Outlook

Outlook for the full year 2009

So far only a very slight volume recovery can be observed and we continue to cautiously assume no significant pick-up in trading in the remainder of the year. We have made good progress in implementing our efficiency improvement measures and we are now expecting the €1 billion savings target in indirect costs to be reached as early as the end of 2009. Customer insolvency risks have materialised in the first nine months to a considerable extent but even in light of further risk from customer insolvencies Deutsche Post DHL is raising the forecast of full-year EBIT before non-recurring items from €1.2 billion to at least €1.35 billion.

Net profit has been significantly supported by the effects from the Postbank transaction. We reiterate our forecast that net profit should be positive for the year.