Here is an excerpt from the Oct. 27 DHL investor conference call.
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Michael Esteril - Wall Street Journal - Media
Yes, good morning. I was hoping you could give us some more insight into why the UPS deal hasn't been signed yet. The CEO
of UPS last week talked about revisiting the size and scope of the agreement. Could you tell us a little bit more about the status
of those talks and how the outline agreement may look different?



John Allan - Deutsche Post AG - CFO
Yes. I think we wouldn't really want to go beyond what UPS said last week, which is that we are continuing to make progress
very constructively. Both of us are anxious to conclude an agreement that is sensible, given the future size and shape of our
business, and therefore our view on that has been evolving over the course of the last few months.
But we continue to engage with them, I think in a very constructive way, and I think we continue to strive to try to find a contract
that will be satisfactory for both parties, as indeed they are. Inevitably, because I think our business is shrinking rather faster
than was our assumption in the early part of the year, we would be looking at a different volume picture. And we're obviously
anxious that any agreements we conclude with UPS accurately reflect the volume prospects of our business.
That's one of the reasons why we've been a bit cautious. But I have to say, although the two companies are knocking seven
bells out of each other in the marketplace and competing very vigorously, talks on this potential subcontracting of some of our
aviation continues to make progress and be very constructive.