Aggregate capital expenditure (capex) amounted to €369 million as of March 2007. €304 million of this related to investments in property, plant and equipment and €65 million to intangible assets (excluding goodwill). Overall, Group investments thus increased by 3.7% year-on-year. There were no material changes in the investment projects presented in the 2006 Annual Report starting on page 75.

The primary focus of our investments in the MAIL Division was on specific IT applications, replacement investments relating to mail network operations and on hand scanners used in mail distribution.

In the EXPRESS Division, substantial funds were invested in the construction of the new European air hub at Leipzig/Halle airport. In addition, we renewed our vehicle fleet in certain European countries and expanded the network infrastructure. We also modernized our network and developed specific IT applications in the United States. In the Asia Pacific region, we further expanded our express hubs at key strategic airports. In addition, we invested significant amounts in the replacement and modernization of our aircraft fleet.

In the LOGISTICS Division, we focused our investment activities on the DHL Exel Supply Chain business, primarily in customer-specific transportation and warehouse solutions, and on IT systems.

Postbank expanded its IT systems used to support consulting and sales activities.

In terms of company-wide investments, we renewed our vehicle fleet in Germany and invested in the IT infrastructure in our global data centers.