Creditor Relations

Finance strategy

Building on the principles and aims of financial management, the Supervisory Board approved a financial strategy in March of 2010. In addition to the interests of shareholders, the strategy also takes lender requirements into account. The goal is for the Group to maintain its financial flexibility and low cost of capital by ensuring a high degree of continuity and predictability for investors.

Credit rating

Credit ratings represent an independent and current assessment of a company’s credit standing. In addition to a quantitative analysis of the annual report and appropriate planning data, they also take into account qualitative factors such as industry-specific features and the company’s market position and range of products and services. The following table shows Deutsche Post DHL Group`s current credit ratings and the underlying factors.

Current ratings of Deutsche Post DHL Group

Rating	Fitch Ratings	Moody's Investors Service
Long-term Short-term Outlook	BBB+ F2 stable	A3 P-2 stable

Research	25 February 2019 PDF (1 MB)	10 September 2018 PDF (1.3 MB)
Update

+ Rating factors	Balanced business risk profile Growth in internet-led parcel volumes Strong position in global time-definite express services with continued growth and margin improvement Solid credit metrics and good liquidity	Scale and global presence as the world’s largest logistics company Large and robust mail business in Germany Solid financial metrics, conservative financial policy and excellent liquidity profile
- Rating factors	Structural mail volume decline in the Post - eCommerce - Parcel division and challenges in managing the cost structure in the division Exposure to global market volatility and competitiveness through the DHL divisions	Challenges in the Post - eCommerce - Parcel division Exposure to highly competitive mature markets and volatile market conditions in the logistics business Structural decline of traditional postal services Restructuring costs and higher capital spending

Rating definitions	PDF (372 KB)	PDF (1.2 MB)
Homepage Rating agency	www.fitchratings.com	www.moodys.com

Bonds and instruments

The following overview provides you with the most important information about the major bonds issued by our company. The bond issued by Deutsche Post Finance B.V. is fully guaranteed by Deutsche Post AG.

Overview of major bonds

Bond	Interest rate	Volume	Issuer	Carrying amount 2018	Fair value 2018	Documentation	H1 2018	Annual Report 2018
Straight bonds issued under the debt issuance programme
2012/ 2022	2.950%	€500 m	DPF¹⁾	€498 m	€546 m	ZIP (2.0 MB)	PDF (2 MB)	PDF (13 MB)
2012/ 2020	1.875%	€300 m	DPAG	€299 m	€311 m	ZIP (2.4 MB)
2012/ 2024	2.875%	€700 m	DPAG	€698 m	€784 m	ZIP (2.4 MB)
2013/ 2023	2.750%	€500 m	DPAG	€497 m	€553 m	ZIP (2.1 MB)
2016/ 2021	0.375%	€750 m	DPAG	€747 m	€755 m	ZIP (1.7 MB)
2016/ 2026	1.250%	€500 m	DPAG	€497 m	€506 m	ZIP (1.7 MB)
2017/ 2027	1.000 %	€500 m	DPAG	€495 m	€483 m	ZIP (2.3 MB)
2018/ 2028	1.625%	€750 m	DPAG	€741 m	€757 m	ZIP (4.22 MB)

1): Deutsche Post Finance B.V.

: Paying Agent: Deutsche Bank AG, Taunusanlage 12, 60325 Frankfurt am Main

Bond	Interest rate	Outstanding Volume	Issuer	Current conversion ratio	Current conversion price	Terms and conditions
Convertible bond
2017/ 2025	0.050%	€1,000 m	DPAG	1,797.4721¹⁾	€55.6337¹⁾	PDF (307 KB)

1): Due to payment of a dividend of €1.15 per no-par value share on May 20, 2019 pursuant to the resolution of the ordinary shareholders’ meeting of Deutsche Post AG on May 15, 2019 the Conversion Ratio is adjusted from 1,798.1264 to 1,797.4721 and the Conversion Price is adjusted from €55.6134 to € 55.6337 with effect as of May 16, 2019 in accordance with the terms and conditions of the Convertible Bonds and as calculated by Conv-Ex Advisors Limited as Calculation Agent.

: Paying Agent: Deutsche Bank AG, Taunusanlage 12, 60325 Frankfurt am Main

Debt Issuance Programme (DIP)

In 2012, we established a Debt Issuance Programme with a volume of up to €8 billion. This offers us the possibility of issuing bonds in customised tranches up to a stipulated total amount and enables us to react flexibly to changing market conditions. For details about the different bonds issued under the programme please refer to the table above.

Issuer	Deutsche Post AG; Deutsche Post Finance B.V.
Programme Amount	€8,000,000,000
Arranger	Deutsche Bank
Dealers:	Commerzbank Deutsche Bank HSBC Morgan Stanley BofA Merrill Lynch
Prospectus	PDF (4 MB)
Supplement	PDF (1 MB)

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