Deutsche Bahn AG (DB AG) has been a stock corporation incorporated under German law since it was founded in 1994, and as such has a dual level management and supervisory structure. The DB Group’s business portfolio mainly consists of nine business units. Following the restructuring that took place in 2008, DB AG directly manages the DB Netze Track, DB Netze Energy and DB Netze Station business units. The remaining business units are bundled under the management of our fully owned subsidiary DB Mobility Logistics AG (DB ML AG). Within the DB Group, both DB AG and DB ML AG function as management holding companies for a group of companies. The DB Group primarily obtains long-term capital via the Group’s financing company, Deutsche Bahn Finance B.V. (DB Finance), Amsterdam/Netherlands. A debt issuance program of over € 15 billion is available via DB Finance. In the short-term segment the DB Group has a multi-currency multi-issuer Commercial Paper program of over € 2 billion available.