Conflict of interest reported

Hero Brahms announced at the Supervisory Board meeting of 9 March 2011 that as a precaution, he had not participated in the discussions and decision-making of the Finance and Audit Committee meeting of 28 February 2011 concerning the purchase of AdCloud GmbH, in order to avoid a potential conflict of interest. Hero Brahms holds a supervisory board mandate at Live Holding AG, which has an indirect interest in AdCloud. Werner Gatzer also participated in the Supervisory Board discussions regarding the intention of the German tax authorities to qualify several mail products that Deutsche Post AG considers to be VAT exempt retroactively as subject to VAT. The tax authorities of the German federal states are responsible for administering VAT. There was therefore no conflict of interests.