India Opportunity – Railway Segment –

A perspective by Bombardier Transportation

Harsh DhingraChief Country Representative,

Bombardier Transportation , IndiaJanuary’ 2016

Table of contents

• Overview of Bombardier

• Indian Railways – Opportunity

Overview of

BOMBARDIER Transportation

BOMBARDIER Overview

Bombardier Transportation Bombardier Aerospace

Revenues* $9.6 billion Revenues* $10.5 billion

Backlog* $32.5 billion Backlog* $36.6 billion

Employees** 39,700 Employees** 34,100

* as at December 31, 2014

** as at December 31, 2014 (includes contractual and inactive employees

Bombardier Transportation – Financial profile

WE ARE A

LEADER IN THE

RAIL INDUSTRY

BT - A LEADER IN THE

RAIL INDUSTRY

1) EBIT margin before special items

2) Defined as countries with BT employees

3) As at December 31, 2014

4) Including inactive and contractual employees

REVENUES

$9.6B

EBIT before

special items

$486M

EBIT

MARGIN1)

5.1 %

ORDER

BACKLOG3)

$32.5B

CUSTOMERS

IN

> 60 countries

PRESENCE

IN

41countries2)

EMPLOYEES4): 39,700

HEADQUARTERS

IN BERLIN, GERMANY

Bombardier Transportation[Fiscal Year ended December 31, 2014]

At Bombardier, we’re shaping the evolution of mobility by…

Investing in leading

mobility solutions

Growing local roots

in key markets

Achieving flawless

execution

Great Talent

GloballyIntegrated

Sustainability

Active Risk

Management

Strong Financial

Discipline

Our growth strategies

Our competitive foundation

Bombardier Products and Services

The broadest portfolio in the rail industry

Driverless

Systems:

Monorails, Metros,

People Movers

Light rail systems

Metro Systems

Intercity Systems

E-mobility

Solutions

Operations and

Maintenance

Fleet

Management

Asset Life

Management

Material

Solutions

Component

re-engineering

and overhaul

Traction

converters

Auxiliary

converters

Traction drives

Control and

communication

Portfolio to

match entire

range of rail

vehicles

Full scope of

service over

the lifetime

of a bogie

Integrated

control

systems

Automatic train

protection and

operation

Interlocking

systems

Wayside

equipment

Services

Light rail

vehicles

Metros

Commuter

trains

Regional trains

Intercity trains

High speed

trains

Locomotives

Rail VehiclesTransportation

Systems ServicesRail Control

Solutions

Propulsion

& ControlsBogies

Bombardier Presence in ASIA PACIFIC

Sites and offices

Note: Map shows combined sites in same city. Services sites include projects delivered at customer depots.

METROS,

REGIONAL,

COMMUTER,

INTERCITY AND

VERY HIGH

SPEED TRAINS

TRANSPORTATION

SYSTEMS

RAIL CONTROL

AND

SIGNALLING

SOLUTIONS

SERVICES

Advanced product technology, complete

turnkey system solutions and aftermarket

services covering the full spectrum of rolling

stock applications

Complete portfolio of rail control solutions

ranging from manual applications to the most

advanced fully automated technologies

Modernisation, re-engineering and overhaul

services of rail vehicles and components

Offices

Manufacturing sites

Engineering sites

Service sites

Countries with BT locations and projects

Hong Kong

TaipeiShenzhen

Pasig

CebuChennai

Kolkata

HyderabadMumbai

Delhi

VadodaraSavli

Adelaide

Melbourne

Sydney

Brisbane

Maryborough

Perth

Beijing

Changchun

ShanghaiChangzhou

Suzhou

Qingdao

Kuala

LumpurSingapore

Bangkok

Seoul

GuangzhouGurgaon

Indonesia

BOMBARDIER TRANSPORTATION Committed to India

1. Presence in India

Registered and Corporate office in New Delhi

Railway Vehicle Manufacturing Site in Savli,

Gujarat – Established 2008

Propulsion and Control Site in Vadodara,

Gujarat – Established 1997

Rail Control Solutions Centre in Delhi NCR

Engineering centre in Hyderabad, Andhra

Pradesh in JV with Infotech – Established 2003

(Supports BT global projects)

Project offices in New Delhi, CLW, Chennai

and Mumbai (Supports Indian Railways PPC

business and DMRC / MRVC projects)

2. Over 1300 employees in India

3. Key Partner to Indian Railways and Mass

Transit operators

Engineering Centre, HyderabadSavli Site, Vadodara

Maneja Site, Vadodara

CITYFLO 350 signalling

for DMRC line 5 & 6 Extension

(April 2013)

Mumbai Railway Vikas Corporation (MRVC)

Propulsion and controls for 72 commuter trains of 12

cars each for Mumbai

(Nov 2011)

Western Railways & Central Railways

Traffic Management System Mumbai

(WR - Nov 2002)(CR – June 2008)

Indian Railways

Agreement to design and Build

Electric Locomotives with

technology transfer (WAP5 &

WAG9 in 1993

Continuous Propulsion and Control

Systems supply for electric locomotives

BOMBARDIER TRANSPORTATION

Creating better ways to move INDIA

Delhi Metro Rail Corporation (DMRC)

614 +162 MOVIA metro cars

(Three orders in 2007, 2009 , 2011,2015

CITYFLO 350 signalling

for DMRC line 5 & 6

(October 2007)

Semi-finished FLEXX Bogies for Adelaide

commuter rail cars

(June 2012)

Export Order

CITYFLO 650 CBTC signalling

for DMRC line 7

(September 2013)

Bogie frames for Victoria

(June 2013)

Export Order

Bogie frames for Sao Paulo

Monorail - export order

(July 2013)

450 cars, Bogies and PPC

for Queensland Rail – Export order

(January 2014)

10

Bombardier Transportation

State-of-the-art railway technologies in India

• Partner of Indian Railways - Passenger and freight

locomotives

Long-standing relationship with Indian Railways

Comprehensive technology transfer agreement for Bombardier’s WAP5 and

WAG9 locomotives, in partnership with Chittaranjan Locomotive Works (CLW) in

West Bengal

The contract also provisioned for training of Indian Railways’ representatives in

Switzerland to ensure continuity of quality and maintenance

WAP 5 Locomotives

WAG 9 Locomotives

11

Bombardier Transportation

State-of-the-art railway technologies in India

Rail Control Solutions – Delivering innovative rail solutions

Entered India in 1987 with relay based interlocking and pioneered the introduction of the first ever jointless audio frequency track circuits, EBI Track 200 (TI21) in 1992

EBI Track 200 has since been introduced as part of numerous automatic signalling projects for Indian Railways.

In 2002, Bombardier delivered the first ever highly sophisticated traffic management system for the Western Railway in India. Due to the success of this project, Bombardier has been awarded a similar contract by the Central Railway in 2008

Responsible for the train control and signalling system of two line sections on the Delhi Metro, covering 38.6 km.

In 2013, Bombardier was awarded the contract to deliver the first driverless signalling solution for Delhi Metro’s new Line 7, the latest part of Delhi’s metro expansion plan. This ground breaking CBTC system will provide optimal capacity and safety levels on the 58.3km line.

Reflecting the quality of its technology and the strength of the partnership, Bombardier is now the largest contractor for signalling and train control solutions for Delhi Metro Rail Corporation

Central Railways TMS

12

Make in India for India

Delivering Propulsion and Non Propulsion

equipment for Mumbai suburban trains

578 metro cars manufactured and delivered

from Savli site for Delhi Metro.

Manufacturing for 162 metro cars to Delhi

Metro started

Delivered more than 1200 Bogies to

Delhi Metro and will deliver around 330 more

Bogies to Delhi Metro for 162 car order

Transfer of Technology for Bombardier’s WAP5 and

WAG9 electric locomotives in 1993 and ccontinuous

Propulsion and Control Systems supply to Indian

Railways for tractions and communication devices

Delivered Traffic Management System for

Mumbai Suburban Western and Central

Railways and delivering signalling solutions for

Delhi Metro Line 5& 6 with extensions and Line 7

13

Make in India for the World

Savli site in Gujarat began exporting Bogies to Australia from 2012, to Brazilfrom 2014 and to Germany for a project in Saudi Arabia in 2015.

In 2015, Savli will start manufacture and export of 75 complete commuter trains from India to Australia for Queensland Rail project

Maneja, Propulsion manufacturing site in Gujarat, will export equipment in 2015 to Australia and is engaged in engineering activities for our projects in Germany, Switzerland, China and United Kingdom

Bombardier Transportation Engineering Centre India (BTECI) sourcing all global projects of the company for more than a decade

Our Signalling centre in Gurgaon, Delhi NCR will source projects from Asia Pacific region starting this year

1

4

Bombardier developing MASS TRANSIT in India with its metro cars and

signalling systems – Delhi Metro Only 19 months to deliver 1st metro car to Delhi Metro (including the

construction of a new green-field site in Savli, Gujarat India)

Delivered 614 metro cars and over 1200 Bogies to Delhi Metro in ashort span reaching a target of producing one metro car per day

Received order for 162 metro cars in June 2015

Large allocation of resources: over 150 Bombardier engineers from 18nationalities

Propulsion equipment for the metro cars supplied for Maneja, Gujarat,India

Bombardier achieved an indigenization level of approximately 70% interms of subsystem indigenization

Bombardier is Delhi Metro’s largest contractor for signalling andtrain control solutions

Delivering signalling solutions for Delhi Metro Line 5& 6 withextensions and Line 7 (In all, 130 kms)

From 2007, Bombardier has received orders worth more than USD 1.2billion from Delhi Metro for metro cars and signalling solutions

Indian Railways - Facts and Opportunity

Source IR bud 2015

Indian Railways

Lifeline of the nation

Indian Railways

Source IR bud 2015

Indian Railways -

Lifeline of the nation

Indian Railways – A perspective

• Largest transportation and logistics network of the world which

runs 19,000 trains

12,000 trains to carry over 23 million passengers

per day

7,000 freight trains per day carrying about 3 million

ton of freight every day

8000 stations

• Amongst the top 4 railway network in the world

• Share of Railways in India GDP is around 1%

• Considerable under-investment in last several years resulted in

• Capacity augmentation has suffered

• Technological improvements has slowed down

• Customer satisfaction and Safety affected

• If Indian Economy has to grow @ 7% - Indian railway system

requires 8.5% growth or else it will create a bottleneck

IR Published document 17

Indian Railway Structure

source IR Published document 18

Indian Railway Network

IR Network

Route network 70,000 km

Electrified network (Blue) 24,900 km

Diesel locos in operation 5800 nos.

Electric Loco in operations 4800 nos.

Traffic Mix Electric Diesel

Goods 66.7% 33.3%

Passenger 50.4% 49.6%

Emphasis is now to increase

electrification of lines

RA

9. Annexes

Annexure 1

(POSITION AS ON 31-03-2013)

LINE CAPACITY AND UTILISATION ABOVE 100%

PATHANKOT

AMRITSAR

ATARI

GOVINDWAL FIROZPUR

TALWARA JOGINDER NAGAR

BEAS JALANDHAR UNA

NAGAL DAM

SHIMLA

Sanehwal

KOTKAPURA

FAZILKA

SRI-GANGANAGAR

SARUPSAR

LUDHIANA

JAKHAL

RAJPURA

KALKA

AMBALA DEHRADUN

RISHIKES

H KRDE

LAKSAR KOTDWARA

ANUPGARH

LALGARH

KOLAYAT

BIKANER

SURATGARH

SARDAR SHAHR

HISAR

BHIWANI

LOHARU

JIND PANIPAT

R OH T A K

DELHI GZB

REWARI PALWAL

HPU

MORADABAD

CHANDAUSI

H AR D U AGAN J

KATHGODAM

TANAKPU

R L AL KU A

PILIBHIT

MAILANI

JAISALMER

POKARAN

SIKAR

DEGANA

ALWAR

RINGUS

MATHURA

ALIGARH BAREILLY ROSA KASGANJ

HATHRAS BALAMAU

ETAH TUNDALA

SITAPUR SITAPUR

CANTT. BU R H W AL

N E P AL GAN J

C H HI T AU N I

MURKONGSELEK TINSUKIA

DIBRUGARH MORANHUT

DANGARI

LEKHAPANI

JODHPUR

MERTA RD. MERTA CITY PHULERA

JAIPUR BANDIKUI BAYANA AGRA

DHOLPUR

SHIKOHABAD ETAWAH LKO

GONDA MANKAPUR

FD K A PT AN G AN J

VALMIKINAGAR

NARKATIAGANJ DARJEELING

NEW JALPAIGURI ALIPURDUAR

BHALUKPONG HARMUTI

AMGURI JORHAT NAGINIMORA

MUNABAO BILA Daurai

AJMER BHIND

NONERA KANPUR

UNNAO KATRA GOR A KH PU R Ch a ur i C hau ra

SULTANPUR

SILIGURI Samuktala Rd.

NEW BONGAIGAON BALIPARA RANGAPARA HAIBARGAON

SILGHAT TULI

SAMDARI

LUNI

MARWAR SAWAI MADHOPUR

SHEOPURKALA

PANIHAR

KHAJURI

GWALIOR BHIMSEN

AIT

RAE BARELI

TANDA

SHAHGAN

J

MAU

BH AT N I

INDARA H AZ I PU R

S A KRI

D AR BH AN GA

S A M A ST I PU R S AH AR S A

JOGB AN I

HALDIBARI JOGIGHOPA

GOLAPARA

RANGIYA

GUWAHAT

I

SENCHOA CHAPARMUKH

DIPHU

FURKATING

MAVLI

KOTA

CHITTAURGARH

SHIVPURI JHANSI

KHRIRAR

ALLAHABAD

NAINI

ZBD CHHAPRA

PATNA MUGHAL SARAI

SON PU R KH AG AR I A

KI U L

K AT I H AR

KU M AR GH AT

RADHIKAPUR

BALURGHAT

DUDHNOI

DITOKCHERRA

LUMDING

MIGRENDISA

BHILDI UDAIPURCITY

TARANGA HILL BARI SADRI NIMACH RUTHIYAI GUNA

SATNA

MANIKPUR CHUNAR

VARANASI GAYA

SONNAGAR MANPUR

JHAJHA BH AG AL PU R

MANDAR HILL

SINGHABAD

LALGOLA

BADARPUR KATAKHAL

JIRIBAM SILCHAR

MAHESANA BINA REWA

CHOPAN BILLI

GARHWA ROAD JASIDIH MADHUPUR

SITARAMPURSAMAKHIALI

NALIYA BHUJ

GANDHIDHAM KANDLA

OKHA

VIRAMGRAM MALIYA KUDA MIYANA

SABARMATI

MODASA

KAPADVAJJ

RATLAM

NAGDA

UJJAI

N

MAKSI

BHOPAL

KATNI

MAHADIYA

SHAKTINAGAR

BISHRAMPU

R

GIRIDIH

C H H OT A A MB AN A

BARKAKANA DH AN BAD

KO T SH IL A

L OH AR D AGA

SAINTHIA

AD R A

RAMPUR AZIMGANJ

HUT

K AT WA

KUMARGHAT

AGARTALA

BHAIRABI DULLABCHERRA

WANKANER SURENDRANAGAR

RAJKOT

NADIAD GODHRA

PANIMINES AGAR

DAHOD DEWAS

INDORE

JABALPUR ANUPPUR

R AN C HI MU R I

SI NI

PU R U L I YA

B AN KU R A

C H AN D IL

GA M H AR I A

KHANA

BANDEL PETRAPOL

BANGAON

PORBANDAR

WANSJALIYA

JETALSAR BHAVNAGAR

JUNAGARH

ALANG

PRATAPN CHOTA UDEPUR

TANKHALA

UMARPADA

MHOW

KHANDWA

ITARSI

AMLA

CHHINDWARA

RAMTEK

M AN D L A F OR T

N AI N PU R

BALAGHAT

BILASPUR

GEVRA ROAD

CHAMPA

NAWAGAON

ROURKELA

BNDM

BIMLAGARH

R AJ KH AR S WAN

GU A

T A T AN AGAR

BANGRIPOSI

H OWR AH

BARASAT

SEALDAH CALCUTTA

LAKSHMIKANTAPUR KAKDWIP

VERAVAL PIPAVAV

DAHEJ UDHNA

BH U S AV AL

NARKHER ACHALPUR GONDIA

BHILAI URKURA

RAIPUR

JHARSUGUDA Rengali SAMBALPUR

BARSUAN BANSPANI

JORURI SUKINDA

RUPSA DIGHA

BHADRAK NAMKHANA

NAVIKWANABILIMORA JALGAON

JAMNER AKOLA

AMARVATI NAGPUR TUMSAR

UMRER ARJUNI DURG MANDIRHASAUD

RAJIM

MANESNAR

ANGUL

TALCHER DAITARI

RD. DHAMRA PORT

NISCHINTPUR

JAKHAPURA

KAPILAS RD.

MANMAD CHALISGAON KHAMGAON PULGAON WARDHA YAVATMAL

WADSA

NAGBHIR DHAMTARI

DALLI RAJHARA

BUDHAPANK BOLANGIR RAJATHGARH NERGUNDI

CUTTACK

VIRAR AURANGABAD RAJUR

PIMPALKUTTI

ADILABAD

MAJRI TADALI

BALLARSHAH CHANDA

TITLAGARH

JUNAGARH

LANJIGARH BHUBANESWAR KHURDA RD.

PURI

PARADEEP

PEN

ROHA

LONAVALA

DAUND BHIGWAN

PARBHANI

PARLI VAIJNATH

PURNA

NANDED

LATUR RD.

MUDKHED

FORT

GADCHANDUR

JAGTIAL

MANIKGARH

PEDDAPALLI

JAGDALPUR LAKSHMIPUR

DAMANJODI

KORAPUT

SINGAPURAM RAYAGADA

GUNUPUR

BOBBILI

PALASA

PUNE BARAMATI KURDUWADI

MOHOL

LATUR NIZAMABAD

KARIM NAGAR KIRANDUL SALUR

NAUPADA

PANDHARPUR SOLAPUR HOTGI

VIKARABAD

M AN OH AR A PU R

KAZIPET WARANGAL

BOLARUM

BIBINAGAR

MANUGURU

BHADRACHALAM ROAD

KO T T A V AL AS A VIZIANAGARAM

GOPALAPATNAM

VISAKHAPATNAM

MIRAJ WADI HYDERABAD SECUNDERABAD

MACHERLA

RAICHUR

DORNAKAL

MOTUMARI RAJAMUNDRY

VIJAYAWADA

KAKINADA

GUDIVADA

SAMALKOT

M AR M A GA O

H AR BOU R

M AD GAON

LONDA

AMBEWAD

I

GU N T AK AL

DONAKONDA

N AN D YAL

GUNTUR TENALI

NARASPUR MACHILIPATNAM

REPALLE

Go ot y

K AL L UR U

RAYADURG D H AR M A VAR A M

ONGOLE

PANAMBUR

BIRUR

MANGLORE

SAKLESHPUR

PENUKONDA

BANGOLORE

TIRUPATI

PAKALA

KATPADI

GUDUR

CHENNAI

MYSORE CHAMARAJA NAGAR

ARAKKONAM

JOLARPETTAI

CHENGALPATTU

UDAGAMANDALAM VILLUPURAM PODUCHERRY

SHORANUR

ERNAKULAM

COCHIN

COIMBATORE

TRICHUR

IRUGUR

SALEM

ERODE

Ariyalur

Lalgudi

Ponmalai TIRUCHCHIRAPPALLI

HARBOUR BODINAYAKKANUR

VIRUDUNAGAR

MADURAI

QUILON

TENKASI

TIRUNELVE

LI

VANCHI MANIYACHCHI

TRIVANDRUM KANNIYAKUMARI

Line capacity utilization above 100 % impacts

• Average speed of freight / passenger traffic

• Freight – 25kmph

• Passenger - 40 kmph

• Passenger express – 90 kmph

• Introduction of new trains

Introduction of DFC - dedicated freight

corridors shall create separate lines on main

routes with

• Traffic de- congestion on main routes

• Increase of average speed by • Freight on DFC - up to 80 kmph

• Passenger express – upto 130kmph

• Passenger - upto 70 kmph

• Introduction of new trains

Indian Railway– Network - Capacity utilisation

Indian Railways – Investment plans

PROPOSED INVESTMENT PLAN (2015-2019)

ItemAmount (Rs in crore)

Network Decongestion (including DFC, Electrification, Doubling

including electrification and traffic facilities)199,320

Network Expansion (including electrification) 193,000

National Projects (North Eastern & Kashmir connectivity 39,000

Safety (Track renewal, bridge works, Bridges and Signaling &Telecom) 127,000

Information Technology / Research 5,000

Rolling Stock (Locomotives, coaches, wagons – production & maintenance) 102,000

Passenger Amenities 12,500

High Speed Rail & Elevated corridor 65,000

Station redevelopment and logistic parks 100,000

Others 13,200

TOTAL Rs 8,56,000 Cr

Source IR bud 2015Rs. 1000 Cr = 160 M USD

Indian Railways – Foreign Direct Investment 100% Allowed

Source IR bud 2015

FDI is permitted in the following activities of the Railway Transport sector:

Construction, operation and maintenance of the following:

(i) Suburban corridor projects through PPP,

(ii) High speed train projects,

(iii) Dedicated freight lines

(iv) Rolling stock including train sets, and locomotives or coaches

manufacturing and maintenance facilities,

(v) Railway Electrification,

(vi) Signaling systems,

(vii) Freight terminals,

(viii) Passenger terminals,

(ix) Infrastructure in industrial park pertaining to railway lines or sidings

including electrified railway lines and connectivity's to main railway line

(x) Mass Rapid Transport Systems.

Indian Railways – Industry perspective on what has

changed in 2015

Source IR bud 2015

• Delegation of tender related powers to the GM / Rlys and Manufacturing units

• Faster decision on procurement tenders

• Smooth execution of contracts

• Major contracts placed by IR in 2015

• Locomotive contracts under PPP

• DFC project contracts

• Constructive Interface with the industry

• 5 year master plan on investments

• Increased production at Manufacturing units

• Connectivity projects under PPP and Station development projects given priority

Indian Railways – Opportunities in Sectors

Source IR bud 2015

Following areas are expected to have excellent opportunities for Growth

• Rolling stock manufacturers - Locomotives / Coaches / Wagons /

Electric Multiple units

• Technology Suppliers in High Speed Segments

• Signaling System

• Track Laying

• Railway Electrification

• Investors who can undertake Station developments

• Railway Turnkey project executors

• Railway Equipment suppliers

Indian Railways – Foreign Direct Investment

Opportunity and Challenges

Source IR bud 2015

Challenges • Funding

• IR continuous dependence on Central budgetary support

( 2015-16 - Inr 40000 out of Inr 100,000 cr required)

• Long term debt raising from domestic as well as Multilateral /

Bilateral financial institution

• Success of PPP Model ???

• Annuity model of project execution with high interest rates in India

• Thin line of difference between FDI and Privatization

• Land availability for new projects

OpportunityFDI - Foreign Direct Investment may bring in

• Investment in India

• Opportunity for Private sector to partner with IR

• Promote “ Make in India “ initiative

• Support Capacity augmentation / Network expansion and Technological

up gradation of Railways

• India as a market which cannot be ignored by MNCs

Indian Railways - Getting Ready for the Future

“ “ “ Indian Railways has a glorious past, a turbulent present and a bright future. It is a giant emerging out of a deep

slumber.

Its network is congested and finances are not easy to come by. Resources for development and replacement are stressed.

But, the spirit is still alive.

To make an attempt at resurrecting itself, Indian Railways has drawn up an ambitious five year action plan. The realization

is there that if the vicious cycle of under - investment is to be turned into a virtuous cycle of prosperity; crutches of support

will have to be abandoned. Indian Railways will have to generate its own resources for its development.

Indian Railways can lead the country to greater heights of accomplishment..

By 2020, IR would make all efforts towards delivering safe and punctual services, increase average speed by 50% and

increase loading to 1.5 billion tonnes. “ “ “Source – IR whitepaper 2015

Industry is positive on the outlook on Rail opportunities

and so is the investors who believe in India Growth story

Q&A?References

http://www.indianrailways.gov.in/railwayboard/uploads/directorate/infra/downloads/FDI_10114.pdf

http://www.indianrailways.gov.in/railwayboard/uploads/directorate/infra/downloads/Framework_NGRPLM_FINAL_40_AW.pdf

http://www.indianrailways.gov.in/railwayboard/uploads/directorate/finance_budget/Budget_2015-16/White_Paper-_English.pdf

http://www.indianrailways.gov.in/budgetebook/index.html

http://www.indianrailways.gov.in/ebook15/index.html

http://www.indianrailways.gov.in/railwayboard/uploads/directorate/HLSRC/Interim_Report.pdf

http://www.indianrailways.gov.in/railwayboard/uploads/directorate/finance_budget/Budget_2015-16/English_Speech_Highlights_2015-16.pdf