This annual report constitutes TNT N.V.'s annual report for 2005 in accordance with Dutch regulations. It also forms the basis of our annual report on Form 20-F for the year ended 31 December 2005 for the SEC

The report of the Board of Management is included in chapter 2 up to and including chapter 5 and chapter 11.

This annual report has been sent in hard copy form to shareholders who have requested to receive a copy and can be viewed on our website: group.tnt.com. The information on our website, however, does not form part of this report.

TNT N.V. is a public limited liability company incorporated under the laws of the Netherlands currently listed on the Amsterdam, New York, London and Frankfurt stock exchanges.

Investing in our securities involves risk. Carefully consider the risk factors set out in chapter 10 of this annual report.