The expected subscription period for the Postbank share is from Monday June 7 to Friday June 18, 2004. In commencing the bookbuilding process, Dr. Klaus Zumwinkel, Chairman of the Board of Management of Deutsche Post AG and Prof. Wulf von Schimmelmann, Chairman of the Deutsche Postbank AG Board of Management announced the further timetable for the initial public offering. Last Sunday, the price range per share was set between €31.50 and €36.50. Postbank is planning its stock exchange debut for June 21, 2004. The final price will be announced on the weekend before this.

“Postbank is a sound and growth-oriented investment. This assessment was impressively confirmed to us in pre-marketing and market research,” stated Zumwinkel to journalists in Frankfurt. Now it is a question of determining an appropriate price. Zumwinkel stated his satisfaction with the response that the syndicate members headed by Deutsche Bank and Morgan Stanley had been receiving from investors during pre-marketing since May 24, 2004. “Furthermore, high interest from private investors and Postbank employees strengthened our confidence in the capital market.”

At the same time, Zumwinkel and von Schimmelmann confirmed the positive development at Postbank in the current fiscal year. Based on the positive performance in the first quarter of 2004, Postbank currently anticipates generating an increase in net income for the 2004 fiscal year against the previous year.

In the first quarter of 2004, Postbank improved the profit before tax to €143 million (PY: €101 million), the cost-income ratio improved to 70.6% (PY: 76.9%) and the return on equity before tax to 11.7% (PY: 9.2%).

The Postbank share will be offered via an open bidding process to institutional and private investors in Germany and to institutional investors outside Germany in the context of private placement. “Alongside Germany, the focus of investors will be primarily the Anglo-Saxon area, as investors in these countries are highly familiar with the business model of a retail bank,” stated von Schimmelmann. Deutsche Post shareholders and domestic employees of the German Group companies of Deutsche Post World Net will receive preferential treatment for subscription. The same applies to Postbank customers who have set up a securities account at Postbank by May 5, 2004 at the latest.

The offer relates to 81,999,999 shares. This is up to 50% minus one share of the entire Deutsche Postbank share capital. The offer procedure includes a greenshoe.

In view of the previous response, the Postbank management is confident of being able to convince investors of its assets and its highly defined growth potential with its clear positioning as a private customer bank and comparatively low-risk model on the international roadshow, which will begin on Monday. “We are certain that the IPO will demonstrate the sustainability of the value of both Postbank and Deutsche Post World Net,” commented Klaus Zumwinkel on the planned disposal of a minority stake in the bank.