2017 Integrated Report – Departure into a new era

Overall statement of the Management Boardregarding the economicdevelopment of DB Group

Following the overall positive development in the year under review, the Management Board of DB AG anticipates that DB Group will demonstrate further positive development in the 2018 financial year. The expected increase in revenues is expected to have an effect on profits as well.

We expect to continue to have excellent access to the capital market in the 2018 financial year.

Our activities are subject to various risks, as described in the Opportunity and risk report. For the 2018 financial year, we particularly see risks in the production and technology area.

The Management Board believes that DB Group has taken all necessary measures to protect itself from existing risks and to be able to take advantage of possible opportunities. We intend to further strengthen our market positions and to continue implementing our strategy DB2020+ and our programs, such as Railway of the Future. On the whole, our assessment of DB Groupʼs medium-term prospects is therefore positive.