At the end of the third quarter, we reorganised the Board of Management responsibilities for Finance, LOGISTICS and Global Business Services. John Allan, who formerly headed LOGISTICS, assumed responsibility for Finance effective 1 October 2007. All the finance function holders in the Corporate Centre, in MAIL, EXPRESS, LOGISTICS and in Global Business Services now report to him. He has also taken charge of Global Business Services. At the same time, Frank Appel took control of the LOGISTICS Division, whilst retaining responsibility for MAIL International, Corporate Regulation Management, Global Customer Solutions and the First Choice corporate programme.

At the start of the year, we transferred the German parcel business from the EXPRESS to the MAIL Division. We have now entirely separated the sales channels of these divisions as well, reflecting the independent responsibilities they discharge.