At the end of 2011, 36 analysts were following Deutsche Post shares. A total of 30 analysts issued a “buy” recommendation on our shares, four more than a year earlier. Three analysts issued a neutral recommendation regarding Deutsche Post shares and only three recommended selling. The average price target decreased slightly at year end to €14.66 compared with the prior year (€16.35) despite our profit forecast, which we raised during the course of the year. Analysts anticipate a weakening macroeconomic situation and therefore valued the shares lower.