Deutsche Post AG, Bonn, has prepared consolidated financial statements for the fiscal year January 1 to December 31, 2001 in accordance with International Accounting Standards (IASs) that qualify as exempting consolidated financial statements in accordance with section 292a HGB.We have audited these financial statements and issued an unqualified opinion.

For information purposes, Deutsche Post AG, Bonn, has prepared another set of consolidated financial statements (modified consolidated financial statements) based on the exempting consolidated statements in accordance with section 292a HGB. These financial statements provide pro forma information about the net assets, financial position and results of operations of the Group that would have been reported if the Deutsche Postbank group had not been fully consolidated in accordance with IAS 27, but had been included as an associate accounted for at equity, although the requirements for this do not apply.

In accordance with the terms of our engagement, we have reviewed the modified consolidated financial statements of Deutsche Post AG, Bonn, consisting of the income statement, balance sheet and cash flow statement, but without a statement of changes in equity and explanatory notes for the period January 1 to December 31, 2001. The preparation of the modified consolidated financial statements is the responsibility of the company’s Board of Management. Our responsibility is to issue a review report on these modified consolidated financial statements based on our review.

We conducted our review of the modified consolidated financial statements in accordance with the International Standard on Auditing (ISA) applicable to review engagements. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the modified consolidated financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and reasonableness reviews relating to the presentation of the net assets, financial position and results of operations of the Group and thus provides less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion.

Based on our review, we certify that the modified consolidated financial statements for the year ended December 31, 2001 are in accordance with the accounting and measurement principles of the IASs, except for the inclusion of the Deutsche Postbank group at equity rather than as a fully consolidated company, as required by IAS 27. The IAS financial statements are not, however, complete, since the statement of changes in equity and explanatory notes have not been prepared. In addition, we certify that except for the above matters, nothing has come to our attention that causes us to believe that the modified consolidated financial statements contain material misstatements.

Düsseldorf, February 25, 2002

PwC Deutsche Revision
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft

Brebeck Wirtschaftsprüfer (German Certified Public Accountant)	Menke Wirtschaftsprüfer (German Certified Public Accountant)