Balance Sheet

Impact of the Postbank sale 

The impact of the Postbank sale on our balance sheet H1 2009 is described below. Until 2012, by the full completion of the sale, the income statement will only be impacted by imputed interest expenses, gains & losses from the valuation of the put option on Postbank shares and deconsolidation effects (depending on Postbank equity at date of sale). The mandatory exchangeable bond and the cash collateral on put options are shown as non-current financial liabilities on the balance sheet.