1. Business transformation at TNT Henk van Dalen, CFO 12 December 2007

2. 2 Business transformation at TNT  TNT today & history  ‘’Focus on Networks’’ strategy  TNT 2005 - 2007  What is a network  Towards a differentiating strategy o Phase 1 o Phase 2  Finance function  Return to stakeholders

3. 3 express 74,590 Employees (69,482 FTE) 200 Countries of operation 2,431 Depots/hubs 217 million consignments* 3 4,7 million tonnes carried* 3 44 Aircraft 84,739 Employees (41,496 FTE) 8 Countries of operation 476 Mail depots (inc 11 sorting centres)* 3 Mail NL Addressed Volume 4,918 million* 3 Addressed items delivered outside NL (EMN) 894 million* 3 TNT today *1. Including intercompany of € 16 million *2. Including non-allocated costs of € 65 million and €7 million other depreciation *3. As per 31 December 2006 Revenue 2006: € 10,060 million* 1 EBITDA 2006: € 1,594 million* 2 EBIT 2006: € 1,276 million* 2 -- Mail: € 4,065 million -- Express: € 6,011 million -- Mail: € 896 million -- Express: € 756 million -- Mail: € 761 million -- Express: € 580 million post

4. 4 TNT, a history of transformation  Risk Management & Internal control  Disposal Logistics & Freight Management  Portfolio growth Express and Mail  Capital structure / Share Buy Back  Dutch State sells final stake 2006/2007 1998-2005 KPN listing on Amsterdam Stock Exchange KPN acquires TNT TPG separate listing AEX 1994 1996 1998 Dutch State Post Thomas Nationwide Transport (TNT) in Australia 1752 1946  Build Contract Logistics  Grow and Build Express  Optimise Mail NL  Build Mail in Europe Public Company TNT Brand 2008-2012 Grow and Build Value Focus on Networks

5. 5 ‘’Focus on Networks’’  Slides as announced on 6 December 2005

6. 6 TNT has conducted a thorough strategic review of its business and performance  Best Postal operator; fast growing European Mail Networks (EMN)  Express leader in Europe, on track for 10% operating margin  Excellent growth opportunities in Asia/China  Good track record of acquisitions in Mail and Express  Logistics non-network based  Consolidation in industry continues Evaluation of TNT Slide of 6 Dec. 2005

7. 7 Network-based business is intrinsically attractive 0 EBIT margin trend Median for sector, 4 years average  Logistics  Express Same trend for ROIC 10% 8% 9% 7% 6% 5% 4% 3% 2% 1% 0% Same trend For ROIC Slide of 6 Dec. 2005

8. 8 Today’s announcement is aimed at driving shareholder value at TNT  Exit Logistics  Optimise capital structure  Focus on Networks Slide of 6 Dec. 2005

9. 9 What is a Network?  Dataflow management is essential – people and IT systems & processes  Infrastructure for collection, transport, sortation and handling, warehousing and delivery  Ability to process large numbers of transactions to achieve operational leverage Express Road Network Mail collection and delivery network SC Depot Collection Delivery = sorting centre LT FI SE RU NO EE LV DK IC TR AT PL CH BG RO HU SI CZ SK HR AL MK GR YU UA BY BA MD IT ES PTFR GB IE MAR DE NLLU BE MAD NXH GNQ DNG DFT MIL VIE BZQ HNJ HLB TKU QAR LGG CAS

10. 10 Quality, predictable volume growth Increased drop density and more items per drop Improved transit times and lower costs Higher overall margin by improving mix Networks intrinsic economics Volume / Drop density More volume leads to lower costs per unit Combination of networks leads to further cost reduction per unit More items per drop International network Domestic network Pick-up and delivery costs/ shipment

11. 11 Different types of products have different operators Documents Parcels Full Loads 1 kg30 kg 1,000 kg Same day Time certain Day certain (1-3 days) Day certain (3-5 days) Day uncertain 250 kg Bulk 20,000 kg Pallets Integrators Mail 1 st class Standard parcel operators Market size ~€ 1,100 billion Couriers Mail other Freight forwarders Sea carriers Trucking companies Deferred Adjacent service and infrastructure operators Freight

12. 12 Complementary Mail and Express networks Network Depots Linehaul IT Back-office F&A HRM Marketing & Sales Last mile delivery Shared support functions Express offers Mail platform for international growth Mail offers Express B2C delivery capabilities EMN shares infrastructure with domestic express European express road network European air network B2C/C2CB2B Mail customersExpress customers

13. 13 Focus on Networks – two phases 6 December 2005 - 6 December 2007 6 December 2007 Focus on Networks Phase 2Phase 1 Transforming the Foundations Grow and Build Value

14. 14 Focus 2005 /2007; ‘’transforming the foundations’’  Business o Carve out o Clean up and comply o Grow the core o Develop new growth platforms  Financial o Risk management, internal control, Integrity and compliance o Carve out & Deal making o Value processes o Sustainably optimise FLAT structure

15. 15 Exit Logistics & FM Optimise capital structure Focus on Networks Significant Cash returned to shareholders via buybacks and dividends Successful sale of non-core businesses TNT’s strategy has delivered! Target 6 Dec 2005 CAGR* Express growth10-15%13% Mail growth~3%3% EMN growth 18%30% * Period defined as Q4 2006-Q3 2007 compared with Full Year 2005

16. 16 Delivered against strategic priorities Int’l Express Europe Asia Pacific Strategic Focus Grow Invest Build Fast Explore & Build Actively Maintain Dom. Express Europe Special Services EMN Parcels Express Europe White spots Rest of World Financial Focus Cash Generation Growth & Cash Value Creation Value Creation Growing to WACC VSP next week delivery Hoau (China ) 747s Asia Road Network Various expansion s Strong growth EMN TG+ (Spain) Expansio n European network Speedag e (India) Mail NL & other New Master plan initiatives 2011 EU liberalisation Sale Logistics and FM Mercúri o Middle East Road Network

17. 17 Drive business performance Maintain financial flexibility Support growth; Capex and M&A Keep balance sheet efficient Target credit rating around BBB+ Effective Risk Management, Internal Control and Compliance Aligned legal, funding and tax structure Shareholder returns  SOx compliant over 2006  EBITDA up 13%  EBIT up 13%  Revenue up 14%  Effective tax rate down 17%  EPS from continuing operations up 34%  > € 3 billion of dividends and SBB from 6 December 2005 Financial strategyKey componentsResults Q4-05 – Q3-07* *Period defined as Q4 2006-Q3 2007 compared with Q4 2004-Q3 2005, from continuing operations Performance “Transforming the Foundations”

18. 18 Phase 2 Focus on Networks “Grow and Build Value” 2008 – 2012 Grow and Build Value Strengthen the core Grow profitable emerging platforms Maintain focus on shareholder value

19. 19 TNT has a differentiating strategy… Focus on NetworksFocus on European Mail Networks Focus on Domestic and Intra-regional Rather than Inter-continental No Logistics No Freight Forwarding An opportunity not a threat

20. 20 Market size: ~€ 1,100 billion 1 kg30 kg 1.000 kg250 kg 20.000 kg Network dynamics shifting Same day Time certain Day certain (1-3 days) Day certain (3-5 days) Day uncertain Deferred Documents Parcels Full LoadsBulkPallets Freight Adjacent service and infrastructure operators Express Operators Postal and Parcel Operators Freight transportation companies

21. 21 Focus on creating value through running delivery networks responsibly ExpressMailGroup Expand lead in established business Optimise Network Strong below the line financial management Remain fittest domestic Mail carrier Strengthen the core Aspire to lead in largest economies, China, India, Brazil and other emerging markets Explore new network growth opportunities Successfully benefit from liberalisation in Europe [where allowed] Grow profitable emerging platforms Revenue and EBIT growth Strong cash flow development DELIVER SHAREHOLDER VALUE Maintain leading position in CSR [Quality, Planet Me, WFP] Strong focus on Value Based performance

22. 22 Phase 2 Focus on Networks TNT Express Next wave of Express integrated networks optimisation Strengthening the Europe- Asia Connectivity Sharpened objectives Grow and Build Value Transformation of new domestic platforms

23. 23 Domestic Intra-regional Intercontinenta l Customers Emerging platforms In Europe, our platforms are fully integrated Outside of Europe, we have built seamless connectivity to our European distribution networks In key emerging markets, we are building new domestic platforms …using a differentiating growth model for TNT Express

24. 24 Pick-Up DeliveryAir or Road Linehaul 30,000 vehicles 836 depots 30,000 vehicles 836 depots 45 aircraft connect 25 countries 3,900 trucks / week connect 34 countries Latest collectionEarliest deliveryFastest Transit Most Reliable Service Facilities & fleet Objective Technology State of art information technology Global track & trace systems Cost Effective Service AfternoonOvernightMorning … Facilities, road and air linehaul connections, PUD … The Next Wave of Express Networks Optimisation targets…

25. 25 Networks Hub infrastructure Country / Depot infrastructure Integrated Network & Infrastructure Approach PUD Operations Infrastructure Planning & Optimisation TNT - Global Optimisation (GO) Programme Design, Development and Implementation 2007 2017 Our new wave network optimisation is based on TNT Express strategy and continuity planning

26. 26 ProjectPlanning 1. Closure IMC 2. Rationalisation education 3. Rationalisation ICT 4. Repositioning SU Transport 5. Remodeling Delivery 6. Remodeling Collection 7. Remodeling of security mail 8. Optimalisation network structure 9. Marketing & Sales rationalisation 10. Retail rationalisation Mail NL new Master plan overview cost measures of € 300 million Operations Compensation & Benefits  Optimise sorting, transport, delivery and overheads  Steps towards market conformity of labour conditions Marketing & SalesOverhead  Marketing & Sales rationalisation  Business Service change  Retail rationalisation  HR, F&A and ICT chain optimisation Examples of projects of total of 60

27. 27 Frequency/ Speed Daily 24h and 48h Twice a week Once a week next week Strategic proposition in addressed Dutch mail market Other providers Budget Economy ‘A’-brand The same week Price per piece Mail NL: Introduction of economy product and budget mail

28. 28 Build profitable emerging platforms ! ~ € 2.5 billion ~ € 5.2 billion 2012  Revenue growth ~100% *  Uncertainty EMN Germany Low single digit Mid single digit 2012  ROS increase  ~ € 60 million ~ € 600 million Up to 2012 Including start-up losses 2008 / 2009 per year Capex requirement M&A smaller bolt-on acquisitions “Investments ” Emerging platforms include EMN, Parcels and Express emerging businesses *Period defined as 2012 compared with 2007 excluding acquisitions

29. 29 Integration overriding issues:  Networks linking  Systems interfacing  Product offering restructuring Estimated main sources of synergies:  Revenues enhancement  Sub-contracting efficiency and cost savings Growing via transforming these companies into scheduled networks Acquired TNT All TNT Express acquisitions so far are providing a complementary network to the international set-up

30. 30 Total revenues€ 1.7 – 2.0 billion Addressed revenues € 1.3 – 1.5 billion Operating margin10% - 8% Revenues € million Unaddressed Addressed mail + related services Target 2012 Excluding parcels UK, Italy & Belgium EMN ambition adjusted: on track for 2012 CAGR 16%-22%

31. 31 Present Position and Expansion Routes in Parcels B2C parcelsGreenfield Dominant postal operators Large Mail Order Deliverer Express Leverage infrastructure B2B Parcels Small local B2B players Large European B2B players Autonomous Country by country European Entry Easy European entry not available A focused country by country approach is required € 400 million Focused growth per country Broker model for international flows It UK B NL Domestic Cross Border Opportunistic growth strategy in two dimensions European position for B2B/B2C parcels

32. 32 Stand alone niche markets, with a network feeder component 32  Total pharmacy market in The Netherlands is € 4.5 billion and grows 6% annually  The submarket of repeat prescriptions has a value of € 3.5 billion  Dutch internet pharmacy market (for repeat prescriptions) is expected to grow substantially*  Initiative TNT Post : Nationale-Apotheek.nl focuses on repeat prescriptions via internet  TNT Post leverages its brand and excellent operational skills - TNT Post is trusted - Delivery with Track & Trace 200820102015** Dutch internet pharmacy market €10m€100m€750m Market share TNT Post initiative 60%50%40% * Germany: Internet pharmacy Doc Morris has built up €100m revenue in three years; USA: Mail order pharmacy has already a 19% share of total pharmacy market ** The Netherlands: Internet pharmacy is expected to have an 11% share in 2015 Market

33. 33 Growth e-billing Direct marketing services Transaction mail services Market size (€ million) 759162 Market share (%) 14%19% Off line On line Emergence of on line direct marketing  TNT has a 14% market share in the off line marketing services market (printing, database management, call centres)  TNT also has a 19% market share in the transaction mail services market  TNT Post traditional portfolio can be leveraged to capture e- opportunities Growth on line media spendTraditional portfolio Post Post + on line On line Emergence of e-billing Stand alone niche markets, based on customer demand and channel optimisation

34. 34 Finance function Tap the underpinnings that ultimately determine business performance Business model- based financial management “The Soul” Focus on numbers Creation of transparency, reporting approach to performance management Budget control key instrument Focus on value drivers Performance management based on Shareholder value metrics Focus on business controls / risks Focus on strategic assumptions Deep understanding of business Developing performance concepts Value-oriented financial management “The Brain” Reporting focused financial management “The Heart”

35. 35 Incidental returns General Medium term view on excess cash operations “Investment- grade rating” of around BBB+ Balance short, medium and long term stakeholder returns Maintaining financial flexibility Grow and Build Value; Financial Balance Dividend Growth potential on basis of financial results Dividend guideline on normalised net income Growth Primarily organic growth Selective M&A Proceeds from divestments Incidental shareholder returns Investment capacity from cash flow financial status

36. 36 Finance agenda 2008-2012  Strategy, budgeting, profit and growth drivers and performance killers  Optimize sustainable ‘’FLAT’’ structure  Enhanced focus on Cash  Quality and standardization of processes  Alignment in control, integrity and risk management  HR in Finance

37. 37 Structure  Risk management, internal control, integrity, compliance  Optimise financial standing around BBB+ investment grade  Further ETR decrease to a level of around 25-26% by 2010  Dividend (per share) up, barring unforeseen circumstances  Further external business transparency Operational  Capex as % of revenues 4-6%, including smaller acquisitions  Specific business objectives on Revenue and ROS  Restructuring charge in Mail € 125-175 million in phases up to 2009  Grow Free Cash Flow of the Group Medium term view on Free Cash Flow allocation 1. Strategic profitable growth steps and dividends 2. Incidental return to shareholders Focused Financial Strategy 2008 – 2012

38. 38 M&A appraisals  Explicit and detailed evaluation of stand alone and synergy value  Post merger “100 day” and “1 year” reviews Pay for performanc e  Management incentive system explicitly linked to EP Investment / appraisals  Separate review of growth and replacement investments  Focus on capacity utilisation, asset light alternatives, fast cash payback  Post investment reviews Budgeting and Performanc e  Business unit budgets assessed based on year-on-year EP growth  Value drivers  Focus on cash optimisation Strategy  Strategic options reviewed on the basis of EP, next to top and bottom line growth Economic Profit (EP) Economic Profit to measure and drive performance EBIT +Add back interest operating leases Adjusted pre-tax EBIT -Tax charge - Capital charge for net working capital - Capital charge for fixed assets - Capital charge operating leases Economic Profit EP definition at TNTApplication of EP at BU level

39. 39 SUN project: “driving value below the line” Significant unrecognised tax losses High effective tax rate Loans in tax loss countries Emerging markets balances Cash balances Internal charges Group legal structure Cash flow focus / Trade working capital Business Value

40. 40 Regional teams Corporate legal structure SUN key initiatives Continuous country scan Financing company Emerging countries

41. 41 Key performance indicators 2007 – 2012 Outlook 2007 regrouped RevenuesOrganic revenue growthReturn on Sales 2007E CAGR ’08-’12 2007E 2012 Target Express segment International & Domestic~5,450~7%8-10%~11%12-13% Emerging platforms (Apac, India, China, LAM, MEA, Russia, Turkey) ~1,100~12%15-20% Around break-even Mid single digit Mail segment Mail total~4,2003-4%4-6%~17.5%Mid teens Emerging Mail + Parcels~1,350~25%12-15% Mid single digit High single digit Emerging Mail + Parcels (excluding EMN Germany) ~1,100~23%9-11% Mid single digit High single digit Other Networks Non allocated Group total~11,000~6%~10%~12% All figures 2007 are rounded and regrouped for indication purposes only based on the outlook as confirmed excluding the effect of any provisions related to the new Master plan initiatives € million

42. 42  Stakeholder returns since 2005

43. 43 We focus on delivering the best Customer Experience in creating a customer focused organisation 43 Customer Experience is a newly created role focusing on making all customer touch points outstanding

44. 44 Which resulted in our Clients rating our customer service above our competitors´… ThemeAttribute TNT Express DHLFedExUPS Customer Service Ease of contacting required person (02)3.483.333.283.24 Ability of CS staff to answer all questions (27)3.533.433.363.35 Level of personalised service offered (26)3.523.35 3.36 Ability of sales rep to understand your business (31)3.543.383.333.40 Adequacy of information provided (phone, e-mail etc) (36) 3.573.413.403.49 Problem handling Timely notification of delivery problems (18)3.363.153.283.29 Availability of suitable solutions to problems (21)3.333.263.313.22 Speed of complaint resolution (38)3.243.193.203.15 Driver AssistanceAbility of drivers to offer assistance (33)3.713.563.623.68 Ease of use of Internet services Ease of use of Internet services (12)3.513.493.523.61 Operations On time delivery of shipments sent (16)3.623.573.613.66 Ability to fulfill its commitments (37)3.603.533.503.57 Suitability of transportation services (4/5/6)3.603.483.463.60 Capability to handle all your shipments (07)3.683.51 3.55 Suitability of shipment collection times (10)3.673.653.583.68 Source: RI customer research 2007 and CMI analysis Countries participated: Germany, UK, Italy, France, Netherlands, Belgium, Australia, Switzerland, Romania, Brazil

45. 45 Since Dec 2005, TNT has outperformed most of its competitors… Share price development since December 2005 TNTAEXDPWNFDXUPSOP

46. 46 Significant cash shareholder returns > € 3 billion of Dividends and SBB from 6 December 2005 to 6 December 2007 Dividend in cash Cash Returns to Shareholders Dividend paid in the year (€ million) Dividend per share over the year (€ cent) Interim dividend per share in the year (€ cent) CAGR dividend per share 14% New € 500 million SBB programme Current tranche € 200 million implemented

47. 47 Convincing development shareholder value parameters Earnings per share* (€ cents) CAGR EPS 17% FY-05H2-05 / H1-06 Q4-05 / Q3-06 FY-06H2-06 / H1-07 Q4-06 / Q3-07 FY-05H2-05 / H1-06 Q4-05 / Q3-06 FY-06H2-06 / H1-07 Q4-06 / Q3-07 CAGR RoE 36% Return on Equity* * From continuing operations

48. 48 Highest score in Dow Jones Sustainability Index 2007 11  Highest score in all 3 dimensions - Economic (94%) - Environmental (95%) - Social (90%)  SAM Research: “TNT has consistently improved not only its sustainability reporting, but also its sustainability performance” 1 2 Akzo Nobel 3 Australia & New Zealand Banks Group 4 Novo Nordisk 5 Philips 91% 88% 87% 83% 82%

49. 49 Dividend pay out to 40% of normalised net income by 2010 Additional € 100 million tranche of € 500 million SBB “Regular” incidental SBB from excess cash 49 Focus on Shareholder returns short term

50. 50 Return to stakeholders since December 2005  Three years in a row Dow Jones Sustainability Index leader  Strong increase Earnings and Dividend per share  Incidental return to shareholders through > 3 bn share repurchases  Customer focus recognized and awarded  Investors in People (IiP) fully implemented  Top rated financial and business reporting  Solid Governance model

51. 51 Warning about forward looking statements Some statements in this presentation are “forward-looking statements”. By their nature, forward-looking statements involve risk and uncertainty because they relate to events that depend on circumstances that will occur in the future. These forward-looking statements are based on current expectations, estimates, forecasts, analyses and projections about the industries in which we operate and management’s beliefs and assumptions about future events. You are cautioned not to put undue reliance on these forward-looking statements, which only speak as of the date of this presentation and are neither predictions nor guarantees of future events or circumstances. We do not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

52. 52 Focus On Networks 52