2017 Results on 07-Feb. We are 2% above consensus at EBIT level. Related DB Research: Vinci: How Vinci would look with ADP in it (Fernandez-Gao) Transportation Outlook 2018: Going Places (Chu) Deutsche Bank The Contracting segment is growing at a 12% EBIT CAGR to 2019E 1.800 1,600 1,400 1.200 1.000 800 600

her newsflow on union negotiations, trading update 18 January 2018 Related DB Research: Royal Mail: Moving to SELL — Harder to restructure (Chu), Transportation Outlook 2018: Going Places (Chug On-going transformation costs (FY P&L £'m) remain stubbornly high 300 250 200 150 100 50 0 At £137m, 19% of EBIT p

0-20% (AB-)LHA) mkt share Airline M&A has historically yielded material synergies Related DB Research: Lufthansa: AB Fab. Upgrade to BUY (Date) Transportation Outlook 2018: Going Places (Chu' N8: Unless notes, all above synergy totals reflect an annual run rate and were especled to be achieved by year three foll