DHL 2009 Annual Report Download - page 47

Majority of analysts give “buy” recommendation
Following the previous year’s trend,  analysts issued buy recommendations on
Deutsche Post shares at year-end, with  analysts advising investors to hold and eight
to sell.  e average price target was  – the same as at year-end .
Stable shareholder structure
Our ownership structure was nearly the same as in the previous year. KfW Banken-
gruppe still held .  of our shares.  e free  oat amounted to . , .  of which
were held in the , .  in Germany and .  in the United Kingdom.
 programme facilitates  investor access to our shares
On  December , we launched a Level  American Depositary Receipt 
programme.  ese depositary receipts (ticker symbol: ) enable  investors to
hold shares in Deutsche Post indirectly.
Investor relations receives top ranking again
In , investors showed great interest in learning how the economic crisis had
a ected the company and what measures had been taken to counteract these e ects.
Other issues of signi cance were the sale of Postbank to Deutsche Bank as well as the
mail business, particularly wage negotiations and the possible introduction of a value
added tax on mail products. Our  team and management spoke with investors about
these and other topics in numerous individual meetings and at conferences.  e  om-
son Reuters Extel Pan-European Survey, which is highly regarded in the sector, again
awarded us  rst place in the transport sector.
. Shareholder structure1)
 As at  February .
 On  July  KfW issued a convertible bond on
Deutsche Post  shares (volume: . million shares).
Investors can convert this bond from the fi rst due
date for interest until  July .
of which 4.5 %
KfW convertible bond2)
30.5 % KfW Bankengruppe
of which 62.9 %
institutional
investors
of which 6.6 %
private investors
69.5 % Free fl oat
Deutsche Post DHL Annual Report 
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