Bond Deutsch Bahn 2.74% ( XS1304662650 ) in NOK

Deutsch Bahn

100 % ⇌

Germany

XS1304662650 ( in NOK )

2.74% per year ( payment 1 time a year)

20/10/2030

Prospectus brochure of the bond Deutsche Bahn XS1304662650 en NOK 2.74%, maturity 20/10/2030

1 000 000 NOK

3 400 000 000 NOK

21/10/2025 ( In 128 days )

Deutsche Bahn (DB) is Germany's national railway company, operating passenger and freight services throughout the country and internationally.

Deutsche Bahn has issued a NOK 3,400,000,000 bond (ISIN: XS1304662650) maturing October 20, 2030, with a 2.74% coupon rate, paying annually, minimum lot size NOK 1,000,000, currently trading at 100%.

This document constitutes two base prospectuses for the purpose of Article 5.4 of the Directive
2003/71/EC of the European Parliament and the Council of 4 November 2003, as amended,
including by Directive 2010/73/EU (the "Prospectus Directive"), (i) the base prospectus of Deutsche
Bahn Aktiengesellschaft in respect of non-equity securities within the meaning of Art. 22 No. 6 (4) of
the Commission Regulation (EC) No. 809/2004 of 29 April 2004, as amended, (the "Non-Equity
Securities") and (ii) the base prospectus of Deutsche Bahn Finance B.V. in respect of Non-Equity
Securities (both base prospectuses together the "Debt Issuance Programme Prospectus" or the
"Prospectus").

Deutsche Bahn Aktiengesellschaft
(Berlin, Federal Republic of Germany)
as Issuer and, in respect of Notes issued by
Deutsche Bahn Finance B.V., as Guarantor
and
Deutsche Bahn Finance B.V.
(Amsterdam, The Netherlands)
as Issuer
20,000,000,000
Debt Issuance Programme
(the "Programme")
Application has been made to the Luxembourg Stock Exchange to list notes to be issued under the
Programme (the "Notes") on the official list of the Luxembourg Stock Exchange and to admit Notes
to trading on the regulated market of the Luxembourg Stock Exchange, which is a regulated market
for the purposes of Directive 2004/39/EC on Markets in Financial Instruments amending Council
Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of
the Council and repealing Council Directive 93/22/EEC (the "Regulated Market of the Luxembourg
Stock Exchange"). This Prospectus has been approved by the Commission de Surveillance du
Secteur Financier of the Grand Duchy of Luxembourg (the "CSSF") in its capacity as competent
authority under the Luxembourg Law relating to prospectuses for securities as amended (Loi relative
aux prospectus pour valeurs mobilières), which implements the Prospectus Directive (the
"Luxembourg Law"), and Deutsche Bahn Aktiengesellschaft and Deutsche Bahn Finance B.V.
(each an "Issuer" and together, the "Issuers") have requested the CSSF to provide the competent
authorities in the Federal Republic of Germany, The Netherlands and the Republic of Austria with a
certificate of approval attesting that the Prospectus has been drawn up in accordance with the
Luxembourg Law (each a "Notification"). Each of the Issuers may request the CSSF to provide
competent authorities in additional host Member States within the European Economic Area with a
Notification. The Programme also permits Notes to be issued on the basis that they will be listed on
the Frankfurt Stock Exchange or the Berlin Stock Exchange or not be admitted to listing at all as may
be agreed with the relevant Issuer.
The payments of all amounts due in respect of the Notes issued by Deutsche Bahn Finance B.V. will
be unconditionally and irrevocably guaranteed by Deutsche Bahn Aktiengesellschaft.
The date of this prospectus is 30 September 2015. This Prospectus is valid for a period of 12 months
from the date of its approval. It is published in electronic form on the website of the Luxembourg
Stock Exchange (www.bourse.lu) and available at the investor relation's website of Deutsche Bahn
Aktiengesellschaft (www.deutschebahn.com/ir.).

NOTICE
Each of the Issuers and the Guarantor have confirmed that this Prospectus contains to the best of
their knowledge all information with regard to the Issuers, the Guarantor and the Notes which is (in
the context of the Programme, the issue, offering and sale of the Notes and the guarantee of the
Notes) material; that such information is true and accurate in all material respects and is not
misleading in any material respect; that any opinions, predictions or intentions expressed herein are
honestly held or made and are not misleading in any material respect; that this Prospectus does not
omit to state any material fact necessary to make such information, opinions, predictions or intentions
(in the context of the Programme, the issue, offering and sale of the Notes and the guarantee of the
Notes) not misleading in any material respect; and that all proper enquiries have been made to verify
the foregoing.
Deutsche Bahn Aktiengesellschaft ("Deutsche Bahn AG", "Deutsche Bahn" or "DB AG" or, with
regard to Notes issued by Deutsche Bahn Finance B.V., the "Guarantor", and together with its
subsidiaries and affiliates the "Deutsche Bahn Group" or "DB Group") and Deutsche Bahn Finance
B.V. ("Deutsche Bahn Finance") undertake with the dealers to be appointed (the "Dealers") to
publish a supplement to this Prospectus or to publish a new Prospectus if and when the information
herein should become materially inaccurate or incomplete or in the event of any significant new
factor, material mistake or inaccuracy relating to the information included in this Prospectus which is
capable of affecting the assessment of the Notes which arises or is noted between the time when this
Prospectus has been approved and the final closing of any Tranche of the Notes offered to the public
or, as the case may be, when trading of any Tranche of the Notes on a regulated market begins, in
respect of the Notes issued on the basis of this Prospectus.
By approving the Prospectus, the CSSF assumes no responsibility as to the economic and financial
soundness of the transactions under the Programme or the quality and solvency of the Issuers in line
with the provisions of Article 7(7) of the Luxembourg Law.
No person has been authorised to give any information which is not contained in or not consistent
with this Prospectus or any other document entered into in relation to the Programme or any
information supplied by any Issuer or Guarantor or such other information as in the public domain
and, if given or made, such information must not be relied upon as having been authorised by the
Issuers, the Guarantor, the Dealers or any of them.
In particular, Notes have not been and will not be registered under the United States Securities Act of
1933 (as amended) (the "Securities Act") and are subject to U.S. tax law requirements. Subject to
certain exceptions, Notes may not be offered, sold or delivered within the United States or to U.S.
persons.
No Dealer nor any other person mentioned in this Prospectus, excluding the Issuers, is responsible
for the information contained in this Prospectus or any supplement thereof, or any Final Terms (as
defined below) or any other document incorporated herein by reference, and accordingly, and to the
extent permitted by the laws of any relevant jurisdiction, none of these persons accepts any
responsibility for the accuracy or completeness of the information contained in any of these
documents. This Prospectus does not constitute an offer or an invitation by the Issuers or by Dealers
or any of them to subscribe for or purchase any of the Notes.
This Prospectus should be read and understood in conjunction with any supplement hereto and with
any other documents incorporated herein by reference and, in relation to any Series of Notes,
together with the relevant final terms (the "Final Terms").
This Prospectus and any supplement hereto as well as any Final Terms reflect the status as of their
respective dates. The delivery of this Prospectus or any Final Terms and the offering, sale or delivery
of any Notes may not be taken as an implication that the information contained in such documents is
accurate and complete subsequent to their respective dates or that there has been no adverse
change in the financial situation of the Issuers since such date or that any other information supplied
in connection with the Programme is accurate at any time subsequent to the date on which it is
supplied or, if different, the date indicated in the document containing the same.
The distribution of this Prospectus and any Final Terms and the offering, sale and delivery of any of
the Notes in certain jurisdictions may be restricted by law. Persons into whose possession this
Prospectus or any Final Terms come are required by the Issuers and Dealers to inform themselves

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about and to observe any such restrictions. For more information, see "Selling Restrictions" on pages
174 to 178 of this Prospectus.
This Prospectus may be used for subsequent offers by the Dealers and/or further financial
intermediaries only insofar if and for the period so specified in the Final Terms for the relevant
Tranche of Notes.
This Prospectus has been prepared on the basis that, except to the extent sub-paragraph (ii) below
may apply, any offer of Notes in any Member State of the European Economic Area which has
implemented the Prospectus Directive (each, a "Relevant Member State") will be made pursuant
to an exemption under the Prospectus Directive, as implemented in that Relevant Member State,
from the requirement to publish a prospectus for offers of Notes. Accordingly any person making or
intending to make an offer in that Relevant Member State of Notes which are the subject of an
offering or placement contemplated in this Prospectus as completed by Final Terms in relation to the
offer of those Notes may only do so (i) in circumstances in which no obligation arises for an Issuer, or
any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Directive or supplement a
prospectus pursuant to Article 16 of the Prospectus Directive, in each case, in relation to such offer,
or (ii) if a prospectus for such offer has been approved by the competent authority in that Relevant
Member State or, where appropriate, approved in another Relevant Member State and notified to the
competent authority in that Relevant Member State and (in either case) published, all in accordance
with the Prospectus Directive, provided that any such prospectus has subsequently been completed
by Final Terms which specify that offers may be made other than pursuant to Article 3(2) of the
Prospectus Directive in that Relevant Member State and such offer is made in the period beginning
and ending on the dates specified for such purpose in such Prospectus or Final Terms, as
applicable. Except to the extent sub-paragraph (ii) above may apply, none of the Issuers nor the
arranger as specified under "Summary Summary regarding the Notes Arranger" (the "Arranger")
nor any Dealer has authorised, nor do any of them authorise, the making of any offer of Notes in
circumstances in which an obligation arises for an Issuer or any Dealer to publish or supplement a
prospectus for such offer.
The legally binding language of this Prospectus is the English language; except for the Guarantee
and Negative Pledge where the German language shall be binding and except for the Terms and
Conditions of the Notes and the Final Terms for specific Tranches where the legally binding language
will be specified in the applicable Final Terms.
Neither the Prospectus nor any Final Terms may be used for the purpose of an offer or
solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised
or to any person to whom it is unlawful to make such an offer or solicitation.
Neither this Prospectus nor any Final Terms constitutes an offer or an invitation to subscribe
for or to purchase any Notes and should not be considered as a recommendation by the
relevant Issuer, the Arranger, any Dealer or any of them that any recipient of this Prospectus
or any Final Terms should subscribe for or purchase any Notes.
In connection with the issue of any Tranche of Notes, a Dealer or Dealers (if any) named as
stabilising manager(s) (the "Stabilising Manager(s)") (or persons acting on behalf of any
Stabilising Manager(s)) in the applicable Final Terms may over-allot Notes or effect
transactions with a view to supporting the market price of the Notes at a level higher than that
which might otherwise prevail. However, there is no assurance that the Stabilising Manager(s)
(or persons acting on behalf of a Stabilising Manager) will undertake stabilisation action. Any
stabilisation action may begin on or after the date on which adequate public disclosure of the
terms of the offer of the relevant Tranche of Notes is made and, if begun, may be ended at any
time, but it must end no later than the earlier of 30 days after the issue date of the relevant
Tranche of Notes and 60 days after the date of the allotment of the relevant Tranche of Notes.
Any stabilisation action or over-allotment must be conducted by the relevant Stabilising
Manager(s) (or person(s) acting on behalf of any Stabilising Manager(s)) in accordance with
all applicable laws and rules.
In this Prospectus all references to "", "EUR", "Euro", "euro" and "EURO" are to the single currency
of the member states of the European Union participating in the third stage of the European
Economic and Monetary Union.

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TABLE OF CONTENTS
Page

SUMMARY ............................................................................................................................................ 6
GERMAN TRANSLATION OF THE SUMMARY ................................................................................. 24
RISK FACTORS .................................................................................................................................. 44
Risk Factors with regard or in respect to Deutsche Bahn AG ......................................................... 44
Risk Factors with regard or in respect of Deutsche Bahn Finance.................................................. 48
Risk Factors with regard or in respect of the Notes......................................................................... 49
RESPONSIBILITY STATEMENT ........................................................................................................ 52
CONSENT TO USE THE PROSPECTUS .......................................................................................... 53
GENERAL DESCRIPTION OF THE PROGRAMME .......................................................................... 54
General ............................................................................................................................................ 54
Issue Procedures ............................................................................................................................. 55
General ........................................................................................................................................ 55
Options for sets of Terms and Conditions ................................................................................... 55
Documentation of the Conditions ................................................................................................ 55
Determination of Options / Completion of Placeholders .............................................................. 55
Determination of Options ............................................................................................................. 55
Completion of Placeholders ......................................................................................................... 55
Controlling Language .................................................................................................................. 56
TERMS AND CONDITIONS OF THE NOTES- English Language Version ........................................ 57
OPTION I Terms and Conditions that apply to fixed rate Notes ................................................... 58
OPTION II Terms and Conditions that apply to floating rate Notes .............................................. 70
TERMS AND CONDITIONS OF THE NOTES - German Language Version...................................... 85
OPTION I Emissionsbedinungen für festverzinsliche Schuldverschreibungen ............................ 86
OPTION II Emissionsbedinungen für variable verzinsliche Schuldverschreibungen ................. 100
GUARANTEE AND NEGATIVE PLEDGE ........................................................................................ 116
German Language Version ........................................................................................................... 116
Non-binding translation of the Guarantee: ..................................................................................... 120
FORM OF FINAL TERMS (MUSTER ENDGÜLTIGE BEDINGUNGEN) ....................................... 124
Part I. TERMS AND CONDITIONS Teil I. EMISSIONSBEDINGUNGEN ...................................... 126
Part II. OTHER INFORMATION Teil II. ZUSÄTZLICHE INFORMATIONEN ................................. 135
DEUTSCHE BAHN AKTIENGESELLSCHAFT AS ISSUER AND GUARANTOR ............................ 142
1. Statutory Auditors ...................................................................................................................... 142
2. Selected Financial Information .................................................................................................. 142
3. Incorporation, Registration, Shareholder, Share Capital and Financial Year ............................ 145
4. Objects ...................................................................................................................................... 145
5. DB Group at a Glance ............................................................................................................... 146
6. Liability for Obligations of DB AG .............................................................................................. 150
7. Financial Relationship to the Federal Republic of Germany or the Federal States ................... 151
8. Material Contracts ..................................................................................................................... 152
9. Supervisory and Management Board ........................................................................................ 152
10. Board Practice ......................................................................................................................... 158
11. Historical Financial Information ............................................................................................... 159
12. Trend Information .................................................................................................................... 159
13. Legal and Arbitration Proceedings .......................................................................................... 159
14. Significant Change in the Financial or Trading Position of DB AG .......................................... 159
15. Recent Developments ............................................................................................................. 160

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16. Rating ...................................................................................................................................... 160
17. Sustainability ........................................................................................................................... 161
DEUTSCHE BAHN FINANCE B.V. AS ISSUER ............................................................................... 162
1. Statutory Auditors ...................................................................................................................... 162
2. Selected Financial Information .................................................................................................. 162
3. Incorporation, Registration, Shareholder, Share Capital and Financial Year ............................ 162
4. Purpose ..................................................................................................................................... 163
5. Material Contracts ..................................................................................................................... 163
6. Board of Management ............................................................................................................... 163
7. General Meetings ...................................................................................................................... 163
8. Board Practices ......................................................................................................................... 163
9. Historical Financial Information ................................................................................................. 163
10. Trend Information .................................................................................................................... 164
11. Legal and Arbitration Proceedings .......................................................................................... 164
12. Significant Change in the Financial or Trading Position of Deutsche Bahn Finance ............... 164
13. Recent Developments and Outlook ......................................................................................... 164
TAXATION ........................................................................................................................................ 165
1. Germany .................................................................................................................................... 165
2. The Netherlands ........................................................................................................................ 167
3. Luxembourg ............................................................................................................................... 169
4. Republic of Austria .................................................................................................................... 170
5. EU Savings Tax Directive .......................................................................................................... 172
6. Financial Transaction Tax ......................................................................................................... 173
GENERAL INFORMATION ............................................................................................................... 174
Selling Restrictions ......................................................................................................................... 174
1. General .................................................................................................................................. 174
2. Public Offer Selling Restriction Under the Prospectus Directive ........................................... 174
3. France ................................................................................................................................... 175
4. Republic of Italy ..................................................................................................................... 175
5. United Kingdom of Great Britain and Northern Ireland (the "United Kingdom") .................... 176
6. United States of America (the "United States") ..................................................................... 176
7. Japan ..................................................................................................................................... 178
8. Selling Restrictions Addressing Additional Luxembourg Securities Law ............................... 178
Use of Proceeds ............................................................................................................................ 179
Method to determine the yield ....................................................................................................... 179
Authorisation .................................................................................................................................. 179
Listing and Admission to Trading of the Notes .............................................................................. 179
Undertaking ................................................................................................................................... 179
Documents Incorporated by Reference ......................................................................................... 180
Availability of Documents .............................................................................................................. 182
REGISTERED OFFICES OF THE ISSUERS AND OTHER PARTIES INVOLVED.......................... 183

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SUMMARY
Summaries are made up of disclosure requirements known as 'Elements'. These elements are
numbered in Sections A E (A.1 E.7).
This Summary contains all the Elements required to be included in a summary for this type of
securities and Issuer. Because some Elements are not required to be addressed, there may be gaps
in the numbering sequence of the Elements.
Even though an Element may be required to be inserted in the summary because of the type of
securities and Issuer, it is possible that no relevant information can be given regarding the Element.
In this case a short description of the Element is included in the summary with the mention of 'not
applicable'.
Section A Introduction and warnings

Element
A.1
Warnings
Warning that:

this Summary should be read as an introduction to the
Prospectus;

any decision to invest in the Notes should be based on
consideration of the Prospectus as a whole by the investor;

where a claim relating to the information contained in the
Prospectus is brought before a court, the plaintiff investor
might, under the national legislation of the Member States,
have to bear the costs of translating the Prospectus, before
the legal proceedings are initiated; and

civil liability attaches only to the Issuer which has tabled the
Summary including any translation thereof, but only if the
Summary is misleading, inaccurate or inconsistent when read
together with the other parts of the Prospectus or it does not
provide, when read together with the other parts of the
Prospectus, key information in order to aid investors when
considering whether to invest in the Notes.
A.2
Consent to use [Each Dealer and/or each further financial intermediary subsequently
the Prospectus
reselling or finally placing Notes - if and to the extent so expressed in
[the][these] Final Terms [relating to a particular issue of Notes] - is
entitled to use the Prospectus for the subsequent resale or final
placement of the Notes during the period. The offer period will be from
[] to [], provided however, that the Prospectus is stil valid in
accordance with Article 11 (2) of the Luxembourg law on
prospectuses for securities, as amended (Loi relative aux prospectus
pour valeurs mobilières) which implements Directive 2003/71/EC of
the European Parliament and of the Council of 4 November, 2003 (as
amended, including by Directive 2010/73/EU of the European
Parliament and of the Council of 24 November 2010).
The Prospectus may only be delivered to potential investors together
with all supplements published before such delivery. Any supplement
to the Prospectus is available for viewing in electronic form on the
website of the Luxembourg Stock Exchange (www.bourse.lu).
When using the Prospectus, each Dealer and/or relevant further
financial intermediary must make certain that it complies with all

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applicable laws and regulations in force in the respective jurisdictions.
[Such consent is also subject to and given under the condition [·].]
In the event of an offer being made by a Dealer and/or a further
financial intermediary, the Dealer and/or the further financial
intermediary shall provide information to investors on the terms
and conditions of the Notes at the time of that offer.]
[Not applicable. The Issuer does not give consent to the use of the
Prospectus for the subsequent resale or final placement of the Notes
to any dealer or financial intermediary.]

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Section B Deutsche Bahn Aktiengesellschaft as [Issuer] [Guarantor]
Element

B.1
Legal
and Deutsche Bahn Aktiengesellschaft ("Deutsche Bahn AG" or
commercial name "Deutsche Bahn" or "DB AG") is the legal and commercial name.
of
the
[Issuer]
[Guarantor]

B.2
Domicile,
legal DB AG is a German stock corporation (Aktiengesellschaft)
form, legislation, incorporated and operated under the laws of and domiciled in the
country
of Federal Republic of Germany.
incorporation
Deutsche Bahn Group's ("DB Group") environment is in a state of
B.4b
Description of any constant change. The DB trend landscape outlines the most
known
trends important developments from the four trend clusters of customers,
affecting
the society, politics and global economy, towards which DB Group
[Issuer][Guarantor] gears its activities in order to benefit from opportunities at an early
and the industries stage and counter risks in a comprehensive manner.
in
which
it
operates
The customer needs and expectations have changed significantly,
particularly as a result of digitization. They ask for intermodal
interlinked mobility and logistics services which can be conveniently
managed while on the go and in real time. At the same time,
demand is also growing for environmentally and socially sustainable
products.
Population growth is continuing from a global perspective.
Increasing numbers of people are moving to the cities in search of
work and prosperity. The demand for more efficient low-emissions
mobility and logistics solutions will increase as a result. This also
applies to Europe, even though birth rates are stagnant and the
population is ageing here. It is also intensifying the competition
among employers for talent.
The political environment is characterized by an increasing
acceptance of state regulation and at the same time a call for
increased competition and liberalization. Climate change is a central
issue here. Government debt levels are also continuing to rise in
many countries in the European Union (EU), limiting funds both for
investments in infrastructure and for grants for local transport. At the
same time, the European Commission's attempts at liberalization
are also aimed at achieving further quality improvements in the
traffic sector.
The structure of the global economy has been faced with rising
global risks since the 2008/2009 financial crisis. Flows of
commodities will be regionalized for many products with the ascent
of the emerging nations. This is also associated with changes in the
conditions for value creation in logistics which are strengthening as
a result of technical innovations and oil resources, which are
becoming more sparse over the long term. The decrease in
availability of crude oil will put increased pressure for innovation on
the mobility and logistics sector.
B.5
Description of the Within DB Group's structure, DB AG functions as management
Group
and
the holding company that leads DB Group. The business units DB
[Issuer's]
Netze Track, DB Netze Stations, DB Netze Energy and DB Services
[Guarantor's]
are lead by the Infrastructure, Services and Technology Board
position within the division. The business units DB Bahn Long-Distance, DB Bahn

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Group
Regional and DB Schenker Rail are lead by the Traffic and
Transport Board division. The international business units DB Arriva
and DB Schenker Logistics are assigned to the Finance/Controlling
Board division.
B.9
Profit forecast or Not applicable. No profit forecast or estimate has been included.
estimate
B.10
Qualifications
in Not
applicable.
PricewaterhouseCoopers
Aktiengesellschaft
the audit report on Wirtschaftsprüfungsgesellschaft
("PwC")
has
audited
the
the
historical consolidated financial statements of DB AG for the fiscal years
financial
ended 31 December 2014 and 31 December 2013 and has issued
information
unqualified
auditor´s
reports
(uneingeschränkte
Bestätigungsvermerke) in each case.
B.12
Selected historical
key
financial
information

2014 EUR
2013 EUR
million
million
(audited)
(audited)

Revenues adjusted1)
39,728
39,107

Revenues comparable1)
39,793
39,054

Profit before taxes on income
937
876

Net profit for the year
988
649

EBITDA adjusted
5,110
5,139

EBIT adjusted
2,109
2,236

Non-current assets as of Dec 31
45,530
43,949

Current assets as of Dec 31
10,353
8,945

Equity as of Dec 31
14,525
14,912

Net financial debt as of Dec 31
16,212
16,362

Total assets as of Dec 31
55,883
52,894

Capital employed as of Dec 31
33,683
33,086

Gross capital expenditures
9,129
8,224

Net capital expenditures
4,442
3,412

Cash flow from operating activities
3,896
3,730

1) Previous year's figure adjusted

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H1 2015
H1 2014
EUR million
EUR
(unaudited)
million
(unaudited)

Revenues
20,000
19,734

Revenues comparable
19,510
19,719

Profit before taxes on income
358
570

Net profit for the period
391
642

EBITDA adjusted
2,374
2,554

EBIT adjusted
890
1,088

Non-current assets as of Jun 30
46,572
44,401

Current assets as of Jun 30
9,820
10,196

Equity as of Jun 30
15,331
15,147

Net financial debt as of Jun 30
17,611
16,571

Total assets as of Jun 30
56,392
54,597

Capital employed as of Jun 30
35,035
33,604

Gross capital expenditures
3,366
3,414

Net capital expenditures
1,633
1,847

Cash flow from operating activities
1,338
1,865

Material
adverse There has been no material adverse change in the prospects of DB
change
in
the AG since 31 December 2014.
prospects of the
[Issuer]

[Guarantor]

Significant
Not applicable. There has been no significant change in the financial
changes in the or trading position of DB AG since 30 June 2015.
financial or trading
position of the
[Issuer]
[Guarantor]
At July 27, 2015 the Supervisory Board of DB AG adopted a
B.13
Recent Events
resolution to decrease the number of members of the Group
Management Board from eight to six as of August 1, 2015. There
has been a corresponding reassignment of responsibilities.
The Technology and Environment Board division was divided up.
The segment, comprising the areas of technology, systems
technology as well as safety and quality management, were
allocated to the Infrastructure, Services and Technology Board
division under the management of Dr. Volker Kefer (who has also

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