The Group’s capital expenditure (capex) amounted to €1,212 million in total in the period to the end of September 2008 (previous year: €1,214 million). Of this figure, €1,015 million was attributable to investments in property, plant and equipment and €197 million to intangible assets excluding goodwill. Group investments were on a level with the previous year for the entire period, but fell by 3.5% year-on-year in the third quarter. Investments in property, plant and equipment related mainly to advance payments and assets under development (€351 million), transport equipment (€176 million), technical equipment and machinery (€161 million), IT equipment (€98 million) and aircraft (€70 million).

In the MAIL Division, capital expenditure totalled €169 million (previous year: €196 million) and continued to centre 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 drove forward the development of a software platform.

In the EXPRESS Division, capital expenditure increased year-on-year from €485 million to €532 million. Breaking this figure down into individual investments reveals that significant amounts were invested in the development of the air hubs in the Asia Pacific and Europe regions and in our global aircraft network. We also invested in maintaining our European aircraft fleet. 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 totalled €65 million (previous year: €47 million). Of this figure, €33 million was attributable to the DHL Global Forwarding Business Unit, where we continued to improve building facilities and IT infrastructure. €32 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 €328 million to €286 million reflecting the differing requirements to support new and renewed business. In the United Kingdom, investment related to fleet, warehouse, associated equipment and providing solutions for new and existing customers across the various operating sectors. In the Americas region, the capital expenditure centred largely on new business and improvements to existing buildings. In the Mainland Europe region we invested mainly in warehousing capacity to support new business.

Postbank, which is reported under discontinued operations, remodelled its branches in the first nine months of 2008. 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 €59 million in total, investments were below the prior-year level.

Cross-divisional investments rose from €158 million to €160 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 nine months of 2008, there were no other material changes in the Group’s investment projects presented in the 2007 Annual Report.