volume sold (+2.0%)
DB Bahn Long-Distance European market (tkm)  +18.8%  >10%2)
 Volume sold (+3.8%) DB comparable3)  +14.9%
DB Bahn Regional German market (tkm)  +14.6%  >3%
 Volume sold (+0.5%)
DB Schenker Logistics
 Volume produced (-0.8%)
Volume DB1) Markt1)
Bus
Land transport (shipments)  +14.6% 
 Volume sold (+2.9%) Air freight (t)  +28.6%  >20%
 Volume produced (+3.7%) Ocean freight (TEU)  +23.1%  >15%
Train-path demand Station stops

 Train kilometers (+2.9%)  Stops (-0.4%)
 Share of non-Group railways from 16.7 % to 18.6 %
1) Preliminary DB estimates; 2) Only rail transport; 3) Excluding DB Schenker Rail Polska
Change H1 2010 vs H1 2009
H1 2010 – Revenues
Revenue growth in almost all business units
Total revenues H1 H1 Change by business units

(€ mn) 2010 2009 (€ mn)
DB Bahn Long-Distance 1,828 1,729 +99 +5.7%
DB Bahn Regional 3,753 3,782 -29 -0.8%
DB Bahn Urban 634 617 +17 +2.8%
DB Schenker Rail 2,268 1,899 +369 +19.4%
DB Schenker Logistics 6,746 5,477 +1,269 +23.2%
DB Services 557 575 -18 -3.1%
DB Netze Track 2,198 2,126 +72 +3.4%
DB Netze Stations 524 512 +12 +2.3%
DB Netze Energy 1,230 1,149 +81 +7.0%
Other 352 341 +11 +3.2%
Consolidation -3,988 -3,935 -53 +1.3%

DB Group 16,102 14,272 +1,830 +12.8%

Income increased stronger than expenses
+/-
Adjusted P&L (€ mn) H1 2010 H1 2009 Driver
abs. %
Revenues 16,102 14,272 +1,830 +12.8 Revenue increase due
Total income 18,063 16,124 +1,939 +12.0 to higher volumes in
transport and logistics
Cost of materials -8,816 -7,199 -1,617 +22.5
Inclusion of DB
Personnel expenses -5,443 -5,377 -66 +1.2 Schenker Rail Polska
Other operating expenses -1,607 -1,554 -53 +3.4 Increase in purchased
services (cost of
EBITDA adjusted 2,197 1,994 +203 +10.2
materials) driven by
Depreciation -1,351 -1,323 -28 +2.1 volumes and prices
Additional burdens due
EBIT adjusted 846 671 +175 +26.1 to higher maintenance
expenses for busses,
Financial result -507 -396 -111 +28.0
trains, wagons and rail
Extraordinary result 30 489 -459 -93.9 infrastructure
Profit before taxes 369 764 -395 -51.7
Taxes on income 23 -217 +240 -
Net profit 392 547 -155 -28.3

Differentiated EBIT development on business unit level
EBIT adjusted H1 H1 Change by business units

(€ mn) 2010 2009 (€ mn)
DB Bahn Long-Distance 80 57 +23 +40.4%
DB Bahn Regional 420 456 -36 -7.9%
DB Bahn Urban 27 55 -28 -50.9%
DB Schenker Rail -19 -121 +102 -
DB Schenker Logistics 110 37 +73 +197%
DB Services 74 57 +17 +29.8%
DB Netze Track 237 243 -6 -2.5%
DB Netze Stations 123 127 -4 -3.1%
DB Netze Energy 40 54 -14 -25.9%
Other/Consolidation -246 -294 +48 -
DB Group 846 671 +175 +26.1%

H1 2010 – Capital expenditures
Gross capex spending continued on a high level
H1 H1 +/-
Gross capital expenditures (€ mn) By business units
2010 2009 abs. %
+5.3% DB Bahn Long-Distance 13 21 -8 -38.1
2,502 DB Bahn Regional 115 280 -165 -58.9

2,376
DB Bahn Urban 22 22 - -
DB Schenker Rail 147 172 -25 -14.5
DB Schenker Logistics 61 85 -24 -28.2
Net: DB Services 51 55 -4 -7.3
-6.3% DB Netze Track 1,921 1,594 +327 +20.5
DB Netze Stations 136 104 +32 +30.8

923
865
DB Netze Energy 32 36 -4 -11.1
Other/Consolidation 4 7 -3 -42.9
H1 2009 H1 2010 DB Group 2,502 2,376 +126 +5.3

Contacts
DB road show team
Dr. Richard Lutz Wolfgang Reuter Hartwig Schneidereit Robert Allen Strehl
CFO Group Treasurer, Head of Capital Market Financing Head of Investor Relations
Head of Mergers and Acquisitions Tel.: +49 30 297-64010 Tel.: +49 30 297-64030
Tel.: +49 30 297-64300 hartwig.schneidereit@deutschebahn.com robert.strehl@deutschebahn.com
wolfgang.reuter@deutschebahn.com
Address
Deutsche Bahn AG/
DB Mobility Logistics AG
Europaplatz 1
10557 Berlin
Germany
Ute Haas Martin Masch

Internet
Capital Market Financing Senior Manager Investor Relations
www.deutschebahn.com/ir Tel.: +49 30 297-64007 Tel.: +49 30 297-64033
www.deutschebahn.com/ir-dbml ute.haas@deutschebahn.com martin.masch@deutschebahn.com

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.

Strategy of Deutsche Bahn Group: Beijing - Tokyo - Hong Kong - Singapore

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Strategy of Deutsche Bahn Group: Beijing - Tokyo - Hong Kong - Singapore

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Beijing – Tokyo – Hong Kong – Singapore

Strategy of Deutsche Bahn Group

Deutsche Bahn AG / DB Mobility Logistics AG

Thinking beyond railway in Germany as key to success

DB Group’s fundamental concept

Passenger Transport Transport and Logistics

Rail system in Germany

Deutsche Bahn AG 2 Road Show Asia 2010

Balanced Group portfolio helped us through the crisis

EBIT adjusted and adjusted EBIT-Margin Productivity – rail

1994-2009:  € +4.7 bn 1993-2009:  +237%

Figures until 2004 FY according to German GAAP

Deutsche Bahn AG 3 Road Show Asia 2010

Track record driven by restructuring programs and portfolio measures

Driver of changes in DB Group

Brenntag Deutsche SDS Scandlines Arcor Sale

Rail 9% Rail Rail Rail Rail

31% 48% 52% 47% 53% 43% 57%

Deutsche Bahn AG 4 Road Show Asia 2010

Despite high capex volume significant reduction of net financial debt

Deutsche Bahn AG 5 Road Show Asia 2010

Focused Group portfolio with three divisions

 DB AG and DB ML AG Revenues (€ bn) 29.3 ROCE (%) 5.9

EBIT adjusted 1,111 66 EBIT adjusted 10 1 EBIT adjusted 878 52

EBITDA adjusted 2,057 47 EBITDA adjusted 478 11 EBITDA adjusted 1,996 45

Capital expenditures 511 8 Capital expenditures 515 8 Capital expenditures 5,276 82

Vision and strategic directions

Further improve leading market positions

Deutsche Bahn AG 7 Road Show Asia 2010

Mega trends remain driver of long-term growth in our markets

Mega trends in the transport markets

Climate change and

Emerging growth Rising customer Further liberalization of Diverging regional

Deutsche Bahn AG 8 Road Show Asia 2010

Our core competence: development and operation of integrated networks

Long-distance Long-distance transport

Regional and urban transport networks offer attractive

alternatives to car travel

Network ensures integrated cross-border rail freight

Deutsche Bahn AG 9 Road Show Asia 2010

Passenger Transport – strategic directions

DB Bahnʼs strategic approach

products acquisition deepened

Further developing core Advancing

Deutsche Bahn AG 10 Road Show Asia 2010

Market opening by European countries Revenues in regional transport outside of the

(3) 100% 1.8

(4) 93% 1.5 DB Bahn

(6) 100% 0.9 ~3.4

Deutsche Bahn AG 11 Road Show Asia 2010

Arriva and DB – a “merger for growth” to utilize opportunities in Europe

Current status Strong combined market positions

Corporate profile of Arriva Germany The Netherlands

Deutsche Bahn AG 12 Road Show Asia 2010

DB Group combines stability with a good position for future growth

Key investment highlights

Strong track record since 1994

Passed “stress test” in 2009

Unique geographic position in the heart of Europe

Leading market positions in all relevant markets

Core competence in managing transport networks

Mega trends support our future growth potential