INVESTOR PRESENTATION

Knorr-Bremse Group
The Knorr-Bremse leadership team

Bernd Eulitz Ralph Heuwing Dr. Peter Laier Dr. Jürgen Wilder
CEO CFO Head of CVS Head of RVS
 2019-today: Knorr-Bremse CEO  2017-today: Knorr-Bremse CFO  2016-today: Knorr-Bremse  2018-today: Knorr-Bremse
Head of CVS Head of RVS
 2004-2019: Linde AG Exec. Vice  2007-2017: Dürr CFO
President Americas / COO EMEA  2014-2015: Benteler International COO  2015-2017: DB Cargo AG CEO
 1990-2007: Boston Consulting Group
 2000-2004: A.T. Kearney  2013-2014: Osram Licht CTO  2011-2015: Siemens AG
 Diploma in Mech. Engineering, Master
 Diploma in Process/Chemical Engineering of Business Administration (MBA)  2000-2012: Continental  Doctorate in Physics
 PhD & Diploma in Mech. Engineering

Professional Years with Professional Years with Professional Years with Professional Years with
Experience Knorr-Bremse Experience Knorr-Bremse Experience Knorr-Bremse Experience Knorr-Bremse

25 1 29 2 23 3 19 1

Knorr-Bremse Group Notes: RVS - Rail Vehicle Systems; CVS - Commercial Vehicle Systems 2
Knorr-Bremse – One of Germany’s most successful industrial companies

Family-Ownership, Shared pneumatics

114 #1 Global market leader
YEARS heritage and unique experience between Technology leadership
for braking systems RVS and CVS
DNA

2018 key financials

Sales EBITDA EBIT R&D
€6.6bn Aftermarket
(>10% CAGR €1.2bn €973m €364m
~34% of sales
since 1989) (margin 17.8%) (margin 14.7%) (~5.5% of sales)

Balanced portfolio … … and diversified global footprint with high local content

Asia / 30+ countries

CVS CVS Australia Europe /
48% 41% 27% Africa
Sales EBITDA Sales 49%
RVS (16% Margin) 100+ sites
52% RVS
59% c. 28k
(20% Margin) Americas employees
24%
Knorr-Bremse Group 3
Resilient outperformance thanks to high-quality business model

Number one supplier for braking systems and a leading supplier of other safety
1 Global #1 critical rail and commercial vehicle systems protected by high barriers to entry

2 Synergistic business Technology and scale benefits between rail and commercial vehicles

Consistent outperformance of attractive end-markets driven by megatrends and

3 Market outperformance increasing content per vehicle

Driving innovation in mobility and transportation technologies through R&D,

4 The industry innovator quality excellence and edge in connected systems

Resilient business model, supported by broad geographical and customer

5 Resilience diversification, high aftermarket exposure and strong localisation

6 Superior financial profile Strong growth, profitability, and cash generation with high earnings visibility

Highly experienced management team with strong track record and clear vision
7 Leadership excellence for future value creation and firm commitment to Knorr-Bremse

Knorr-Bremse Group 4
Superior financial profile – strong track record of growth and profitability improvement

Performance Performance
30% pre-global post-global HGB IFRS
Normalisation
EBITDA margin and sales

economic crisis economic crisis Chinese HS boom

25% CAGR 8% sales
2003-2018
Chinese HS accident
20% Global crisis

CAGR 11%
15%
EBITDA
+550bps
10% EBITDA margin
2003-2018
5%

0%
2003 2004
2003 2004 2005 2006
2006 2007
2007 2008
2008 2009
2009 2010
2010 2011
2011 2012
2012 2013
2013 2014
2014 2014
2014 2015
2015 2016
2016 2017 2018
2017 2018
HGB IFRS
Normalised
Group sales EBITDA margin: RVS Group CVS EBITDA margin1):
RVS Group
Notes: Financials based on German GAAP (HGB) prior to 2014 and IFRS 2014-2018; Data presented in accordance with German GAAP (HGB) may not be comparable to data prepared
in accordance with IFRS; 1) Normalised margin estimate for China accident impact and recovery; Estimate based on Knorr-Bremse assumptions; Source: Knorr-Bremse information

Knorr-Bremse Group 5
Financial highlights H1/19 – once again, we delivered on our IPO promise

Order intake Operating

€ 3.58bn EBITDA margin1
€ 1.88bn 19.0%
+1.8% yoy +7.6% yoy
PY: 18.0%
Revenue
€ 3.60bn Operating
EBITDA1
€ 685m
+8.4% yoy
PY: € 590m
EPS
Order book € 2.13
€ 4.54bn +21.1% yoy
€ 1.73bn
+3.9% yoy +9.5% yoy

Knorr-Bremse Group 1) 2019 operating EBITDA excl. restructuring regarding Wülfrath & incl. IFRS16 6
RVS sees continued growth with increasing profitability

Car builders confirm a positive market trend

and report a strong order backlog RVS revenue & EBITDA margin
[€m, IFRS]
At € 40.0bn on June Transportation’s backlog of EBITDA margin
30th, 2019, the current USD 33.6bn […] positive Revenue CAGR Revenue
backlog provides market outlook for the rail +7.8%
strong visibility on industry remains
future sales. unchanged. Bombardier 20.9% 19.6% 20.0% 22.2%
Alstom

3,260 3,462
2,979
Record year for train deliveries and orders. 1,876
Order intake 12% higher than forecast at YEN
714.6bn with book-to-bill ratio of 1.16.
Hitachi
2016 2017 2018 H1/19

Orders rose on higher volume from large orders.

Siemens
Global market position of RVS

Year-on-year growth of Intense order intake

44% in Rolling Stock raised the CAF
net revenues and 10% Group backlog to a Brake systems Entrance systems HVAC systems
in the Service and new all-time high of #
Components business. € 8.8bn (+11%). #1 #1
1- 2
Stadler CAF

Knorr-Bremse Group Note: Company statements 7

Underlying global rail market with steady and robust growth

Development of markets
Market volume Brakes, Doors, HVAC, incl. labour [€bn, CAGR in %] AM OE World
+2.4%
9.7
8.8
North & South America 8.0 8.4

+2.5% Asia Pacific

1.7 +1.8%
1.5 1.5 1.5
3.9 4.1
3.5 3.7

’17 ’18 ’19 ’24

’17 ’18 ’19 ’24
Europe / Africa
+3.1%
Aftermarket
3.9  Aftermarket growth in all regions, volume
3.3 3.4 ’17 ’18 ’19 ’24 wise mainly in Europe and Asia Pacific
3.0

Original Equipment
 Europe and Asia Pacific will see a further
increase in the Passenger market until 2021
 North America expects a slow down in
’17 ’18 ’19 ’24 Freight business, but an increase in
Passenger business from 2020 on
Knorr-Bremse Group Note: RVS market research, OE und AM incl. labour. Values recognize FX rates 8
RVS is #1 in almost all strong growth markets

OE market development
Market volume Brakes, Doors, HVAC [€m, CAGR in %] 2)
CAGR
‘18-’24
#1
China1) Selected biggest growth markets North America & Mexico MT ~6%

#2
France ~11%
0.0% #1
8.6% Italy ~13%
~1,300 ~1,300 ~1,620
#1
Russia & CIS (High Grade) ~6%
~990
#1
Scandinavia ~17%
#
Spain & Portugal ~35% 1-2

2018 2024 2018 2024 #1

India (High Grade) ~5%
#1
SEA Hong Kong & Taiwan ~15%

#1
Selected biggest growth markets ~9%
#1
RoW 3) ~2%
1) High Grade only, w/o conventional market 2) Brakes, Doors, HVAC 3) Rest of World w/o selected biggest growth markets & w/o China

Knorr-Bremse Group Note: RVS market research. Values recognize FX rates 9

Aftermarket (RailServices) strategy targeting significant growth:
~45% of RVS’ revenue by 2024, coming from ~40% in 2018

Servicing New service models &

the installed base Modernization digital solutions

 Efficient spare part solutions  Modernization of Knorr-Bremse as  Digitization

 Service of Knorr-Bremse well as non-Knorr-Bremse  Development of new customer
products products value driven service models
 Obsolescence management  Upgrade solutions  Service of third party Rail
 Increased scope by cross-product components
solutions  Co-operations & partnerships

1
Knorr-Bremse Group
0
Aftermarket (RailServices) business expected to grow beyond € 2bn by 2024

Characteristics aftermarket Development aftermarket

 Long customer relationships & loyalty of >30 years  Higher focus on lifecycle costs
and availability commitments (contractually binding)
 Through tear & wear very attractive, high margin business
 Digitization with new players
 Underlying global Rail market 2010-2016 CAGR 2-3%
 Increased business demand for reduced energy consumption

RVS aftermarket
Revenue development [€bn] 1)
AM AM Veh. Maint.
 Global footprint with a strong local presence
>2.0
~10%  High installed base
1.4
1.2 0.1  High customer retention rate
0.1

0.5  Additional data driven business models

1.3
1.1
 Development of energy efficient solutions
2010 2016 2018 2024
1
Knorr-Bremse Group 1) Revenue based on external (third party) sales German GAAP (HGB); Values recognize FX rates
1
RVS’ R&D agenda is focused on customers’ needs – staying ahead of competition

Technology and market trends

Data Driven Connected

Business Systems

Lifecycle costs & Airless

Eco friendly Train
Deep Dive Knorr-Bremse solutions for
specific customer needs
7 R&D fields
Automatic Frictionless  Optimized lifecycle costs
Train Operation (ATO) Braking

 Standardized solutions

Smart  More intensive use of existing infrastructure

Products
 Reliability & passenger comfort
Key future customer needs

1
Knorr-Bremse Group
2
New smart products keep us ahead of the competition

Unique Selling Proposition

 Standardized solution across train types reduces complexity at operators & car builders New brake control system EP2002 3.0

 Reduced life cycle costs & increased reliability

 Lighter and requiring a smaller installation envelope

 Software updates provide new features e.g. for optimized braking performance

enabler for
Automatic Train Operations (ATO)

1
Knorr-Bremse Group
3
 Revenue of CVS mainly supported by three growth drivers

Organic growth Non-organic growth

TPR Content per Vehicle Market Share M&A

Number of trucks produced Number of products and Relative performance and Long track record
by OEMs value sold per truck share of wallet of successful M&A

Short term Ongoing market

potential: screening

Medium term Regular M&A

potential: pipeline update

1
Knorr-Bremse Group
4
Forecasts indicate TPR slowdown in 2020 from high levels

North America Europe Asia / Pacific

1,950
Truck 575 1,350
Production 525
450
Rate 350
1)
2012 – 2018
in ‘000 units

2012 2015 2018 2012 2015 2018 2012 2015 2018

Share of CVS
34% 48% 16%
Revenue 2018

Best Best Best

Estimated Scenario +6.0% -15.0% +10.2% Scenario
2)
+4.0% -2.9% +3.0% Scenario
-6.0% +3.6% +3.6%
TPR by
banks
2019-2021 Worst Worst Worst
+1.6% -27.0% +0.7% Scenario
2) -1.0% -9.1% -6.1% -10.7% -17.0% -11.1%
Scenario Scenario
2019 2020 2021 2019 2020 2021 2019 2020 2021

How will CVS respond to a possible slowdown in truck production?

1
Knorr-Bremse Group Source: DB, Commerzbank, UBS, BofA ML 1) TPR 2012-2018 data rounded to the nearest 25.000 units 2) only West EU
5
North America 2016: proof point of CVS‘ resilient business model

Development 2015 – 2016 Reasons for resilience

▪ Strong BENDIX brand, market leading position and long-standing customer relationships
TPR NA CVS NA CVS NA ▪ Product portfolio met market demands exactly at right time, e.g. ADAS
1)
revenue EBIT
margin ▪ Localization of own manufacturing and supply base, incl. increase of footprint in Mexico
▪ Market share increase and content per vehicle growth mitigated partly

-30bps ▪ Favorable FX
▪ CVS NA management introduced quick and effective counter-measures:
− Rigorous management of overheads, e.g. headcount reduction of -8%
− Consequent supplier management: stabilized gross margins
− Effective aftermarket campaigns; only ~2% revenue decrease in AM
-16%
− Premium freight reductions
− Further strict reductions incl. discretionary spend, labor savings, material savings
-22%

1
Knorr-Bremse Group 1) US$
6
Content per vehicle increase through market share increase
Overall outperformance of TPR in North America
1)
CVS NA Revenue Development Key messages
CAGR 2012 – 2018

TPR NA [% change] 2) +4.0% ▪ Strong BENDIX brand, market leading position and long-
Revenue [mUSD]
standing customer relationships drove outperformance vs.
+6.9%
market
+8% +24% ▪ Strong relationship with truck OEMs and truck fleet operators;
-22% CVS convincing especially through high quality and
+19%
-8% +11%
technology leadership
+20%
+21% -16%
+21% ▪ Continuously dominant market leadership in ADB and leading
+4% position in Advanced Driver Assistance technologies foster
-3% 1,259
1,028 1,050 constant content per vehicle growth and market share gains
988
843 816 865
▪ Content per vehicle increase mitigated lower TPR in some
years

▪ Aftermarket: Solid growth driven by increasing installed base

2012 2013 2014 2015 2016 2017 2018

Full Year Revenue
1
Knorr-Bremse Group 1) German GAAP 2) Source: Market research
7
Content per vehicle increase through market share increase
CVS with sustained growth in a volatile China market
1)
CVS China Revenue Development Key messages
CAGR 2012 – 2018
2)
TPR China [% change] +6.5%

Revenue [mRMB]
▪ Significant market share gain since 2012 through building up
+31.4%
strong position in compressor, damper, electroncis, APU and
-8%
ADB business
+34%
▪ Strong customer relationship and reputation with Top
-5%
+16% Chinese truck OEMs Sword
II
-22% +29%
+37% +8% ▪ Established KB-DETC JV in 2015 and succesfully integrated
+56% Dongfeng compressor business in 2018
2,040 2,199
+47% ▪ Market leadership in brakes business in Chinese market
+22% +25% 1,490 since 2018
956 ▪ Breakthrough in Trailer business through close cooperation
522 652
428 with top trailer axle manufacturers in 2018

2012 2013 2014 2015 2016 2017 2018

Full Year Revenue
1
Knorr-Bremse Group 1) German GAAP 2) Source: Market research
8
CVS bottomline is backed by operational excellence

Permanent programs Special programs

Continued cost
focus KB 2020 Margin stability Market down-swing

▪ Continuous site improvement ▪ Program set up in each region in ▪ Different measures designed for
program order to ensure expected each region
profitability (e.g. TPR scenario -15% /-25%)
▪ Best in class purchasing with
global set-up ▪ Savings plan with dedicated ▪ Launch of specific counter
programs for each subunit, e.g. measures decided by region after
▪ Continuous VA/VE
relocation of valves manufacturing strict investigation
▪ High level of localization in best from Europe to India, planned closure
▪ Gradual implementation of
cost countries of plant in Wülfrath
measures by scenario and region;
▪ Asset light approach ▪ Regularly reviewed by Executive e.g.: flexibilization of variable costs,
Board short-time work, focussed R&D
▪ Significant savings already
achieved

CVS is prepared in case of market downswing

1
Knorr-Bremse Group
9
Continued strong growth, clearly outperforming underlying markets and peers
Revenue
€m By type By region

+8.4%
75 3,602 3,602
225 SA
M&A net disposals
3,322 +5.7% 55
3,322 -20 52 Asia/
• Hitachi € +21m 1,013 Pacific
+8.1%
• Snyder € +4m 937
+6.8%
• BP/Sydac € -45m
Org. growth NA
681
+23.5% 841

+2.4% EU
1,653 1,692

H1/18 Organic M&A net FX H1/19 H1/18 H1/19

disposals
Knorr-Bremse Group x.x% y-o-y growth 20
Healthy order book and continued good visibility
Order intake Order book
€m By type €m

1.06 0.99 7.9 7.8

3.9%
+1.8%
4,372 4,542
65 3,581
34
3,517 M&A net disposals
-35
• Hitachi € +21m
+1.0% • Snyder € +4m
• BP/Sydac € -60m
Org. growth

H1/18 Organic M&A net FX H1/19 30.06.18 30.06.19

disposals
𝑂𝑟𝑑𝑒𝑟 𝑏𝑜𝑜𝑘
Knorr-Bremse Group Book-to-bill Visibility in months defined as 𝐹𝑌 𝑔𝑢𝑖𝑑𝑎𝑛𝑐𝑒 (𝑚𝑖𝑑)
× 12 21
Strong EBITDA margin development in H1/19, particularly in Q2/19
EBITDA
€m Margin

19.0% 18.6%
17.5% 18.0%
Q2/19 with strongest quarterly operating EBITDA
(€ 352m) since 2017
Conversion
from growth ▪ Operating EBITDA margin increased by 210bps
€ +69.9m 685 to 19.1% in Q2/19, despite lower AM share
(down from 34% to 32%)
669
Both divisions contribute
▪ RVS: Healthy mix, strong AM, operating
Wülfrath
leverage, increased productivity, benefits from
BP/Sydac € -16.4m
IFRS16 disposals
€ -8.0m
€ +25.2m
▪ CVS: Resilient performance, content per
590 vehicle, market share gains
582

rep. op. op. rep.

H1/18 H1/18 H1/19 H1/19
Knorr-Bremse Group 22
Strong improvements in operating and free cash flow in H1/19
FCF & OCF CapEx1 NWC op. ROCE2 (annualized)
€m FCF OCF €m % of sales €m Scope of days %

55.0 57.1
3.7%
+24.6% 3.2% 35.4% 35.5%
1,142
+18.6% 1,015
311
249 134
178 106
150

H1/18 H1/19 H1/18 H1/19 30.6.18 30.6.19 H1/18 H1/19

Strong increase in FCF & CapEx following trend in Decent level, Operating ROCE at
OCF, reflecting positive Q1/19: site development improvement of continued high level
EBIT development and Munich & NA, IT projects NWC expected
strong cash conversion towards year-end
Knorr-Bremse Group 1) Before acquisitions and IFRS16 2) 2019 operating ROCE adjusted by Wülfrath (150bps) & IFRS16 (270bps) 23
Guidance confirmed for 2019
Market developments and KB response Revenue op. EBITDA margin 1
€m
Confirmed Confirmed
Market developments
▪ Political uncertainties, but supportive interest
rate outlook

6,875 - 7,075 19.0%

18.5 – 19.5%
▪ CVS: slowing order momentum

▪ RVS: continued strong demand

KB response 3,602
▪ Global footprint and strong localisation

▪ CVS: cost program for margin stability and

plant closure in Wülfrath

▪ RVS: ensuring strong conversion from growth

▪ Cash program (NWC, Capex) H1/19 2019 H1/19 2019

Guidance Guidance
Knorr-Bremse Group 1) 2019 operating EBITDA excl. restructuring measures & incl. IFRS16 24
BACKUP

Knorr-Bremse Group
…

Investor relations contact

Andreas Spitzauer

Phone: +49 89 3547 182310

Mobile: +49 175 5281320
Email: Andreas.Spitzauer@knorr-bremse.com

Justinian Späth

Phone: +49 89 3547 181085

Mobile: +49 160 6149309
Email: Justinian.Spaeth@knorr-bremse.com

Knorr-Bremse Group 26
Revenue Group, RVS & CVS (H1/19)

Group – Revenue RVS – Revenue CVS – Revenue

€m €m €m
+8.4% +7.6% +9.5%
Organic Organic Organic
3,602 Growth
1,876 Growth 1,727 Growth

3,322 225 -20 75 1,744 147 -41 26 1,577 21 49

+6.8% +8.4% 80 +5.1%

- 45 BP/Sydac - 45 BP/Sydac + 21 Hitachi

+ 4 Snyder + 4 Snyder
+21 Hitachi

H1/18 Organic M&A net FX H1/19 H1/18 Organic M&A net FX H1/19 H1/18 Organic M&A FX H1/19
Disposals Disposals

Knorr-Bremse Group 27
Revenue Group, RVS & CVS (Q2/19)

Group – Revenue RVS – Revenue CVS – Revenue

€m €m €m
+8.1% +5.9% +10.6%
Organic Organic Organic
1,846 Growth
965 Growth 881 Growth

1,708 -1 43 911 61 -22 15 +6.7% 796 21 28

96 +5.6% 36 +4.5%

- 25 BP/Sydac - 25 BP/Sydac + 21 Hitachi

+ 3 Snyder + 3 Snyder
+21 Hitachi

Q2/18 Organic M&A net FX Q2/19 Q2/18 Organic M&A net FX Q2/19 Q2/18 Organic M&A FX Q2/19
Disposals Disposals

Knorr-Bremse Group 28
Order Intake Group, RVS & CVS (H1/19)

Group – Order intake RVS – Order intake CVS – Order intake

€m €m €m
+1.8% +1.9% +1.8%
Organic Organic Organic
Growth Growth Growth
3,517 3,581 1,925 1,629 1,659
34 -35 65 +1.0% 1,889 45
72 -56 20 +3.8% -36 21 -2.2%

- 60 BP/Sydac - 60 BP/Sydac + 21 Hitachi

+ 4 Snyder + 4 Snyder
+21 Hitachi

H1/18 Organic M&A net FX H1/19 H1/18 Organic M&A net FX H1/19 H1/18 Organic M&A FX H1/19
Disposals Disposals

Knorr-Bremse Group 29
Order Intake Group, RVS & CVS (Q2/19)

Group – Order intake RVS – Order intake CVS – Order intake

€m €m €m
-1.8% +3.3%
Organic
Growth
-5.9% Organic
Growth
Organic
Growth
1,719 1,688 946 774 799
-31 -24 24 -1.8% -16
-45
890 -1.7% -15 21 19
-1.9%
5

- 48 BP/Sydac - 48 BP/Sydac + 21 Hitachi

+ 3 Snyder + 3 Snyder
+21 Hitachi

Q2/18 Organic M&A net FX Q2/19 Q2/18 Organic M&A net FX Q2/19 Q2/18 Organic M&A FX Q2/19
Disposals Disposals

Knorr-Bremse Group 30
EBITDA Group (Q2/19)
EBITDA Q2/19
€m Margin
19.1%
18.2%
16.8% 17.0%

Conversion
from growth
€ +53.9m
352

335

BP/Sydac IFRS 16 Wülfrath

€ -0.3m € +11.2m € -16.4m

287 287

rep. op. op. rep.

Q2/18 Q2/18 Q2/19 Q2/19
Knorr-Bremse Group 31
EBIT Group (Q2/19)
EBIT Q2/19
€m Margin

15.5%
14.2% 14.5%
14.0%

Conversion 285
from growth
€ +40.6m

IFRS 16
BP/Sydac € +1.4m 259
€ +0.6m

243 244 Wülfrath

€ -26.8m

rep. op. op. rep.

Q2/18 Q2/18 Q2/19 Q2/19
Knorr-Bremse Group 32
…

Revenue and EBITDA RVS (Q2/19)

Revenue EBITDA
€m

rep. 22.5%
+5.9% op. 22.5%
Organic rep. 18.2%
Growth op.1 18.6%
965
911 61 -22 15 +6.7% IFRS 16
€ +5.8m
- 25 BP/Sydac +31.4%
+ 3 Snyder

218
165

Q2/18 Organic M&A net FX Q2/19 Q2/18 Q2/19

Disposals
Knorr-Bremse Group EBITDA margin 1) 2018 operating EBITDA adjusted by disposals 33
…

Revenue and EBITDA CVS (Q2/19)

Revenue EBITDA
€m

+10.6% rep. 16.0% rep. 14.0%

Organic op. 16.0% op.1 15.9%
881 Growth

796 21 28
36 +4.5%
+9.8% IFRS 16
+ 21 Hitachi
€ +6.1m
140
127
Wülfrath
€ -16.4m

Q2/18 Organic M&A FX Q2/19 Q2/18 Q2/19

Knorr-Bremse Group EBITDA margin 1) 2019 operating EBITDA excl. restructuring regarding Wülfrath & incl. IFRS16 34
Disclaimer
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for financial statements prepared in accordance with IFRS. All amounts are stated in million euros (€ million) unless otherwise indicated. Rounding differences may occur. This presentation contains certain supplemental
financial or operative measures that are not calculated in accordance with IFRS or German GAAP (HGB) and are therefore considered as non-IFRS measures. The Group believes that such non-IFRS measures used,
when considered in conjunction with (but not in lieu of) other measures that are computed in accordance with IFRS, enhance the understanding of our business, results of operations, financial position or cash flows. There
are, however, material limitations associated with the use of non-IFRS measures including (without limitation) the limitations inherent in the determination of relevant adjustments. The non-IFRS measures used by us may
differ from, and not be comparable to, similarly-titled measures used by other companies.
This presentation includes “'forward-looking statements.” These statements contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect” and words of similar meaning. All statements other than statements of
historical facts included in this presentation, including, without limitation, those regarding the Company’s financial position, business strategy, plans and objectives of management for future operations (including cost
savings and productivity improvement plans) are forward-looking statements. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause
the actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking
statements are based on numerous assumptions regarding the Company’s present and future business strategies and the market environment in which the Company will operate in the future. These forward-looking
statements speak only as of the date of this presentation. Each of the Company, the relevant Group entities and their respective agents, employees and advisers, expressly disclaims any obligation or undertaking to update
any forward-looking statements contained herein. You are urged to consider these factors carefully in evaluating the forward-looking statements in this presentation and not to place undue reliance on such statements.
To the extent available, the industry and market data contained in this presentation has come from official or third party sources. Third party industry publications, studies and surveys generally state that the data contained
therein have been obtained from sources believed to be reliable, but that there is no guarantee, representation or warranty (either expressly or implied) of the accuracy or completeness of such data or changes to such data
following publication thereof. Third party sources explicitly disclaim any liability for any loss or damage, howsoever caused, arising from any errors, omissions or reliance on any information or views contained in their
reports. Accordingly, undue reliance should not be placed on any of the industry or market data contained in this presentation.

Knorr-Bremse Group 35