TNT's 2008 Outlook

Although financial markets and global economic contexts remain volatile, TNT so far experiences market circumstances in line with its outlook as given.

TNT’s full year outlook for the Group as given on 18 February 2008 is therefore reaffirmed.

Express is expected to show a high single digit organic revenue growth in International & Domestic, with a low double digit operating margin. The Express Emerging platforms are expected to deliver organic revenue growth in the high teens, with a low single digit operating margin.

Mail is expected to show a low single digit organic revenue increase overall, with an operating margin around 16.5%. Emerging Mail & Parcels (excluding EMN Germany), as part of Mail, is expected to achieve a low double digit organic revenue increase, with a high mid single digit operating margin.

Other information:

The overall Mail outlook includes expectations and assumptions on revenue development and operating margins for EMN Germany on an ongoing basis, which, due to the current legal and business environment, are more uncertain than usual.

The overall Mail margin outlook excludes possible further restructuring charges in the context of Master plans in the Netherlands and decisions on the future of EMN Germany.

TNT expects non-allocated costs to stay at around € 35 million for the year.

TNT’s outlook is based on constant 2007 exchange rates.

• Mail outlook excludes possible further restructuring charges Mail Netherlands
• EMN Germany ongoing basis
• Exchange rates at average 2007
• Non-allocated at ~€ 35 million

* Apac, India, China, LAM, MEA, Russia, Turkey
** EMN + Parcel activities in the Benelux