Outlook

Overall assessment of expected performance

Our strong position as the market leader in the German mail business and in almost all logistics operations is the best prerequisite for further growth. Assuming that the world economy will grow by 3% to 4% and world trade will exceed this growth by a factor of 1.5 to 2, we anticipate that consolidated EBIT for full-year 2011 will reach between €2.2 billion and €2.4 billion. The MAIL division is expected to contribute €1.0 billion to €1.1 billion to this figure, whilst the DHL divisions should deliver €1.6 billion to €1.7 billion. At around €–0.4 billion, the Corporate Center/Other result should be on a par with the previous year. Consolidated net profit before effects from the measurement of the Postbank instruments is expected to continue to improve in 2011 in line with our operating business.