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Investor Presentation May 2017

2016 FREE CASH FLOW FLOW (in €m) Gross cash flow Change in working capital Discontinued activities 2015 2016 2,733 2,964 81 351 3 -11 Operating cash flow 2,818 3,305 Capital expenditure (ex. Cargo) -2,378 -2,492 Net capital expenditure (Cargo) -249 Change in net payables to fixed asset suppliers 136 -78 Asset disposals (business-related) 104 118 Discontued operations 7 Free cash flow 687 603 Impact of Cargo -249 Impact of exceptional items -265 -186 Free cash flow from continuing operations, excluding exceptional items 951 1,039 INVESTOR PRESENTATION May 2017 | 44

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