In June 2004, during the course of Deutsche Postbank AG’s IPO, we issued an exchangeable bond on Postbank stock in the principal amount of €1,082 million in addition to the public share offering. €64 million of this bond was repurchased by Deutsche Post in the year under review, thus reducing the principal amount of this exchangeable bond to €1,018 million. We provide an overview of our bonds as well as monthly updates on the development of the spreads on our website (see “Bonds”).
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