DPDHL Standard Presentation March 2018

Deutsche Post DHL Group
Investor Relations
March 2018
Q4/FY 2017 HIGHLIGHTS
Group EBIT, in EUR m 2020: >EUR 5bn Delivering steady profitable growth
(8% CAGR 2013-20 + IFRS 16 effect)
5,000 Strong organic growth across all divisions, reflecting structural
4,500 e-commerce trend as well as macroeconomic acceleration
~4,150 2017 Group EBIT increase of 7.2%, delivering on guidance
4,000
3,741 EBIT growth drives strong Cash Flow generation, allowing to
3,500 balance growth investments and rising shareholder returns
3,000
2,500 Unique global footprint and investing for further growth
2,000 Unique global capabilities to leverage growth in e-commerce

logistics
1,500
Further potential to optimize divisional profitability – esp. in DGFF
1,000
Continued investments into capacity, speed and technology
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
support sustainable growth path
EUR 1.15 dividend proposed (+9.5%) – 2020 Group EBIT guidance confirmed incl. adjustment for IFRS16 effect
INVESTOR RELATIONS PRESENTATION | MARCH 2018 PAGE 2

SUMMARY 2017 KEY FINANCIALS
Delivering steady profit and cash flow growth
EUR m FY 2017
Change, Change, Topline growth accelerated, and once more
EUR m % yoy translated into stronger EBIT growth
Revenue 60,444 +3,110 +5.4% Profit growth driving further improvement in

operating and free cash flow generation
EBIT 3,741 +250 +7.2%
OCF 1) 3,297 +353 +10.3%

Strong FCF increase also reflects swing in net
M&A (2016: UK Mail acquisition; 2017:
FCF
1)
1,927 +483 +33.4%
Williams Lea Tag disposal) while growth
investments increased
1) FY17 and 2016 comparison adjusted for pension fundings of EUR 1bn in Q2/16 and EUR 0.5bn in Q4/17
Delivering sustainable performance improvement across all metrics year by year

PeP: EBIT HISTORY AND OUTLOOK
2017 PeP EBIT: EUR 1.502bn

PeP revenue & EBIT,
in EUR m
20,000
20,000 Parcel Revenue Post Revenue PeP EBIT EBIT guidance, EUR: 2,200
2,000
15,000 2020:
~ 1.7 bn 1,800
2018:
10,000 ~ 1.5 bn 1,600
1,400
5,000
1,200
0 1,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Since 2012 low point, EBIT up EUR >400m, all while investing in Parcel expansion

DHL EXPRESS: NEW MARKET STUDY CONFIRMS SHARE GAINS IN ALL REGIONS
Continued TDI leadership across all regions outside the Americas
Americas [EUR 8.2bn ] Europe [EUR 7.1bn] Asia Pacific [EUR 8.0bn]
<1%4%
11% 17%
20% 10%
+2% 4%
43% 44%
49%
11% 11%
+3%
33% 19%
+5%
24%
Global [EUR 24.0bn]

+x% %pt change vs. 2014 MI study
11%
DHL TNT UPS FedEx Others
5%
Country base: 38%
EU: AT, CZ, DE, ES, FR, IT, NL, PL, RO, RU, SE, 22%
TR, UK +4%
AM: AR, BR, CA, CL, CO, MX, PA, US;
AP: AU, CN, HK, IN, JP, KR, SG, TW
24%
GLOBAL: EU+AM+AP+(AE+SA+ZA) Source: Market Intelligence 2017, annual reports and desk research

DGFF: PERFORMANCE STARTS TURNING AS 2017 SHOWED
PROGRESS IN MANY IMPORTANT AREAS
DGF Gross Profit conversion and EBIT margin
17.1% 16.9%
Volume trends pick up and
10.3% 9.7% 8.6% rate development gradually
5.1%
3.9% 3.9%
2.3%
1.2%
2.4% 2.0% normalizing
2012 2013 2014 2015 2016 2017
GP-to-EBIT conversion EBIT margin New IT system (IRR) completed
2015 EBIT adjusted for EUR -353m one-offs pilot and entered into roll-out
phase
DGF Gross Profit conversion, quarterly progression
New divisional CEO onboard

Q1 Q2 Q3 Q4
with strong sector experience
12% 13%
9% 9% 10% 9%
8% 7% 8%
5%
3% 3%
2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017
2015 Quarterly EBIT adjusted for one-offs

SUPPLY CHAIN: INVESTING IN GROWTH AND EFFICIENCY
New signings, EUR bn1) New signings by sector, FY 2017 Business Highlights
Engineering & Manufacturing Consumer EUR 1.5bn order intake again at record levels
1.5 1.5 Others
12% 17%
6%
Williams Lea Tag disposal reflects focus on our core
Life Sciences
& Healthcare 6% supply chain services
• Q4: no significant EBIT effect, FCF EUR +286m
25%
Technology
16% Retail • 2018 revenue reduced by EUR ~1.1bn with low-mid
2016 2017 double-digit million EBIT impact
18%
1) Annualized revenue 2016 incl. WLT; 2017 excl. WLT Automotive
Creating the DSC Digital Warehouse Vision Digital Warehouse
Digitalization showing high cost saving potential through

software automation of back-office processes (Robot
Process Automation)
Good progress in integrating warehouse solutions, e.g.
piece picking robots
Leveraging the technical experience towards a clear
digital business vision
2) Automated guided vehicles for Very Narrow Aisles
CONSISTENT STRONG CASH GENERATION
In EUR m FCF Dividend payment 2017 FCF generation supported by

1)
1,927
Williams Lea Tag disposal proceeds
1,724 (EUR 286m)
1,669
1) Strong FCF generation nonwithstanding
1,444 1,432
1,345 sustained investments in growth with net
1,270 capex spend up to EUR 2.0bn (+EUR
1,030 1,027
266m)
968
846 Sustainable FCF as basis for attractive
shareholders returns:
- FY2017 dividend proposal of EUR
1.15 (+9.5%)
444
- Further excess liquidity generation
as FCF consistently exceeds
dividend payment since 2013
2013 2014 2015 2016 2017
1) Adjusted for pension funding (2016: 1bn, 2017: 0.5bn)

DPDHL GROUP FINANCE POLICY: CONFIRMED AND EXECUTED UPON
FINANCE POLICY Dividend proposal of EUR 1.15 for FY2017
€ 1.15
Target / maintain rating BBB+ €1.05
Underlying Payout Ratio1)
Dividend payout ratio to remain €0.80
€0.85 €0.85
between 40–60% of net profit €0.65 €0.70 €0.70
(continuity and Cash Flow
performance considered) 59% 58% 53% 49% 50% 46% 48% 52% 60%
Excess liquidity will be used for 40%
share buybacks and/or 2010 2011 2012 2013 2014 2015 2016 2017
extraordinary dividends
and/or Expected dividend payments of EUR ~1.4bn to
potential additional pension
funding (if not by other means) DPDHL shareholders on April 27, 2018
1) Adjusted for Postbank effects as well as non-recurring items when applicable

2018 & 2020 GUIDANCE
EBIT, Previous 2020 guidance

2018 (incl. IFRS 16) 2020 (incl. IFRS 16)
EUR bn (before IFRS 16)
PeP ~1.5 ~1.7 ~ 3% CAGR 2013-20
DHL ~3.0 ~3.7 ~ 10% CAGR 2013-20
CC/Other ~ -0.35 ~ -0.35 < 0.5% of group revenue
Group ~4.15 >5.0 > 8% CAGR 2013-20
FY 2018:
Free Cash Flow: > EUR 1.5bn
Tax rate: ~18%
Gross Capex (excl. leases): ~ EUR 2.5bn

CONCLUSION
2017 has been another very successful year for DPDHL Group
Growth path confirmed with operating profit increase delivering on expectations

Strong cash generation allows increases in growth investments as well as shareholder return
Further strengthened our unique position to drive profitable growth, notably in e-commerce
Long-term strategic goals intact and consistently delivered upon:

Leverage growth in e-commerce and emerging markets, based on unrivalled,
diversified business portfolio
Clear roadmap for margin improvements in all divisions
Solid balance sheet and increasing cash generation support shareholder return strategy

DPDHL INVESTMENT PROFILE
Global Powerhouse of Logistics Clear Strategic Direction Sustainable Growth Momentum

Our roadmap for margin and profit Unique position for e-commerce
improvement
Increasing Margins and Returns Investing for Growth Delivering Attractive Returns
Divisional self-help agendas Innovation, quality & customer Committed to FCF growth and
centricity improving shareholder returns

Divisional Information

DPDHL GROUP AT A GLANCE
Network businesses – asset intensive Brokerage & Outsourcing – asset light
Divisions
Post - eCommerce- Global Forwarding
-EUR m - Express Supply Chain
Parcel Freight
2017
Revenue 18.168 15.049 14.482 14.152
Group revenues
€ 60.4bn EBIT 1.502 1.736 297 555
Margin 8.3% 11.5% 2.1% 3.9%
EBIT
€ 3.741bn Staff (FTE) 179.600 86.313 42.646 149.042
USO Provider for letter Core product Tide- Brokerage of transport Customized,
Market Products services in Air, Ocean outsourced logistics
products in Germany. Definite International
capitalization Parcel operations in (TDI): premium cross- and Road freight solutions through full
€ 49bn per Germany, Europe and border parcels and value chain
31.12.2017 selected international document delivery
markets
Geographies Germany - Europe 220 countries and >150 countries and >50 countries and
Americas -Asia Pacific territories territories territories
Approximately
500,000 employees 61% letter mail 34% global market # 1 in air freight #1 globally
Market Share # 2 in ocean freight 6.2% market share
in more than 220 Germany share
45% parcel Germany # 1 Europe, MiddleEast,
countries/territories Africa and Asia, # 3 US

CONTINUOUS MARGIN IMPROVEMENT REMAINS TOP PRIORITY ON
DIVISIONAL AGENDAS
Further potential to optimize divisional profitability – esp. in DGFF
Asset intensive: Express and PeP + Asset light: DGFF and DSC
EBIT EBIT
Margin1) margin1)
11.5% 3.9%
8.1%
8.3%
2.7%
4.4% 2.1%
1.8%
Q4 2010 Q4 2017 Q4 2010 Q4 2017

PeP Express DSC DGFF
1) Rolling 12 month EBIT margins, DGFF adjusted for NFE write-off in Q3 2015
Group margin of 6.2% is up +260bp since 2010; +100bp since 2013

DISRUPTION IS EVERYWHERE: INNOVATION IS THE SOLUTION
DHL Trend - Radar
In order to stay ahead of the curve, we have to think in a creative way and not be
afraid to self-disrupt
Focus. Connect. Grow.
POST, E-COMMERCE & PARCEL

PeP: PARCEL GROWTH CONTINUES TO OUTWEIGH MAIL DECLINE
Mail Communication revenue Dialogue Marketing revenue Business Highlights

EUR m EUR m
-1.3% • Ongoing, gradual shift towards Parcel and eCommerce
Q4: -0.7%
+4.3% 2010 2017
6,527 6,439 Q4: +7.9%
20% 46%
2,225 2,320
54%
FY 2016 FY 2017 FY 2016 FY 2017 80%
Parcel Germany revenue Parcel Germany volumes
Post revenue Parcel and eCommerce revenue
+4.3% • Letter volume per working day (WD) increased by 1.5% in

EUR m m units
Q4: +4.4% Q4 driven by Dialogue Marketing - resulting in almost flat
+7.8% full-year at +0.7% with support of elections:
4,814 5,022 Q4: +7.1%
1,227 1,323 Volume yoy Q4 17 Q4/WD 2017 2017/WD

Mail Communication -6.0% -3.1% -4.6% -3.5%
Dialogue Marketing +2.6% +5.8% +3.5% +4.7%
FY 2016 FY 2017 FY 2016 FY 2017
Letter volume1) -1.6% +1.5% -0.5% +0.7%
1) Mail Communication & Dialogue Marketing

PeP: ENLARGING OUR E-COMMERCE FOOTPRINT
Parcel Europe revenue DHL eCommerce revenue Continued expansion into international parcel markets
EUR m +65.4% EUR m Parcel Europe: European coverage expanded to 26
Q4: +66.9% +10.3% countries, including Germany, thereof
Q4: +4.5%
- 2 greenfield countries (AT, SK)
1,882 1,385 1,528
1,138
- 7 internal asset shifts (NL, BE, PL, CZ, SE, ES, PT)
FY 2016 FY 2017 FY 2016 FY 2017

- 2 acquisitions (GB: UK Mail, FR: Relais Colis stake)
Parcel Europe, EBIT margin by country - 14 countries with Parcel Union cooperations
Strong 2017 revenue increase: +18.3% adjusted for first
8% time UK Mail contribution (EUR 536m)
Margin potential: mid-to-high single digit EBIT margin
5%
DHL eCommerce: PeP capabilities outside Europe
0%
Excluding FX effects, FY17 revenue up 13.1%, Q4 +13.9%
Good US domestic and cross-border business from Asia
E-fulfilment network further expanded
Countries: AT, CZ, ES/PT, NL, PL, SK, SE, GB

PeP – DIVISIONAL RESULTS Q4 2017
EUR m Q4 2016 Q4 2017 Chg. Management comments

Continued Parcel growth in Germany, Europe and DHL eCommerce drives
Revenue 4,710 5,052 +7.3% strong peak season for PeP with Post revenue also up by 2.1%. PeP
organic increase of +4.9%
Good Parcel peak season combined with stable Post revenue and slight
EBIT PeP 490 510 +4.1%
positive contribution from International in the quarter
t/o Germany 496 503 +1.4% German EBIT only slightly up as peak season also comes with higher costs
t/o International
-6 7 >100% International Parcel expansion progressing to plan
eCommerce - Parcel
Operating Cash Flow 602 858 +42.5% OCF increase supported by timing effects
Capex 265 320 +20.8% Increase primarily driven by investments into German parcel infrastructure

PeP: DHL Parcel Germany maintains sustainable growth momentum
DHL Parcel Germany, volume growth, yoy DHL Parcel Germany, market share development
+6pp
9.8% 9.8% 9.3%
8.7%
7.4% 7.0% 7.8% 39% 45%
market growth expectation: 5-7% 20%
2010 2017 Comp 1 Comp 2 Comp 3 Comp 4

2011 2012 2013 2014 2015 2016 2017
High delivery convenience… …enabled by efficient, automated network

• Broad choice of recipient services for consumers: doorstep • ~85% next day delivery & ~98% second day delivery
delivery, Parcel lockers (Packstation), Click & Collect
(Parcel shops), Private Parcel box (Paketkasten) • 34 fully automated parcel sorting centers, with average
sorting capacity of ~30,000/hour
• Highest density of customer access points for delivery &
returns • >240 local delivery depots and >75 mechanized depots
• ~5.3m parcels per working day in 2017 • Capacity increased by >50% versus 2012
Leading service proposition translates into sustained increase in volume and market share
MINIMIZING IMPACT OF CONTINUOUS MAIL DECLINE:
COST FLEXIBILITY IS THE KEY OBJECTIVE
Joint Delivery helps to optimize delivery of Revenue mix shift also reflected in delivery
declining mail volumes staff development
~50% of Parcel 93,400 103,700 Delivery workforce

+8,000
deliveries done Headcount, t/o
through joint delivery +5,400
with mail Dedicated Parcel

-3,100 Joint Delivery
Joint Delivery of Mail Delivery

Parcels and Mail 2010 2016
Dedicated Mail or
Increase in dedicated Parcel and joint delivery drives
Parcel Delivery
net hiring since 2010, as a result of strong Parcel growth
New wage structure provides competitive basis for
Population density, increasing order sustainable growth in Parcel Germany
Mail volume decline is a given, so our focus is on compensating measures in order to minimize
the impact and allow Parcel to drive PeP growth
DHL eCOMMERCE: OUR PRODUCTS AND NETWORKS
DHL eCommerce capabilities based on three core pillars
Global, multi-site eFulfillment

Current network:
• US, Mexico, India, Hong Kong, Australia,
Germany
Domestic B2C delivery International day-definite

and returns delivery and returns
• Current network: • Currently servicing 220 countries
• US, Chile from 11 origin countries (US,
Canada, Mexico, Hong Kong,
• India, Thailand, Malaysia,
Singapore, China, India, Australia,
Vietnam
Japan, Malaysia,Thailand)

EXPANDING OUR INTERNATIONAL E-COMMERCE FOOTPRINT
Selected domestic assets combined with global cross-border delivery and vendor-neutral eFulfillment
Parcel Europe
One Parcel network for Europe
Domestic Delivery &

Cross-Border
Cross-Border Origin
Multi-user, vendor-neutral
eFulfillment facilities
DHL eCommerce
In-bound/Out-bound Sorting
Selective, expanding footprint in the
Distribution Center/Central Hub Americas and Asia-Pacific
Quick and selective international expansion of e-commerce logistics – in and outside of Europe
PEP: CONTINUOUS INNOVATION ALONG THE WHOLE VALUE CHAIN,
DRIVING STRUCTURAL E-COMMERCE GROWTH
Network orchestration
(e.g. routing, data analytics) Sustainable
Production / sorting delivery
(e.g. 50k/hour ; MechZB)
(e.g. Streetscooter)
e-commerce
growth
Penetration of
Last mile
new business fields
(e.g. grocery marketplace &
automation
delivery) Recipient solutions (e.g. Postbot)
(e.g. trunk delivery, DHL4ALL)
EXPRESS

EXPRESS: CONTINUED STRONG TDI PERFORMANCE
Time Definite International (TDI), revenue per day, in EUR m1) Business Highlights
TDI volume growth continues strongly with all regions

contributing
+15.1% +12.9%
45.7 52.6 41.9 47.3 DHL Express, TDI volume growth, yoy
Q4 17 FY 17
27.4%
23.7%
17.6% 14.3%
Q4 2016 Q4 2017 FY 2016 FY 2017 12.5% 12.8%
5.3% 3.6%
Time Definite International (TDI), shipments per day, ‘000s

MEA Americas Europe Asia Pacific
Revenue growing stronger than shipments due to higher

+11.1% +9.9% fuel surcharge and active yield management: revenue/kg
880 978 808 888
increase driven by General Price Increase, portfolio
optimization and ship-to-profile measures
Volume growth, yield management and scale efficiencies
Q4 2016 Q4 2017 FY 2016 FY 2017
drive continued EBIT and EBIT margin improvement
1) Currency translation impacts are eliminated. Data aggregated with same currency rate

EXPRESS – DIVISIONAL RESULTS Q4 2017
Strong TDI volume increase (+11.1%), yield management and higher fuel surcharge
Revenue 3,759 4,059 +8.0%
drive organic growth to 15.2% excl. adverse FX effects
Volume growth, yield performance across all verticals and efficiencies in air network
EBIT 434 499 +15.0%
costs drive EBIT growth above revenue increase: margin up 80bp to 12.3%
Operating Flat due to timing effects and more balanced steering of year-end cash management,
728 723 -0.7%
Cash Flow full-year OCF up 14.7%
Capex 279 605 +>100% High Q4 number reflects planned aircraft purchases

EXPRESS: FOR OUR INTERNATIONAL NETWORK, X-BORDER B2C
IS A PROFITABLE GROWTH DRIVER
Portion of B2C TDI shipments has increased We grow B2C profitably because 90% of the KPIs
over time perfectly suit our network
1)
>10% 1) Volume growth drives better utilization
>23% SpD
of existing network
WpS Lower weight per shipment
RpK Higher RpK related to lower WpS
2013 2017 First mile More pieces per stop at pickup
Our TDI product is attractive to e-tailers because we offer… Better utilization of existing infrastructure,
Hub sort
Unparalleled global door-to-door network with high degree of conveyables
Fast customs clearance Better utilization of existing capacity,
Airlift
Flexible delivery options with lower WpS being advantageous
Highest service quality & customer service Last mile Residential delivery to private households
1) Indications based on medium to large B2C customers of top 30 countries
X-Border e-commerce has developed into an important TDI vertical and profitable growth driver
EXPRESS GROWTH SUPPORTED BY BALANCED GLOBAL FOOTPRINT
Quarterly growth ranking, TDI volume growth
#1 EU EU MEA AM AP AP MEA EU MEA EU EU EU EU AM AM EU EU MEA MEA MEA Consistent strong

volume growth in
AP MEA AP AP MEA AM AM MEA EU MEA MEA AP AM EU EU AM MEA EU AM AM global TDI network
#2
Constant variation
MEA AP AM EU AM MEA AP AP AP AP AP MEA AP AP MEA MEA AM AM EU EU
#3 in regional patterns
reflects movements
AM AM EU MEA EU EU EU AM AM AM AM AM MEA MEA AP AP AP AP AP AP
#4 in global trade flows
821 820 880 824 890 863 978

615 647 618 693 662 700 661 748 709 760 723 764 771
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2013 2014 2015 2016 2017
+8.4% +7.8% +8.7% +7.4% +9.9%
TDI Shipments/ day EU Europe MEA Middle East Africa AM Americas AP Asia Pacific

DHL EXPRESS: FOCUS ON TDI
Continue successful FOCUS strategy DHL Express Core Product
TDI (Time Definite International) - The premium segment

2009 Revenue distribution 2017 Revenue distribution within Express Industry
0% Time Definite = Dedicated delivery at a scheduled time of day

10% 3% 12%
International = Cross-Border Shipment (intra- or between
13%
7% continents)
4% TDI: requires dense and broad international network
12% 61%
78% TDD: Time Definite Domestic
DDI: Day Definite International
DDD: Day Definite Domestic
TDI TDD DDI DDD ACS / Other ACS: Air Capacity Sales (re-sale of spare capacity on dedicated
fleet to optimize utilization, not sold by core Express sales teams)

DHL EXPRESS: VIRTUAL AIRLINE MODEL & AIR CAPACITY SALES
Virtual Airline Air Capacity Sales
Approx. 500 airports and 22 major hubs connected Block Space Agreement, guaranteed air
through cargo product.
1. Dedicated air: >250 aircraft with 17 partner airlines on
>600 daily flights Express TDI core product, capacity
2. Purchased air: >300 commercial airlines with >1,800
BSA based on average utilization, adjusted on a
daily flights daily basis
CORE
TDI
CAPA- CORE Flex & Air Capacity Sales Flex, a
Capacity Commitment CITY set amount of the Total Spare Capacity to
be utilised for TDI core volume surge
FLEX and/or air cargo filler traffic
22% 0 - 90 Days (incl.
ACS
Purchased Air) GUAR. Air cargo guaranteed, a set amount of the
91 - 360 Days Total Spare Capacity guaranteed for priority
52%
traffic & key customers
26% Fixed

FORWARDING, FREIGHT

GLOBAL FORWARDING, FREIGHT: PERFORMANCE RECOVERING
Air freight ‘000s Export - Tons Air freight gross profit Business Highlights
EUR m
+8.0% DGFF fully participating in market recovery with
-1.4%
Q4: +3.8% strong Air and Ocean freight volume growth in 2017
Q4: +11.0%
2,081 2,248 Successful peak season in AFR with 3.8% volume
875 863 growth translated into 11.0% GP increase reflecting
early peak season preparation
FY 2016 FY 2017 FY 2016 FY 2017 Volume growth in OFR still being offset by GP
pressure in OFR market
Ocean freight ‘000s TEU1) Ocean freight gross profit Full-year DGFF EBIT slightly up as H2
improvement offset H1 decline
+6.5% EUR m Returning to former profitability levels remains 1st
Q4: +4.7%
-5.8% priority, long term ambition unchanged to close gap
3,059 3,259 Q4: -8.8% to benchmark performance - Simplify initiatives incl.
IT roll-out (IRR) on track
703 662
FY 2016 FY 2017 FY 2016 FY 2017

1) Twenty Foot Equivalent Unit

GLOBAL FORWARDING, FREIGHT– DIVISIONAL RESULTS Q4 2017
Good momentum continues, reflecting growth in AFR and OFR volumes - organic
Revenue 3,623 3,791 +4.6%
increase of 9.1%
AFR posting increase in absolute GP and GP/t – rate development in OFR still
Gross Profit 883 879 -0.5%
challenging with ongoing pressure on GP
EBIT 104 123 +18.3% Strong peak season well managed, margin at pre NFE levels of 3.2%
Operating
206 119 -42.2% Reflecting WC build-up due to increasing activity levels
Cash Flow
Capex 18 18 flat Stable on low level reflecting asset light business model

THE LIFECYCLE OF A SHIPMENT IS A COMPLEX PROCESS
Forwarding is more than brokerage of transport, it is managing all the steps along the way
Take control of goods Create documents for

from customer export compliance & Manage transport
Plan route & organize customs to port/airport
shipment
Quotation Process Manage loading &

export process
Goods to be
shipped
Ensure goods are
shipped
Billing & payments

Ensure shipment
stays on track
Transport to warehouse or
final destination Accept delivery
Manage documents for import at port/airport
compliance & customs process

DGFF SUMMARY: AMBITIOUS YET ACHIEVABLE PLAN
DGFF: recent EBIT and ROCE history Forwarding is an attractive industry – and
60% DGFF has a leading franchise, brand and
right people to be a successful industry
50%
leader
40%
We know our weaknesses and are
30%
committed to bringing our practices to
20% best-in-class levels
10% Our plan is ambitious, but the steps to
0% address our short- and medium term
2012 2013 2014 2015 2016 2017
-10% challenges are well-described and
EBIT-Margin
accepted
-20% ROCE excl. goodwill ROCE incl. goodwill
We remain committed to our goal of benchmark conversion ratios and profitability

DGFF: GROSS PROFIT AND GROSS PROFIT/EBIT CONVERSION
FY
in € m 2017
Total revenues 14.482 DGF Gross Profit conversion and EBIT margin
Revenues Global Forwarding 10.279

t/o Airfreight 4.608
t/o Oceanfreight 3.512
t/o others 2.159
Revenues Freight 4.354 17.1% 16.9%
Consolidation -151
Total gross profit 3.470 10.3% 9.7% 8.6%
t/o Airfreight 863
5.1%
t/o Oceanfreight 662 3.9% 3.9%
t/o others 865 2.3% 2.4% 2.0%
1.2%
t/o Freight 1.080
2012 2013 2014 2015 2016 2017
Reported EBIT 297
t/o Forwarding 206 GP-to-EBIT conversion EBIT margin
t/o Freight 91

SIMPLIFY: IMPROVE EXECUTION, OWNERSHIP AND INCENTIVES
Challenges Simplify
Decision-making and 1
Adherence to a set of clear business rules
execution takes too long along three areas:
Complex structures and Mindset and behavior
processes Roles and responsibilities
Working together as one Steering and incentives
network
No state-of-the-art IT
2 Structural cost reductions on all levels
systems yet and new digital
players entering 3 IT Renewal Roadmap (IRR)

SUPPLY CHAIN

SUPPLY CHAIN – DIVISIONAL RESULTS Q4 2017
Reported growth primarily influenced by adverse FX developments (GBP, USD)

Revenue 3,607 3,619 +0.3% and WLT sale. Organic increase of 7.8% as a result of volume increases across all
regions
EBIT below last year as EUR 32m one-time write-down of customer

EBIT 206 184 -10.7%
relationship assets masks good business development
Operating
520 28 -94.6% Includes provision movement from debt-financed UK pension funding
Cash Flow
Capex 73 83 +13.7% Increase in overall low spending due to phasing of new customer start-ups

DHL SUPPLY CHAIN: SOLUTIONS OVERVIEW
Offering Customized Solutions Across the Entire Supply Chain
Revenue by Service Area

FY 2017
Value Added
Services
Transportation
20%
33%
47%
Warehousing

TAPPING NEW E-COMMERCE LOGISTICS OPPORTUNITIES:
E-FULFILLMENT
DHL Vendor-neutral E-fulfillment
Seamless Logistics Management Quality Fulfillment, Worldwide
• End-to-end order and inventory visibility • High quality, secure fulfillment

• Global order orchestration • Choice of standard services
• Plug-n-play expansion into new markets • Consistent SLAs across all locations
Transactional pricing Fast and Flexible Shipping

• Pay per use • Broad range of shipping services
• No capital spend required (domestic + international)
• No fixed costs • Late cut-off times
Customer Benefits
• Significant overall cost savings through partnership for fulfillment and shipping
• Quality improvement, control over branding, packaging and inventory data
• Decreased shipping time through best-in-class supply chain technology and fulfillment
Using the full range of our cross-divisional experience and assets allows us to
differentiate in e-fulfillment and provide unique customer benefits
DHL SUPPLY CHAIN HAS 9 INITIATIVES TO DELIVER STRATEGY 2020
Focus Connect Grow
Drive standardization and Create an effective Shift the portfolio…
reduce complexity… organization globally…
1 Improvement of 4 Efficient and effective 7 Value added

underperforming business functions services
2 Operational standardization 5 Consistent and lean 8 Global sectors and

organization products
globally
3 Commercial standardization 6 Culture and mindset shift 9 Geographical shift
…to increase efficiency …to enable change …to address

attractive segments

Appendix

GROUP P&L 2017
EUR m 2016 2017 Chg. Management comments
Organic growth of 6.8% reflecting economic acceleration and structural e-

Revenue 57,334 60,444 +5.4%
commerce growth. Adverse FX effects of -2.2%
EBIT 3,491 3,741 +7.2% Steady profitable growth continued, delivering on guidance
E-commerce-driven Parcel growth offset mild letter decline supported by

t/o PeP 1,446 1,502 +3.9%
elections – international operations continue to build out Parcel growth platform
EBIT growth strongest at Express (+12.4%), turnaround in Global Forwarding,
t/o DHL 2,404 2,587 +7.6%
Freight (+3.5%), held back by Supply Chain (-3.0%) due to Q4 one-off
Financial result -359 -411 -14.5% Affected by write downs on financial assets in Q3 and Q4
Tax rate at 14.3% - above 13% expectation due to revaluation of US tax loss
Taxes -351 -477 -35.9%
carryforwards (FY 16: 11.2%)
Consolidated Net profit and EPS increase slower than EBIT growth due to financial result and
2,639 2,713 +2.8%
net profit1) tax rate increase
EPS (in EUR) 2.19 2.24 +2.3%
1) Attributable to Deutsche Post AG shareholders

GROUP P&L Q4 2017
Organic revenue increase of +8.4% - Euro strength lead to worsened FX effects

Revenue 15,410 16,109 +4.5%
in Q4 of -4.1%
Expected strong year-end with main growth contributions from Express and PeP
EBIT 1,111 1,181 +6.3%
as well as turnaround of DGFF
Good Parcel and eCommerce peak season performance combined with stable
t/o PeP 490 510 +4.1%
Post revenue
Strong year-end performance driven by all divisions, although held back by DSC
t/o DHL 746 806 +8.0%
one-off
Includes write down on financial asset, offsetting previous year expenses from
Financial result -124 -128 -3.2%
currency translation
Taxes -115 -181 -57.4% Final full-year tax rate of 14.3% leads to Q4 rate of 17.2%
Consolidated
841 837 -0.5% Net profit and EPS not reflecting EBIT growth due to tax rate increase
net profit1)
EPS (in EUR) 0.70 0.69 -1.4%
1) Attributable to Deutsche Post AG shareholders

FREE CASH FLOW FY 2017
Strong FCF generation in excess of dividend taking into account EUR 495m pension funding
EUR m 2016 2017

EBIT 3,491 3,741 Up EUR 250m
Depreciation 1,377 1,471 Increase reflecting increasing growth capex as well as DSC Q4 one-off
Debt-financed pension funding effect in 2016 (EUR 1,000m) and 2017 (EUR 495m) – excl.
Change in provisions -1,799 -940
this effect, 2017 provision change within expected EUR 400-500m range
Income taxes -528 -626 Cash taxes trending up following profit growth
Swing vs last year due to phasing of lump-sum pension payment offers: related pension
Other -27 -228
obligations reclassified from provision to liabilities in 2016 and liabilities partly served in 2017
Changes in working capital -75 -121 Expected slight build-up aligned with business growth
Operating Cash Flow 2,439 3,297 Excl. pension fundings up EUR 353m
Net capex -1,701 -1,967 Significantly higher than last year, mostly due to fleet investments in Express
Net M&A -206 210 Includes UK Mail acquisition in 2016 (EUR - 278m) and WLT disposal in 2017 (EUR +286m)
Net interest -88 -108 Increase reflects higher outstanding debt financing
FCF 444 1,432 FCF of 1,927m in 2017 adjusted for pension funding (-495m)

FREE CASH FLOW Q4 2017
Strong OCF and FCF generation as usual in fourth quarter, despite the expected high capex spend
EUR m Q4 2016 Q4 2017
Net cash from operating activities Usual strong seasonal Operating Cash Flow generation, impacted
1,205 981 by EUR 495m pension funding in UK
before changes in Working Capital
Changes in working capital below last year due to a more
Changes in Working Capital 720 546
balanced steering of year-end cash management
Net cash from operating activities
1,925 1,527
after changes in Working Capital
Net Capex -404 -779 FY capex up in line with guidance, with Express investments
significantly up in Q4 due to expected aircraft purchases
Net M&A -260 284
Net M&A includes last year´s UK Mail acquisition (EUR - 278m)
and closing of Williams Lea Tag disposal in Q4 17 (EUR +286m)
Net Interest -60 -57
Free Cash Flow 1,201 975 FFO/Debt up to 32.0% (year-end 2016: 30.6% )

NET DEBT DEVELOPMENT
Net debt reduced despite additional pension funding
3,297
in EUR m
-1,967
-1,938
-2,261 -1,390 383
Net debt (Dec OCF after Net Dividends Other incl. M&A Net debt
31, 2016) change in capex paid (Dec 31, 2017)
W/C

IFRS 16: MAJOR P&L IMPLICATIONS
1)
EUR m Expected IFRS16 effect on 2018
Revenuenue No changes
Decrease as lease expenses to be recognized as depreciation and interest

Materials expense ~ -1,950 costs – only exemptions for short-term leases and low-value assets, which
stay in material costs
EBITDA ~ +1,950 Increase due to lower materials expenses
D&A ~ +1,800 Increase due to new depreciation of capitalized operating-lease-assets
EBIT increase as operating lease expense replaced by depreciation

EBIT ~ +150
and interest
Net finance costs ~ -350 Increase due to interest cost component booked in finance cost
Income taxes ~ -50 Lower during first years due to higher deferred tax assets
Whilst neutral over time, timing effect due to higher interest during
Cons. net profit ~ -150
first years
Main P&L effects: increase in EBITDA and EBIT, long-term neutral to net profit
1) Based on leases as per 1.1.2018

IFRS 16: EXPECTED IMPLICATIONS FOR DPDHL GROUP
Scope at DPDHL Group: >25,000 leasing contracts, covering >35,000 assets
Expected major impacts on 2018 numbers:
P&L EBIT: expected increase of EUR ~ 150m

Current internal estimates:
to be further validated
Balance sheet Net debt: Expected increase of ~ EUR 9bn
FCF: no change based on new definition: OCF – redemption of lease liabilities - net
FCF
capex - net M&A - net interest
Credit Rating No impact on rating and related metrics expected
No effect on actual cash generation and debt rating

OCF: TOTAL CASH OUT FOR PENSION PLANS DECLINING, AS
EXPECTED
EUR m 2012 2013 2014 2015 2016 2017 Expected trend
542 538 531 Steady decline: 50% cost reduction by
Civil 516 2027 due to civil servants going into
493
servants (in 461 retirement
Defined GER)
contribution
(DC):
Cash out =
staff costs in Hourly
Slight increase reflecting business growth
EBIT workers and 317 305 300 and selected shifts from DB to DC plans
salaried 286 276
employees
238
mainly
outside GER
Defined Cash out with declining trend, reflecting

Benefit Hourly 566 demographics and 2012/16 pension
(DB): workers and 468 457 428
431 417 funding
Staff costs + salaried 410 282 268 264 266 230 Change in provisions (Cash out in excess of EBIT)
Change in employees
1)
provisions 156 186 163 193 162 187 Current service costs (in staff costs)
1) Cash Out = benefit payments + employer contributions = staff costs + change in provisions, excluding one-offs
OCF: OTHER PROVISIONS DEVELOPED IN LINE WITH EXPECTATIONS,
WITH NO CHANGE IN TRENDS EXPECTED
Trend, as
EUR m 2012 2017 OUTLOOK: drivers intact, trends expected to continue
expected1)
Other employee benefits 1,109 662 Further down reflecting net utilization
Restructuring provisions 681 102 US restructuring provisions further tailing off
Technical reserves 591 642 Increase with business growth
Postage stamps 450 173 Lower as letter volumes continue to decline
Tax provisions 127 163 No significant change expected
Miscellaneous provisions 667 809 No specific trend expected
Total 3,635 2,552 Further decrease, although decelerating
1) IR Tutorial, Pension and Provisions Accounting, April 2013

CAPEX: RECENT HISTORY AND OUTLOOK
Slight upward trend

Increase driven by Low levels
2017 peak, from new business – GROUP CAPEX
investments in B2C
national/international
+ plateauing in 2018 + reflecting minimal
capital intensity
+ still remains mostly = (excl. leases)
asset light
Capex,
EUR m
1,049
666 FY 2018 guidance

EUR ~2.5bn
277
70
PeP Express Global Forwarding, Supply Chain

Freight
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 18e

CAPEX BY DIVISION – WHERE DOES IT GO?
2017 Capex,
1,049
EUR m
Other
Vehicles
666 Hubs &
Gateways
Other
Post
Parcel
International 277 Other
Aviation IT
Parcel Other Transportation
Germany 70 Facilities
Warehousing
IT
PeP Express DGFF DSC
We invest in infrastructure and improving customer service and satisfaction to foster

sustainable profit and cash flow growth

PENSIONS: STATUS UPDATE ON DEFINED BENEFIT PLANS
in EUR m
After UK funding, Group funding ratio up to 75%
17,723 17,486 17,381 Total DBO
DB pensions in Germany and UK
Net Pension
Germany: no regulatory funding requirement, funding 5,437 4,987 4,297 Provison
ratio at 60%
UK: after EUR 495m funding in Q4, funding ratio up to
98%
12,286 12,499 13,084 Plan Assets
Impact of change in discount rates on Group
Balance sheet: No significant impacts from discount
rate changes in Q4 17 - net pension provision declined
as a result of increased pension assets, mainly EUR Dec 31, 2016 Sep 30, 2017 Dec 31, 2017
495m UK pension funding
P&L: Changes made only on annual basis based on
prior year end discount rates Discount Rate Germany UK Other Total
Cash flow: Current pension payments and employer Dec 31, 2016 2.25% 2.75% 2.19% 2.39%
contributions to plan assets not affected by fluctuations Sep 30, 2017 2.25% 2.50% 2.24% 2.33%
in applied discount rate levels
Dec 31, 2017 2.25% 2.50% 2.23% 2.32%

DISCLAIMER
THIS PRESENTATION CONTAINS CERTAIN STATEMENTS THAT ARE NEITHER REPORTED RESULTS NOR OTHER
HISTORICAL INFORMATION. THESE FORWARD-LOOKING STATEMENTS ARE SUBJECT TO RISKS AND
UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED IN
THE FORWARD-LOOKING STATEMENTS. MANY OF THESE RISKS AND UNCERTAINTIES RELATE TO FACTORS THAT
ARE BEYOND DEUTSCHE POST AG’S ABILITY TO CONTROL OR ESTIMATE PRECISELY, SUCH AS FUTURE MARKET
AND ECONOMIC CONDITIONS, THE BEHAVIOR OF OTHER MARKET PARTICIPANTS, THE ABILITY TO
SUCCESSFULLY INTEGRATE ACQUIRED BUSINESSES AND ACHIEVE ANTICIPATED SYNERGIES AND THE ACTIONS
OF GOVERNMENT REGULATORS. READERS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE
FORWARD-LOOKING STATEMENTS, WHICH APPLY ONLY AS OF THE DATE OF THIS PRESENTATION. DEUTSCHE
POST AG DOES NOT UNDERTAKE ANY OBLIGATION TO PUBLICLY RELEASE ANY REVISIONS TO THESE FORWARD-
LOOKING STATEMENTS TO REFLECT EVENTS OR CIRCUMSTANCES AFTER THE DATE OF THIS PRESENTATION.
THIS PRESENTATION DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO
SUBSCRIBE FOR OR BUY ANY SECURITY, NOR SHALL THERE BE ANY SALE, ISSUANCE OR TRANSFER OF THE
SECURITIES REFERRED TO IN THIS PRESENTATION IN ANY JURISDICTION IN CONTRAVENTION OF APPLICABLE
LAW.
COPIES OF THIS PRESENTATION AND ANY DOCUMENTATION RELATING TO THE OFFER ARE NOT BEING, AND
MUST NOT BE, DIRECTLY OR INDIRECTLY, MAILED OR OTHERWISE FORWARDED, DISTRIBUTED OR SENT IN OR
INTO OR FROM AUSTRALIA, CANADA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD BE
UNLAWFUL.
THIS DOCUMENT REPRESENTS THE COMPANY‘S JUDGMENT AS OF DATE OF THIS PRESENTATION.

INVESTOR RELATIONS CONTACTS
Martin Ziegenbalg, Head of Investor Relations

• +49 228 182 63000
• E-mail: [email protected]
Robert Schneider
• +49 228 182 63201
Sebastian Slania
• +49 228 182 63203
Sarah Bowman
• +1 914 226 3437
Christian Rottler
• +49 228 182 63206

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Deutsche Post DHL Group

2,500 Unique global footprint and investing for further growth

2,000 Unique global capabilities to leverage growth in e-commerce

support sustainable growth path

INVESTOR RELATIONS PRESENTATION | MARCH 2018 PAGE 2

Delivering steady profit and cash flow growth

Revenue 60,444 +3,110 +5.4% Profit growth driving further improvement in

OCF 1) 3,297 +353 +10.3%

Delivering sustainable performance improvement across all metrics year by year

INVESTOR RELATIONS PRESENTATION | MARCH 2018 PAGE 3

2017 PeP EBIT: EUR 1.502bn

INVESTOR RELATIONS PRESENTATION | MARCH 2018 PAGE 4

Continued TDI leadership across all regions outside the Americas

Global [EUR 24.0bn]

INVESTOR RELATIONS PRESENTATION | MARCH 2018 PAGE 5

DGF Gross Profit conversion and EBIT margin

New divisional CEO onboard

2015 Quarterly EBIT adjusted for one-offs

INVESTOR RELATIONS PRESENTATION | MARCH 2018 PAGE 6

Creating the DSC Digital Warehouse Vision Digital Warehouse

Digitalization showing high cost saving potential through

In EUR m FCF Dividend payment 2017 FCF generation supported by

1) Adjusted for pension funding (2016: 1bn, 2017: 0.5bn)

INVESTOR RELATIONS PRESENTATION | MARCH 2018 PAGE 8

FINANCE POLICY Dividend proposal of EUR 1.15 for FY2017

1) Adjusted for Postbank effects as well as non-recurring items when applicable

INVESTOR RELATIONS PRESENTATION | MARCH 2018 PAGE 9

EBIT, Previous 2020 guidance

PeP ~1.5 ~1.7 ~ 3% CAGR 2013-20

DHL ~3.0 ~3.7 ~ 10% CAGR 2013-20

CC/Other ~ -0.35 ~ -0.35 < 0.5% of group revenue

Group ~4.15 >5.0 > 8% CAGR 2013-20

INVESTOR RELATIONS PRESENTATION | MARCH 2018 PAGE 10

Growth path confirmed with operating profit increase delivering on expectations

Long-term strategic goals intact and consistently delivered upon:

Clear roadmap for margin improvements in all divisions

INVESTOR RELATIONS PRESENTATION | MARCH 2018 PAGE 11

Global Powerhouse of Logistics Clear Strategic Direction Sustainable Growth Momentum

INVESTOR RELATIONS PRESENTATION | MARCH 2018 PAGE 12

INVESTOR RELATIONS PRESENTATION | MARCH 2018 PAGE 13

Network businesses – asset intensive Brokerage & Outsourcing – asset light

INVESTOR RELATIONS PRESENTATION | MARCH 2018 PAGE 14

Further potential to optimize divisional profitability – esp. in DGFF

Q4 2010 Q4 2017 Q4 2010 Q4 2017

Group margin of 6.2% is up +260bp since 2010; +100bp since 2013

DHL Trend - Radar

POST, E-COMMERCE & PARCEL

INVESTOR RELATIONS PRESENTATION | MARCH 2018 PAGE 17

Mail Communication revenue Dialogue Marketing revenue Business Highlights

+4.3% • Letter volume per working day (WD) increased by 1.5% in

1,227 1,323 Volume yoy Q4 17 Q4/WD 2017 2017/WD

1) Mail Communication & Dialogue Marketing

FY 2016 FY 2017 FY 2016 FY 2017

INVESTOR RELATIONS PRESENTATION | MARCH 2018 PAGE 19

EUR m Q4 2016 Q4 2017 Chg. Management comments

INVESTOR RELATIONS PRESENTATION | MARCH 2018 PAGE 20

market growth expectation: 5-7% 20%

2010 2017 Comp 1 Comp 2 Comp 3 Comp 4

High delivery convenience… …enabled by efficient, automated network