The Group’s capital expenditure (capex) amounted to €811 million in total in the period to the end of June 2008 (previous year: €794 million). Of this figure, €669 million was attributable to investments in property, plant and equipment and €142 million to intangible assets excluding goodwill. Overall, Group investments rose by 2.1% year-on-year. Investments in property, plant and equipment related mainly to advance payments and assets under development (€252 million), technical equipment and machinery (€117 million), transport equipment (€102 million), IT equipment (€58 million) and other operating and office equipment (€55 million).

In the MAIL Division, capital expenditure totalled €82 million (previous year: €112 million) and centred on the domestic mail, retail outlet and parcel business. Above all, we purchased replacement IT and transport equipment, optimised production processes and installed further Packstations and Paketboxes. In the Global Mail network we further developed a software platform. In the second half of the year, we intend to purchase new sorting machines.

In the EXPRESS Division, capital expenditure increased year-on-year from €311 million to €356 million. Breaking it down into individual investments reveals that significant amounts were invested in the development of the air hubs in the Asia Pacific region and in our global aircraft network. In the second quarter, we also completed the new European air hub at Leipzig/Halle airport. In the EEMEA region, the focus remained on the growth markets of Russia and the Middle East. In the International Americas region, investment activities focused on Canada and Mexico.

In the FORWARDING/FREIGHT Division, capital expenditure amounted to €45 million (previous year: €34 million). Of this figure, €23 million was attributable to the DHL Global Forwarding Business Unit, where we continued to improve building facilities and the IT infrastructure. €22 million was invested in the DHL Freight Business Unit, mainly in modernising the vehicle fleet and expanding terminals.

In the SUPPLY CHAIN/CIS Division, capital expenditure declined from €226 million to €191 million, the majority of which was invested in the DHL Exel Supply Chain Business Unit, primarily in customer-specific warehouse solutions, transport equipment and information systems to support the relevant processes. These investments were made mainly in the United Kingdom, the USA and Germany. In Corporate Information Solutions, we primarily upgraded and replaced printing equipment.

Postbank remodelled more branches and optimised the communication technology used for its mobile sales activities. Further investments were made in projects aimed at introducing suitable processes relating to the flat tax on investment income, implementing the requirements of Basel II and further developing a liquidity management system. At €43 million in total, investments in the FINANCIAL SERVICES Division were slightly up on the previous year.

Cross-divisional investments rose from €90 million to €94 million and consisted mainly of vehicle and IT purchases. Deutsche Post Fleet GmbH replaced vehicles that had reached the end of their optimum useful life and purchased additional vehicles.

During the first six months of 2008, there were no other material changes in the Group’s investment projects presented in the 2007 Annual Report.