Outlook

Business development expectations

The moderate recovery observed in the first quarter of 2010 has solidified in the second quarter of 2010. In this environment, the DHL divisions in particular have fared better than was expected at the start of the year. Even in the event of a moderate increase in growth for the latter half of the year, we have adjusted our outlook for full-year earnings for these divisions:

For 2010 as a whole, we now expect consolidated EBIT before non-recurring items to reach €1.9 billion to €2.1 billion. As anticipated earlier this year, the MAIL division is likely to contribute between €1.0 billion and €1.2 billion. For the DHL divisions, we now assume earnings totalling around €1.3 billion. Corporate Center/Other should come in just below the prior year with a result of around €–0.4 billion.

The restructuring measures taken in the previous year on the order of €1 billion will reduce cash flow in 2010, as planned. Consolidated net profit is expected to continue to improve in 2010 in line with our operating business.

Since the start of 2010, all financial instruments associated with the Postbank transaction have been recognised. Mark-to-market measurement has been applied.