The 2006 SAR Plan supersedes the 2003 SOP described above, under which options could last be issued in 2005. As at 3 July 2006, selected executives received stock appreciation rights (SARs) under the new plan. This gives executives the chance to receive a cash payment within a defined period in the amount of the difference between the respective closing price of Deutsche Post shares on the previous day and the fixed issue price, if demanding performance targets are met.

A successor plan was also launched for members of the Board of Management: Under the new Long-Term Incentive Plan (2006 LTIP), members were granted SARs for the first time as at 1 July 2006. The new plan is largely identical in nature to the previous stock option plan. The main difference is that it is paid out in cash and therefore no longer leads to dilution to the detriment of the shareholders. As previously, members of the Board of Management must invest in Deutsche Post shares to receive SARs. As with the former stock option plan, SARs may only be paid out under the 2006 LTIP at the earliest after the three-year lock-up period, and only if the demanding performance targets agreed have been met. Further details can be found in the Corporate Governance Report. The remuneration report contained in the Corporate Governance Report also forms part of the Notes.

The fair value of the 2006 SAR Plan and the 2006 LTIP was determined using a stochastic simulation model. This led to an expense of €20.8 million in financial year 2007 (previous year: €14 million), which was recorded in provisions. €2.5 million of this (previous year: €1.0 million) is attributable to the SARs granted to the Board of Management.