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Business profile and organisation

Express provides on-demand door-to-door express delivery services for customers sending documents, parcels and freight. Express offers national, regional and global express delivery services, mainly for business- to- business customers.

STAND-ALONE EXPRESS – POST DEMERGER

In 2010, TNT reviewed its strategy and concluded that it was in the best interest of all stakeholders to separate TNT’s divisions into two separate companies: Mail and Express. The separation will take place through the statutory demerger of the Express activities by TNT N.V., which will retain a minority financial shareholding in Express of 29.9%, subject to shareholder approval. The minority financial shareholding in Express is necessary to meet separation requirements.

Sell-down of TNT N.V.’s minority shareholding is anticipated over time, with proceeds to be used to reduce debt in TNT N.V. Depending on the equity position, any excess capital will be returned to shareholders. The retained minority shareholding will have no special governance or voting rights. For further details on the separation please refer to the 2010 annual report of TNT N.V.

The demerger will be effective by the end of May 2011, following shareholder approval. As of January 2011, the internal legal and organisational separation was completed.

After the separation, TNT N.V. will focus solely on mail activities and will be rebranded, with the TNT name continuing with Express.

In light of the legal demerger of Express from TNT N.V., Express is presented as a discontinued operation in the 2010 annual report of TNT N.V. This supplementary report on Express is intended to provide insight into the strategy, business performance, financial position and other topics relevant to Express and does not form part of the 2010 annual report of TNT N.V.