Update Vision 2015Q2 & HY 2010 ResultsAnalyst PresentationPeter Bakker, CEOBernard Bot, CFO2 August 2010

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Today’s announcement

• CFO

• Q2 & HY 2010 Results

• Vision 2015

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3

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Bernard Bot, Chief Financial Officer

Effective 2 Augustus 2010, appointment to member of Board of Management will be notified to shareholders in upcoming AGM in April 2011

Works for TNT since 2005 within FinanceBusiness ControlM&ARisk ManagementLeading major corporate projects

Prior to joining TNT: partner at McKinsey & Company (primarily post, transport and logistics sectors)

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Q2 results highlights

GROUP• Operating income € 55 million after initial € 168 million net

Master plan III provision• Underlying* operating income € 211 million • Profit attributable to shareholders € 3 million • Cash, as expected, below prior year mainly due to phasing of taxes paid

and changes in working capital• Interim 2010 dividend of € 28 cents per share

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Q2 results highlights

EXPRESS• Underlying* revenues increase of € 150 million (+10.3%)• Underlying* operating income € 73 million up 15.9%• Volumes back around 2007 levels (core kilos +9.5% versus Q2 2009)• Yield (excl fuel surcharge) down 2%

MAIL• Underlying* revenues decline of € 28 million (-2.7%)• Underlying* operating income € 136 million (€ 139 million in Q2 2009)• Addressed mail volumes in the Netherlands declined by 8.4% (corrected

for working days), Parcel volumes grew by more than 10%• Final restructuring programme (Master plan III) announced

* The underlying figures are at constant currency and exclude the impact of working days and one-offs (Express: €3m restructurings,€2m book gain aircrafts; Mail €6m positive outcome OPTA case, €3m book gain sale subsidiaries, € 168 million net Master plan III provision; Group: €4m Vision 2015 projects) in 2010 and the impact of restructuring related costs/one-offs in 2009.

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Consensus GDP forecast Europe eases

Development of forecast consensus GDP growth (%)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Jan09

Feb09

Mar09

Apr09

May09

Jun09

Jul09

Aug09

Sep09

Oct09

Nov09

Dec09

Jan10

Feb10

Mar10

Apr10

May10

Jun10

US 2010E consensus Europe 2010E consensus

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Margin improvement through yield and cost management

Update Vision 2015

Volumes back at around 2007 levels, though yield (excl fuel surcharge)

and temporary cost pressures exist

Roll-out of additional owned Asia-Europe capacity to correct over-reliance on commercial linehaul

Express summary

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Volumes continue to improve

* Average per working day

Express 2010 volumes versus prior year and 2007 (%)

-15%

-10%

-5%

0%

5%

10%

15%

Q1-08

Q2-08

Q3-08

Q4-08

Q1-09

Q2-09

Q3-09

Q4-09

Q1-10

Q2-10

Core kilos* versus prior yearCore cons* versus prior yearCore cons* versus 2007

Core kilos* versus 2007

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Express underlying revenues up € 150 million

Underlying revenues development € millions

Note: indicative only

1,600 1,450 Other

Underlying Q2 2010

Emerging Platforms

Fuel surchargePrice

Volume impact (cons)

Underlying Q2 2009

10

Express underlying operating income increase € 10 million

Operating income development € millions

Actions taken

Note: indicative only* Excluding Brazil and commercial air linehaul

Comm air linehaul

7363Other

Underlying Q2 2010Brazil

Emerging Platforms*

Cost per conPrice

Volume impact (cons)

Underlying Q2 2009

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Margin improvement through yield and cost management

• Customer mix

• Product mix

• Pricing pressure

Yield

Cost• Mostly outside core markets• Commercial linehaul• Brazil• Higher cost inflation and

investments in emerging markets

• +3.5% price announcement• Up-rating of underperforming

contracts• Rebalancing customer portfolio• Implementation of an improved

pricing mechanism for significant part of the customer base

• Roll-out of additional owned Asia-Europe capacity

• Further roll-out LEAN and GO efficiency programmes to outside Europe

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Mail summary

12

Strong performance Emerging Mail & Parcels

Master plan savings € 25 million

Master plan III: final restructuringprogramme announced,

€ 168 million net provision established

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Master plan III: final restructuring in Mail Netherlands

2009

2010

2012

2015

Inform and prepareFirst

steps

Continued roll-out

Fundamental cost-base transformation• Significant decrease of full time jobs• Socially responsible implementation

via forced and voluntaryredundancies and attrition

Infrastructure efficiencies and streamlining

operational processes

Introduction of three peak days of deliveryCentralisation of bag-level sortation

Migration of labour costs towards market conforming levels

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Outlook 2010

Modest improvement European economyGlobal economic recovery remains fragile – caution is warrantedFocus on costs and cash will continueO

vera

llE

xpre

ssM

ail

Volumes and revenues expected to be well above 2009 levelsOperating income improvement clearly tempered by yield pressure and cost inflationSpecific yield management and cost reduction actions taken

Addressed volume decline in the Netherlands of 7-9%Master plan savings of € 75 million targetedMail operating income expected to be below 2009 levels, including the impact of higher P&L charges for pensions

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Today’s announcement

• CFO

• Q2 & HY 2010 Results

• Vision 2015

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3

2

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1 2 3 4 5Emerging PlatformsEmerging Platforms SDSSDSParcels Freight Mail NL EMN

Cost leadership & customer focus

Vision 2015

Vision 2015 was launched on 3 December 2009

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Prevent downside► Structural volume

decline Mail NL► Challenges in

liberalisation and regulation

Accelerate upside► Cyclical and high growth► Develop day-definite

delivery services through cost leadership and customer focus

► Pole position in emerging economies

Vision 2015 has reviewed TNT’s portfolio

Current Mail portfolio + =Current CEP

portfolio

Cyclicality

Group

• Partner option EMN• Dutch parcels• New initiatives

Realise upside

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On 8 April 2010 we announced the carve-out of Mail

Review of best position

Mail

Review of best position

Mail

Carve-outCarve-out

Business plansBusiness plans

Vendor due diligence

Vendor due diligence

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Today TNT announces intended full separation

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TNT announces its intention to separate fully Express and Mail

The objective:To create two best-in-class operations with strong management and solid capital structures to successfully implement their strategies for the benefit of their shareholders and all stakeholders

This intention is subject to works councilsadvice / opinion

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Conclusions on portfolio

Strategic challenges for Express and Mail increasingly differentMail and Express two successful standalone companiesStrong balance sheet –no synergiesTwo focused investment opportunities

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Express and Mail two successful standalone companies

Four focus areas: Parcels, Freight, SDS and Emerging PlatformsAttractive high-growth opportunities in each focus area confirmedExpansion of leading positions in Europe and Emerging PlatformsBenefit from unique international offering

Track record as one of the best postal operators in the worldEuropean mail activities to concentrate on the large countriesExplore business renewal optionsContinued growth from Dutch parcel unit

ExpressExpress

MailMail

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Separation in stages

Full managerial and organisational internal separation Mail and ExpressImplementation under TNT NV per 1 January 2011

Evaluate capital market transactionRelevant advisors have been appointedExploration will contain a.o. setup of solid capitalstructure review accounting and asset allocation; resolve regulatory issues; request for workerscouncils advicePrepare shareholder approval

Internal separationInternal

separation

Separation of equity

transaction

Separation of equity

transaction

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Next steps

Explore capital market transactionsDesign transitory governanceObtain works councils advice

GroupGroup

Finalise business plans and capital structureDesign “standalone” organisation reflectingbusiness plan

ExpressExpress

Finalise business plans and capital structureDesign “standalone” organisationResolve (USO) regulatory matters

MailMail

Q2 & HY 2010 ResultsBernard Bot, CFO2 August 2010

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Statement of income

367

533

4,972

Underlying*

HY 2009

201

285

2,528

Underlying*

Q2 2009

507579465EBITDA262292136

424

5,226

Underlying*

HY 2010

211

2,657

Underlying*

Q2 2010

43.339.3EPS22.10.7

33.9%36.2%Effective tax rate29.4%70.0%

(84)(85)Income taxes(37)(14)

(81)(71)Net financial (expense) / income

(41)(35)

6

55

2,771

ActualQ2 2010

89

178

2,528

Actual Q2 2009

164150Profit for the period

341306Operating income (EBIT)

4,9725,518Revenues

Actual HY 2009

Actual HY 2010€ millions

* The underlying figures are at constant currency and exclude the impact of working days and one-offs (Express: €3m restructurings, €2m book gain aircrafts; Mail €6m positive outcome OPTA case, €3m book gain sale subsidiaries, € 168 million net Master plan III provision; Group: €4m Vision 2015 projects) in 2010 and the impact of restructuring related costs/one-offs in 2009.

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2009 - 2010 impact of one-off charges and fx

(20)(9)(20)(9)Other91689168Restructuring related costs

(2)(2)Other

288

299

86

37

49

HY 2009

295

(15)151

132

(10)3

(22)163

HY 2010

136

4(27)

73

(8)3

(6)86

Q2 2010

34Restructuring related costs

Working days

Mail150Reported EBIT

139Underlying EBIT

63Underlying EBIT

Fx

Working days

Express29Reported EBIT

Q2 2009€ millions

2727

Express Q2 underlying

Volumes back at around 2007 levels; yield pressure continuesOperating income growth constrained by specific factorsOverall cost per consignment below volume growth

15.9%6.8%

10.3%

Total

0.9%5.9%117125EBITDA

4.3%4.6%Operating margin0.5%15.4%6373Operating income (EBIT)

1.7%8.6%1,4501,600Revenues

AcqOrganicQ2 2009*Q2 2010*€ millions

* The underlying figures are at constant currency and exclude the impact of working days and one-offs (Express: €3m restructurings,€2m book gain aircrafts) in 2010 and the impact of restructuring related costs/one-offs in 2009.

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Volumes continue to improve

* Average per working day

Express 2010 volumes versus prior year and 2007 (%)

-15%

-10%

-5%

0%

5%

10%

15%

Q1-08

Q2-08

Q3-08

Q4-08

Q1-09

Q2-09

Q3-09

Q4-09

Q1-10

Q2-10

Core kilos* versus prior yearCore cons* versus prior yearCore cons* versus 2007

Core kilos* versus 2007

10.4%

22.4%

vs Q1 2009

Q1 2010

-2.9%

-4.7%

vs Q1 2007

Q2 2010

13.6%

19.9%

vs Q2 2009

-1.0%

-5.8%

vs Q2 2007

Road volumesAir volumes

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Express yield stabilising

Express yield Rebased to Q1 2007 (excluding fuel surcharge) at comparable rates

90

92

94

96

98

100

102

104

106

Q1-07

Q2-07

Q3-07

Q4-07

Q1-08

Q2-08

Q3-08

Q4-08

Q1-09

Q2-09

Q3-09

Q4-09

Q1-10

Q2-10

Core revenue quality yield

Core RPC

Core RPK

3030

Mail Q2 underlying

2.4%2.1%

-0.5%

Acq

-2.2%-3.0%-2.7%

Total

-5.4%168163EBITDA

13.6%13.7%Operating margin-4.3%139136Operating income (EBIT)

-2.2%1,020992Revenues

OrgQ2 2009Q2 2010*€ millions

Decrease in underlying revenue of 2.7%, while underlying addressed Mail volumes declined by 8.4%Good organic revenue and profitability growth in Emerging Mail & ParcelsDutch Parcels up more than 10%

* The underlying figures are at constant currency and exclude the impact of working days and one-offs (€6m positive outcome OPTA case, €3m book gain sale subsidiaries, € 168 million net Master plan III provision) in 2010 and the impact of restructuring related costs/one-offs in 2009.

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Volume decline -9.5% or -8.4% (corrected for working days)Limited positive mix effect –bulk vs single-item

Mail NL; addressed mail volumes

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-10%-8%-6%-4%-2%0%

Total

Actual 2009Actual 20102010 corrected for working days and one-off mailings

Q2Q1Q4Q3Q2Q1

32

895200695

Target

425198227

Still to go

4702

468

Realised 2001 - 2009€ millions

MPIIIMPI & II

Total

Planning of cost savings and provisions up to 2017

2010 – 2013 2014 – 2017

Financial impact Master plan III

€ 140m € 210m2010€ 75m

Cost savings

Increase provision

Q2 2010€ 168m

Cash out for restructuring

2010 - 2015€ 80m average per year

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Reconciliation Cash EBIT(DA) Mail

6.6%7.4%as percentage of revenues6773Underlying Cash EBIT

(21)(12)Restructuring cash outflow(51)(51)Changes in pension liabilities139136Underlying EBIT

9.3%10.1%as percentage of revenues95100Underlying Cash EBITDA

168163Underlying EBITDA

(12)

(51)

Q2 2010

(21)Restructuring cash outflow

(52)Changes in pension liabilities

Q2 2009

34

Net cash generated, free cash flow

483

(102)

18

567

141

(58)

484

99

HY 2009

(70)

(77)

7

0

(191)

(44)

235

(237)

HY 2010

93(61)Changes in working capital

369(72)Free cash flow

(48)(44)Net capex

73Interest received

410(31)Net cash from operating activities

(36)(32)Interest paid

289156Cash generated from operations

157(155)Income taxes paid

Q2 2009Q2 2010€ million

35

Net debt development Q2 2010

Net debt € millions

(1,261)34(63)(30)(44)(31)(1,127)(1,387)Dividend 3 Jul 2010

Repayments debt and othersAcquisitionsNet Capex

Net cash from

operating activities3 Apr 201027 Jun 2009

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Coverage ratio main defined benefit pension fund:

• By end of July, coverage ratio has been restored to above the minimum required level

• Full year P&L charge expected to be ~€ 65 million in 2010, cash contributions € 287 million

• Pension fund board has decided on new investment strategy to reduce downside risk

101%End of Q2 2010

108%End of 2009

93%End of 2008

141%End of 2007

Pension developments

37

Normalised net income for dividend

Adjustments (net of tax)

Restructuring related costs, positive outcome OPTA case and EMN disposals

Restructuring related costs and aircraft book gains

117Mail:

264Normalised net income

1Express:

146Profit attributable to the shareholders

Actual HY 2010€ millions

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Interim dividend 2010

• Interim dividend over normalised net income in the first half of 2010

• Ex-dividend date is 3 August 2010• Record date is 5 August 2010• Dividend payment date is 20 August 2010

Interim dividend € 0.28

In cashIn ordinary shares

Premium targeted at, but not lower than 2% above

cash dividend

Pro forma pay-out ratio 40% of normalised net income

or

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Outlook 2010

Modest improvement European economyGlobal economic recovery remains fragile – caution is warrantedFocus on costs and cash will continueO

vera

llE

xpre

ssM

ail

Volumes and revenues expected to be well above 2009 levelsOperating income improvement clearly tempered by yield pressure and cost inflationSpecific yield management and cost reduction actions taken

Addressed volume decline in the Netherlands of 7-9%Master plan savings of € 75 million targetedMail operating income expected to be below 2009 levels, including the impact of higher P&L charges for pensions

Oth

er

Structural cost savings: around € 200 millionCapex around € 350 million Pensions: cash contributions defined benefit obligations ~€ 287 millionNet financial expense: around € 140 millionTaxes paid: around € 300 million

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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 and depend on circumstances that will occur in the future. These forward-looking statements involve known and unknown risks, uncertainties and other factors that are outside of our control and impossible to predict and may cause actual results to differ materially from any future results expressed or implied. 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 press release 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 press release or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.