Press Release

TNT sells Freight Management to GEODIS

Publish Date : 16 November 2006 at 08:30 CET - Amsterdam/Paris, TNT N.V. today announced that it has signed a Sale and Purchase Agreement (SPA) to sell its freight management business unit to French logistics service provider GEODIS SA. The transaction has an enterprise value of € 460 million, cash and debt free. TNT estimates cash proceeds of above € 400 million. The transaction will bring TNT a book gain of well over € 150 million and is expected to close in the first quarter of 2007 subject to regulatory clearances. Final amounts will be calculated on the basis of completion accounts.

Peter Bakker, CEO of TNT stated: “We bought the business in 2004 primarily based on a rationale related to Logistics. As part of our Focus on Networks strategy we studied the relationship to our express and mail delivery networks and decided that selling the freight management business is the best way forward and will allow TNT to focus on the many growth opportunities that our network businesses offer. I congratulate GEODIS with the acquisition of this excellent business and wish the management and employees continued success.”

Pierre Blayau, Chairman & CEO of the GEODIS group stated: “We are very excited by the acquisition of TNT Freight Management, which is a valuable company and a perfect fit with GEODIS business model. I am pleased to confirm that Jeff Hoogesteger will remain CEO of TNT Freight Management from Headquarters maintained in the Netherlands”.

With revenues last year of €3.6 billion, GEODIS is an international logistics provider with 23,800 employees in a network covering 120 countries.

About TNT
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: 16 November 2006 at 08:30 CET