Obbligazione Deutsch Bahn 2.705% ( XS1951373585 ) in NOK

Emittente Deutsch Bahn
Prezzo di mercato refresh price now   100 NOK  ⇌ 
Paese  Germania
Codice isin  XS1951373585 ( in NOK )
Tasso d'interesse 2.705% per anno ( pagato 1 volta l'anno)
Scadenza 20/02/2034



Prospetto opuscolo dell'obbligazione Deutsche Bahn XS1951373585 en NOK 2.705%, scadenza 20/02/2034


Importo minimo 1 000 000 NOK
Importo totale 1 000 000 000 NOK
Coupon successivo 21/02/2026 ( In 118 giorni )
Descrizione dettagliata Deutsche Bahn (DB) è la principale società ferroviaria tedesca, responsabile della maggior parte del trasporto passeggeri e merci su rotaia in Germania.

The Obbligazione issued by Deutsch Bahn ( Germany ) , in NOK, with the ISIN code XS1951373585, pays a coupon of 2.705% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 20/02/2034








This document constitutes two base prospectuses for the purpose of Article 5.4 of 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 Article 22 No. 6 (4) of
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 GmbH 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 GmbH, as Guarantor
and
Deutsche Bahn Finance GmbH
(Berlin, Federal Republic of Germany)
as Issuer
25,000,000,000
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 2014/65/EU of the European Parliament and of the Council of 15 May 2014
on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU
("MiFID II"). This Prospectus has been approved by the Commission de Surveil ance 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 GmbH (each an "Issuer" and together,
the "Issuers") have requested the CSSF to provide the competent authorities in the Federal Republic
of Germany 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 GmbH
will be unconditionally and irrevocably guaranteed by Deutsche Bahn Aktiengesellschaft.
The date of this prospectus is 27 June 2018. 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).
Arranger
Deutsche Bank









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 GmbH, the "Guarantor", and together with its
subsidiaries and affiliates the "Deutsche Bahn Group" or "DB Group") and Deutsche Bahn Finance
GmbH ("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, the Notes have not been and wil not be registered under the United States Securities Act
of 1933, as amended (the "Securities Act") and are being sold pursuant to an exemption from the
registration requirements of the Securities Act. The Notes are subject to U.S. tax law requirements.
Subject to certain exceptions, the Notes may not be offered, sold or delivered within the United States
or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities
Act ("Regulation S")).
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"). For the avoidance of doubt, the content of websites
this Prospectus refers to in hyperlinks does not form part of the Prospectus.
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.

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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
about and to observe any such restrictions. For more information, see "Selling Restrictions" on pages
230 to 233 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.
MIFID II PRODUCT GOVERNANCE / TARGET MARKET ­ The Final Terms in respect of any Notes
may include a legend entitled "MiFID II Product Governance" which wil outline the target market
assessment in respect of the Notes and which channels for distribution of the Notes are appropriate.
Any person subsequently offering, selling or recommending the Notes (a "Distributor") should take
into consideration the target market assessment; however, a Distributor subject to Directive
2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial
instruments amending Directive 2002/92/EC and Directive 2011/61/EU (as amended, "MiFID II") is
responsible for undertaking its own target market assessment in respect of the Notes (by either
adopting or refining the target market assessment) and determining appropriate distribution channels.
A determination will be made in relation to each issue about whether, for the purpose of the MiFID
Product Governance Rules under EU Delegated Directive 2017/593 (the "MiFID Product Governance
Rules"), any Dealer subscribing for any Notes is a manufacturer in respect of such Notes, but
otherwise neither the Issuer nor the Arranger nor any further Dealer nor any of their respective affiliates
will be a manufacturer for the purpose of the MiFID Product Governance Rules.
PRIIPs / IMPORTANT ­ EEA RETAIL INVESTORS ­ If the relevant Final Terms include a legend
entitled "Prohibition of Sales to Retail Investors in the European Economic Area", the Notes are not
intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise
made available to any retail investor in the European Economic Area ("EEA"). For these purposes, a
retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of
Article 4(1) of MiFID II; (ii) a customer within the meaning of Directive 2002/92/EC (as amended, the
"Insurance Mediation Directive"), where that customer would not qualify as a professional client as
defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the
Prospectus Directive. If the relevant Final Terms include the above-mentioned legend, no key
information document required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs
Regulation") for offering or selling the Notes or otherwise making them available to retail investors in
the EEA has been prepared and therefore offering or selling the Notes or otherwise making them
available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.
BENCHMARKS REGULATION ­ STATEMENT IN RELATION TO ADMINISTRATOR'S
REGISTRATION ­ Interest amounts payable on Notes with a floating rate of interest ("Floating Rate
Notes") will be calculated by reference to a specific benchmark which wil be provided by an
administrator. As at the date of this Prospectus, the specific benchmark applicable to an issue of
Floating Rate Notes has not yet been determined. However, interest amounts payable under Floating
Rate Notes issued under the Programme may be calculated by reference to e.g. the (i) Euro Interbank
Offered Rate ("EURIBOR") which is provided by the European Money Markets Institute ("EMMI"), (ii)
Hong Kong Interbank Offered Rate (HIBOR) which is provided by the Treasurey Markets Association
("TMA"), (iii) London Interbank Offered Rate ("LIBOR") which is provided by the ICE Benchmark
Administration ("IBA"), (iv) Norwegian Interbank Offered Rate (NIBOR) which is provided by the
Norwegian Financial References AS ("NoRe"), (v) Singapore Interbank Offered Rate (SIBOR) which
is provided by ABS Benchmarks Administration Co Pte Ltd ("ABS"), (vi) Stockholm Interbank Offered
Rate (STIBOR) which is provided by the Swedish Bankers' Association ("SBA"), (vii) Tokyo Interbank
Offered Rate (TIBOR) which is provided by the Japanese Bankers' Association TIBOR Administration
("JBATA"), (viii) Canadian Dollar Offered Rate (CDOR) which is provided by Thomson Reuters
("Thomson Reuters"), or (ix) or another benchmark. As at the date of this Prospectus, only IBA
appears on the register of administrators and benchmarks established and maintained by the
European Securities and Markets Authority (the "ESMA") pursuant to Article 36 of the Benchmarks
Regulation (EU) 2016/1011 of the European Parliament and the Council of 8 June 2016 on indices
used as benchmarks in financial instruments and financial contracts or to measure the performance of
investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No
596/2014 (the "Benchmarks Regulation"). As far as the Issuers are aware, the transitional provisions
in Article 51 of the Benchmarks Regulation apply, so that EMMI, TMA, NoRe, ABS, SBA, JBATA and

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Thomson Reuters are not currently required to obtain authorisation or registration (or, if located outside
the European Union, recognition, endorsement or equivalence).
The Final Terms will specify the name of the specific benchmark and the relevant administrator. In
such case the Final Terms will further specify if the relevant administrator is included in the register of
administrators and benchmarks established and maintained by ESMA pursuant to Article 36 of the
Benchmarks Regulation or whether the transitional provisions in Article 51 of the Benchmarks
Regulation apply.
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) (or persons acting on behalf of any stabilising manager(s)) (the
"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, stabilisation may not necessarily occur. 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 cease 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 persons 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.
For the avoidance of doubt, the content of websites this Prospectus refers to in hyperlinks does not
form part of the Prospectus.
FORWARD-LOOKING STATEMENTS
This Prospectus contains certain forward-looking statements. Forward-looking statements are
statements that do not relate to historical facts and events. They are based on the analyses or forecasts
of future results and estimates of amounts not yet determinable or foreseeable. These forward-looking
statements are identified by the use of terms and phrases such as "anticipate", "believe", "could",
"estimate", "expect", "intend", "may", "plan", "predict", "project", "will" and similar terms and phrases,
including references and assumptions. This applies, in particular, to statements in this Prospectus
containing information on future earnings capacity, plans and expectations regarding each of the
relevant Issuer's business and management, its growth and profitability, and general economic and
regulatory conditions and other factors that affect it.
Forward-looking statements in this Prospectus are based on current estimates and assumptions that
the relevant Issuer makes to the best of its present knowledge. These forward-looking statements are
subject to risks, uncertainties and other factors which could cause actual results, including each of the
relevant Issuer's financial condition and results of operations, to differ materially from and be worse
than results that have expressly or implicitly been assumed or described in these forward-looking
statements. Each of the relevant Issuer's business is also subject to a number of risks and uncertainties
that could cause a forward-looking statement, estimate or prediction in this Prospectus to become
inaccurate. Accordingly, potential investors are strongly advised to read the following sections of this
Prospectus: "Summary", "Risk Factors", "Deutsche Bahn Aktiengesellschaft as Issuer and Guarantor"

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and "Deutsche Bahn Finance GmbH as Issuer". These sections include more detailed descriptions of
factors that might have an impact on each of the relevant Issuer's business and the markets in which
it operates.
In light of these risks, uncertainties and assumptions, future events described in this Prospectus may
not occur. In addition, none of the Issuers assumes any obligation, except as required by law, to update
any forward-looking statement or to conform these forward-looking statements to actual events or
developments.



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TABLE OF CONTENTS
Page

SUMMARY ............................................................................................................................................ 8
GERMAN TRANSLATION OF THE SUMMARY ................................................................................. 28
RISK FACTORS .................................................................................................................................. 51
Risk Factors with regard to or in respect of Deutsche Bahn AG ..................................................... 51
Risk Factors with regard to or in respect of Deutsche Bahn Finance.............................................. 54
Risk Factors with regard or in respect of the Notes......................................................................... 55
RESPONSIBILITY STATEMENT ........................................................................................................ 60
CONSENT TO USE THIS PROSPECTUS ......................................................................................... 61
GENERAL DESCRIPTION OF THE PROGRAMME .......................................................................... 62
General ............................................................................................................................................ 62
Issue Procedures ............................................................................................................................. 63
General ........................................................................................................................................ 63
Options for sets of Terms and Conditions ................................................................................... 63
Documentation of the Conditions ................................................................................................ 63
Determination of Options / Completion of Placeholders .............................................................. 63
Determination of Options ............................................................................................................. 63
Completion of Placeholders ......................................................................................................... 63
Controlling Language .................................................................................................................. 64
TERMS AND CONDITIONS OF THE NOTES ­ English Language Version ...................................... 65
TERMS AND CONDITIONS OF THE NOTES ­ German Language Version ................................... 116
GUARANTEE AND NEGATIVE PLEDGE ........................................................................................ 172
German Language Version ........................................................................................................... 172
Non-binding translation of the Guarantee: ..................................................................................... 176
FORM OF FINAL TERMS ................................................................................................................. 180
Part I. TERMS AND CONDITIONS ............................................................................................... 183
Part II. OTHER INFORMATION .................................................................................................... 196
DEUTSCHE BAHN AKTIENGESELLSCHAFT AS ISSUER AND GUARANTOR ............................ 207
DEUTSCHE BAHN FINANCE GMBH AS ISSUER ........................................................................... 225
TAXATION ........................................................................................................................................ 230
1. Germany .................................................................................................................................... 230
2. Luxembourg ............................................................................................................................... 233
3. Republic of Austria .................................................................................................................... 234
4. Financial Transaction Tax ("FTT") ............................................................................................. 236
5. Foreign Account Tax Compliance Act ....................................................................................... 236
GENERAL INFORMATION ............................................................................................................... 238
Selling Restrictions ........................................................................................................................ 238
1. General .................................................................................................................................. 238
2. Public Offer Selling Restriction Under the Prospectus Directive ........................................... 238
3. France ................................................................................................................................... 239
4. Republic of Italy ..................................................................................................................... 239
5. United Kingdom of Great Britain and Northern Ireland (the "United Kingdom") .................... 240
6. United States of America (the "United States") ..................................................................... 241
7. Japan ..................................................................................................................................... 243
8. Selling Restrictions Addressing Additional Luxembourg Securities Law ............................... 243
Use of Proceeds ............................................................................................................................ 244
Method to determine the yield ....................................................................................................... 244

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Authorisation .................................................................................................................................. 244
Listing and Admission to Trading of the Notes .............................................................................. 244
Undertaking ................................................................................................................................... 244
Documents Incorporated by Reference ......................................................................................... 245
Availability of Documents .............................................................................................................. 246
REGISTERED OFFICES OF THE ISSUERS AND OTHER PARTIES INVOLVED ...................... 247



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SUMMARY
This summary (the "Summary") is 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 notes
[and Issuer] [, Issuer and Guarantor]. 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 this Summary because of the type of notes
[and Issuer] [, Issuer and Guarantor], 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 this Summary with the
statement '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 this
Summary including any translation hereof, but only if this
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 [[in case a general consent is given, insert: Each dealer and/or
the Prospectus
each further financial intermediary] [in case an Individual Consent
is given, insert: [insert name(s) and address(es) of relevant
dealer(s) and/or financial intermediary/intermediaries] (the
"Relevant Dealer[s] [and [Intermediary] [Intermediaries]]")]
subsequently reselling or finally placing the Notes [is] [are] entitled
to use the Prospectus and the Final Terms in [the Grand Duchy of
Luxembourg] [,] [and] [the Federal Republic of Germany] [and] [the
Republic of Austria] for the subsequent resale or final placement of
the Notes during the offer period for the subsequent resale or final
placement of the Notes from, and including, [] to, but excluding, [],
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).]

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When using the Prospectus and the Final Terms, [each dealer and/or
relevant further financial intermediary] [the Relevant Dealer[s] [and
[Intermediary] [Intermediaries]] must make certain that [it complies]
[they comply] with all applicable laws and regulations in force in the
respective jurisdictions.
[Such consent is also subject to and given under the condition [].]
[The Issuer reserves the right to withdraw its consent to use the
Prospectus at any time, which withdrawal will be (i) published on the
website of Deutsche Bahn AG under www.deutschebahn.com/ecm2-
db-en/start/bonds_rating/ and (ii) communicated to the relevant
Dealers.]
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.]
[in case no consent is given, insert: Not applicable. The Issuer
does not give consent to the use of the Prospectus and the Final
Terms for the subsequent resale or final placement of the Notes to
any dealer or financial intermediary.]



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[Section B ­ Issuer
Element

B.1
Legal
and Deutsche Bahn Aktiengesellschaft ("Deutsche Bahn AG" or
commercial
"Deutsche Bahn" or "DB AG") is the legal and commercial name of
name of the the Issuer.
Issuer
B.2
Domicile, legal DB AG is a German stock corporation (Aktiengesellschaft)
form,
incorporated and operating under the laws of and domiciled in the
legislation,
Federal Republic of Germany.
country
of
incorporation
B.4b
Description of Deutsche Bahn Group's ("DB Group") environment is in a state of
any
known constant change. The DB trend landscape outlines the most important
trends affecting developments with regard to the four trend clusters of customers
the Issuer and society, politics and global economy, towards which DB Group gears
the industries in its activities in order to benefit from opportunities at an early stage and
which
it address risks in a comprehensive manner.
operates
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.
From a global perspective, population growth is continuing. Increasing
numbers of people are moving to the cities in search of work and
prosperity. As a result, the demand for more efficient low-emissions
mobility and logistics solutions will increase. This also applies to
Europe, even though birth rates are stagnant and the population is
ageing. It is also intensifying the competition among employers for
talent.
The political environment is characterized by an increasing
acceptance of state regulation and a concurrent call for increased
competition and liberalization. Climate change is a central issue in this
context. 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. 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 faced increasing global risks
since the 2008/2009 financial crisis. The flows of commodities for
many products will be regionalized, with the ascent of the emerging
nations. This is also associated with the changing 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 increase
pressure for innovation on the mobility and logistics sector.
B.5
Description of The business portfolio of DB Group is primarily organized into eight
the
DB Group business units. Within the DB Group structure, DB AG functions as
and the Issuer's management holding company that leads the DB Group. The business
position within units are responsible for the conduct of the business operations. The
the DB Group
operations in Germany (mainly rail operations) are part of the
integrated rail system. The business units DB Netze Track,

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