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Outlook

Net sales of continued operations, excluding possible new acquisitions and divestments, is expected to increase from 2018 driven by Transval acquisition.

The Group’s adjusted operating result, of continued operations, is expected to increase from
2018 due to Transval acquisition and transition to IFRS 16 accounting principles.

The Group’s business is characterized by seasonality. Net sales and operating profit in the segments are not accrued evenly over the year. In Postal Services and consumer parcels, the first and fourth quarters are typically strong, while the second and third quarters are weaker.