Significant events

Agreement on pan-European telecommunications services signed with Telefónica

On 7 January 2009, we entered into a services agreement worth nearly €350 million with Spanish telecommunications provider Telefónica. The telecommunications company will provide mobile, fixed voice and data services to 125,000 company employees at 2,400 sites in 28 European countries outside Germany, starting in spring 2009. We expect to save more than €150 million over the five-year term of the agreement.

Transaction on the sale of Postbank shares completed

On 25 February 2009, Deutsche Post AG and Deutsche Bank AG completed the transaction regarding the sale of shares in Deutsche Postbank AG as agreed on 14 January 2009 as planned. The contract comprises three tranches. As agreed, the volume of the two initial tranches amounts to €3.8 billion; however, Deutsche Post has already received a further €1.1 billion in cash on the closing date of 25 February 2009 in addition to the €3.1 billion on 2 January 2009. The difference to the cash amounts originally expected on closing is due to hedging effects. The cash value of the entire transaction remains unchanged at €4.9 billion.

The acquisition of the 50 million Postbank shares – corresponding to a 22.9% stake – as part of the first tranche was carried out upon entry in the commercial register of the non-cash capital increase of 50 million Deutsche Bank shares in favour of Deutsche Post. As of the entry of the capital increase in the commercial register, Deutsche Post held around 8% of the shares in Deutsche Bank. As planned, these shares are substantially hedged. The Group may dispose of half of these shares as from the end of April 2009. The other half may be sold as from mid-June. In accordance with the agreement, mechanisms designed to avoid market disturbances will be applied to any such sales.

In a second tranche, Deutsche Bank subscribed for a mandatory exchangeable bond issued by Deutsche Post. After three years, this bond – including interest payments accrued – will be exchanged for 60 million Postbank shares, or a 27.4% stake.

In addition, net finance costs/net financial income for the past quarter contains non-recurring income of €944 million from the measurement of the third tranche of the overall transaction. In this tranche, Deutsche Post DHL and Deutsche Bank agreed on options for the sale/purchase of a further 12.1% of the Postbank shares. These options can be exercised at the earliest in February 2012.

Deutsche Post AG invests €420 million in the mail business

Deutsche Post AG ordered a new generation of mail sorting machines from Siemens AG. Siemens will deliver a total of 288 sorting machines for standard and compact letters and up to 97 sorting systems for flats and maxi flats by 2012. The investment value amounts to around €420 million.