Press Release

TNT starts share repurchase program of up to euro 1.0 billion

Publish Date : 6 November 2006 at 08:30 CET - Amsterdam, Today TNT N.V. starts a share repurchase program of up to € 1.0 billion, which will be executed by ABN AMRO Bank N.V. The announcement follows the completion of the sale of its Logistics business as per 4 November 2006. It is TNT's intention to cancel the ordinary shares acquired through the repurchase program.

Given the share buyback value of up to € 1.0 billion, the approximate maximum number of ordinary shares to be repurchased under this repurchase program is 32.9 million, calculated on the basis of the last trade prior to commencement of this repurchase program. The share buyback commences today and ends after 6 months unless, amongst others, prior to such date:

  • the aggregate value of shares acquired by TNT since the start of this buyback would attain the € 1.0 billion;
  • ten percent of the outstanding ordinary shares have been repurchased, including any ordinary shares already held by the company.

The maximum consideration to be paid per ordinary share under the repurchase program is the higher of the price of the last independent trade in TNT shares and the highest current independent bid price on the trading venues where the purchase is carried out. Furthermore, this price will not exceed the normal trade price plus ten percent. The normal trade price is the average closing price during the five trading days prior to the day of purchase. Not more than 25 percent of volume on any day on which the purchase is carried out, nor more than 25 percent of the average daily volume of the ordinary shares will be repurchased in any one day on the regulated market on which the purchase is carried out. The average daily volume figure is based on the average daily volume traded in the 20 trading days preceding the date of purchase. Repurchasing of TNT shares can also take place via unregulated markets and/or off exchange transactions to which the foregoing volume restrictions do not apply. TNT's shareholders meeting has granted authorization to repurchase ordinary shares for a period of 18 months following the date of the annual shareholders' meeting on 20 April 2006.

About TNT N.V.
TNT provides businesses and consumers worldwide with an extensive range of services for their mail and express delivery needs. Headquartered in the Netherlands, TNT offers efficient network infrastructures in Europe and Asia and is expanding operations worldwide to maximize its network performance. TNT serves more than 200 countries and employs around 127,000 people. In the first nine months of 2006, TNT reported € 7.3 billion in revenues and
€ 921 million EBIT from continuing operations. TNT N.V. is publicly listed on the stock exchanges of Amsterdam and New York. TNT recognizes its social responsibility, and has formed partnerships with the United Nations World Food Programme and the United Nations Environmental Programme to fight hunger and pollution in the world.

Page publication date: 6 November 2006 at 08:30 CET