The Group
Based on the economic growth forecasts, we anticipate that overall business development in 2007 will be positive. We expect a slight increase in revenue and profit from operating activities (EBIT) excluding extraordinary factors to also increase slightly compared with the previous year.

MAIL
We expect revenue to decline in the national mail market. However, this drop can be more than offset by growth in the other business areas. All in all, we anticipate that revenue will remain stable or rise slightly in the current fiscal year. The division’s EBIT is expected to be largely stable in 2007.

EXPRESS
In the EXPRESS Division, we expect at least single-digit percentage revenue growth in 2007 and a disproportionally large growth in earnings.

LOGISTICS
In the LOGISTICS Division, we anticipate high single-digit percentage revenue growth and disproportionally large growth in earnings. The Board of Management is very confident that the integration of Exel can be successfully concluded in 2007 and that we will continue to profit from the favorable trend in the logistics business.

FINANCIAL SERVICES
Revenue and income from banking transactions are also expected to rise thanks to continual growth in contributions by BHW. Postbank’s goal for 2008 is to generate a return on equity before taxes of more than 20% and a cost-income ratio in the traditional banking business of less than 63%. A further aim is to improve Postbank’s tier 1 capital ratio to 7.5% in 2009.

SERVICES
We aim to further increase our effective earnings contribution, excluding extraordinary factors.

Dividend
We plan to continue our current dividend policy and to share our excellent business performance with our shareholders. Our goal is to increase our payout ratio for fiscal 2007 to around 50% (dividend payment in 2008).