Press Release


TNT's Supervisory Board closes investigation into possible illegal acts

Publish Date : 27 February 2006 at 08:00 CET -

Amsterdam

  • The investigation concluded that the integrity of past and present members of the Board of Management and current senior staff, reporting to the Board of Management, is not in doubt
  • No financial provision or contingent liability required as a result of this investigation
  • The investigation concluded that some illegal acts had taken place
  • Remedial actions are being taken

TNT N.V.'s Audit Committee and Supervisory Board have received the report of the Audit Committee's independent counsel, Gibson, Dunn & Crutcher LLP, with respect to its investigation into whether illegal acts occurred at TNT, and the responsibility for such acts, in connection with certain past tax matters. The investigation determined that some illegal acts had taken place. The investigation further concluded that the integrity of present and past members of the Board of Management and current senior staff, reporting to the Board of Management, is not in doubt.

The independent counsel, the Audit Committee and the Supervisory Board discussed several remedial recommendations of independent counsel, including strengthening of controls and procedures and financial and tax staffing. CEO Peter Bakker was briefed by the Chairman of the Supervisory Board and the Chairman of the Audit Committee, as well as subsequently by independent counsel on the results of the investigation, including staffing assessments and the remedial recommendations. TNT's external auditor, PricewaterhouseCoopers Accountants N.V., has also been briefed on the investigation in detail by the independent counsel. PricewaterhouseCoopers subsequently discussed those results with the Audit Committee and Supervisory Board and supports the remedial actions. The Board of Management endorses the remedial actions and has committed to swiftly implement them.

We have determined that no financial provision or contingent liability is required as a result of this investigation.

Mr. Jan Hommen, Chairman of the Supervisory Board, stated: “We are pleased that the investigation has validated our continued confidence throughout this process in the integrity of our management.”

Warning about forward-looking statements

Some statements in this press release are "forward-looking statements" within the meaning of U.S. federal securities laws. We intend that these statements be covered by the safe harbors created under these laws. 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, analyses, estimates, assessments, forecasts and projections and our beliefs and assumptions about future events. Forward-looking statements include, without limitation, statements concerning our results or financial position and the results and the timing of our tax investigations and our discussions or disagreements with tax authorities and the other factors discussed in our annual report on Form 20-F and our other reports filed with the US Securities and Exchange Commission. Given these uncertainties, no assurance can be given as to our future results or financial position. 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.

Page publication date: 27 February 2006 at 08:00 CET