History

Divestements - Sale of Deutsche Postbank AG

Deutsche Post AG and Deutsche Bank AG completed the transaction regarding the sale of shares in Deutsche Postbank AG on 25 February 2009. The cash impact of the entire transaction amounted to around €5 billion, all of which Deutsche Post has since received in cash.

€3.1 bn on 2 January 2009
€1.1 bn on 25 February 2009
€1.0 bn by the end of July 2009

The mark-to-market valuation of derivative instruments is reflected in the financial result and is a non-cash item. The mandatory exchangeable bond and the cash collateral are shown as non-current financial liabilities and the related non-cash interest expense affects our financial result. The effects on our income statement and our balance sheet are presented in the financial information chapter of this publication.

Deal structure
Module I	Module II	Module III
Initial tranche Value: €1.4 bn	Mandatory exchangeable bond Value: €2.7 bn	Put and call option Value: €1.1 bn
50m Postbank shares (22.9% of registered capital) sold against 50m shares in Deutsche Bank AG (corresponds to 8% of shares in Deutsche Bank AG) Successful placement of all Deutsche Bank shares completed on 6 July 2009	Issue amount of €3.1 bn against 60m shares of Postbank (27.4% of registered capital) Approx. €2.6 bn recognised as long-term financial liability Zero-bond with 4% accruing interest Settlement after 36 months	€1.1 bn cash collateral for 26.4 m Postbank shares (12.1% of registered capital) Exercise of put or call option after 36 months and up to 48 months

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