The DAX began the year 2010 above the 6,000 mark only to fall initially to around 5,400 points. In early February, investors appeared to regain optimism and the index closed the first quarter with an increase of 3.3% to 6,153.55 points. The EURO STOXX 50 lost 1.1% of its value in the same time period. Most early cyclicals amongst transport sector stocks performed well in the reporting period. Deutsche Post shares first followed the market’s early downward trend and then were unable to make a full recovery, underperforming the DAX and our competitors. The price of our stock was mostly in a lateral trend since the 2009 financial year results were announced on 9 March 2010, closing the first quarter at €12.85, down 4.7% on the closing price of 30 December 2009. Average trading volumes decreased year-on-year by 19.7% to 5.3 million shares per day.
| 1) | As at 30 December 2009 and 31 March 2010. |
| 2) | In the first quarter. |