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PostNL N.V.

Investor Presentation • Dec 4, 2008

3878_iss_2008-12-04_a308c7f4-75f6-4be7-871a-6248145de4db.pdf

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Becoming stronger in challenging times

Peter BakkerCEO4 December 2008Analysts' Meeting

Analysts' Meeting 4 December 2008

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Becoming stronger in challenging times

TNT: becoming stronger in challenging times Group

Group Phase 1 delivered against strategic priorities

Significant cash shareholder returns

6

Dividend in cash (€ cent) Cash Returns to Shareholders

€ 3.9 billion of dividends and SBB from 6 December 2005 to 4 December 2008

Total dividend and SBB as percentage of total revenue from Q4 2005 to Q3 2008 was 12.2%

Focus on networks

7

Best-in-class performance in Express and Mail

Note: FedEx numbers are Nov-Nov; DPWN 2006 & 2007 figures adjusted for transfer of Parcels from Express to Mail; FX rates used: average rate 2007 €/USD 0.725; TNT 2006 & 2007 adjusted for transfer of Innight to Other Networks and allocation of non-allocated costs and € 110 million Master plan provision in 2007

Valuations have dropped radically

9

Global market capitalisation versus TNT's year-on-year change (%)

Group

Oil prices are high and increasingly volatile

WTI oil spot price (USD per barrel)

Group

Express volumes deteriorate further Group

Express underlying volumes 2008

Kilos, year on year change, in %, excl. working days impact*

Becoming stronger in challenging times

Three major trends directly affect our business

Group

1

  • – Express (cyclical)
  • –Mail (substitution)

Changing sentiment regarding deregulation in Mail 3

Business environment in 2009 under Group 1

pressure

Short-term focus for 2009/2010:

  • y Aggressive cost restructuring
    • Express: optimisation of air and road platforms, aggressive operations cost reduction
  • -Mail Master plans
  • yYield management
  • yOutcome of CLA discussions Mail very important
  • y Cash flow management
  • -Reduction in working capital
  • -Reduction in cash capital expenditure
  • -Sale of real estate (if conditions are right)

Outlook 2008/2009 Group

2008

  • y The Mail business continues to develop according to plan and its original forecast
  • y The market developments in Q4 2008 show a further accelerated volume pressure on European (premium air) Express flows and most recently also on International Economy/road volumes
  • y As mentioned TNT therefore expects its full year 2008 Express results to come in somewhat below the outlook given at Q3

2009

y Under the current extremely volatile business environment TNT will refrain from providing an outlook for the year 2009. TNT will in principle indicate its expectations on a quarterly basis, so for the first time at the publication of the full year 2008 figures on 16 February 2009 for Q1 2009

Mail liberalisation and consolidation3

  • y Liberalisation Europe 1 January 2011 (accession countries 1 January 2013)
  • y Dutch liberalisation postponed
  • -No level playing field with Germany and the UK
  • -Insufficient progress discussions competitors and unions
  • yConsolidation provides opportunities

Express vision and strategy

Vision

Expand sustainable leading position in Europe and emerging markets

  • • Expand and cost optimise current networks
  • • Achieve profitable, above market growth

Strategy

    1. Seize growth opportunities offered by economic downturn
  • •Economy / deferred products
  • 2.Expand in emerging markets
    1. Strengthen global network
  • •Intercontinental (air) alliances
    1. Seek higher-than-market growth:
  • •Sector and regional focused sales
  • • Broader product portfolio and service window extensions
  • • Leverage strengths across geographies

Enabler: cost optimisation to improve platforms

Mail vision and strategy Mail

Vision

Become a leading European mail company, leveraging key strengths

  • •Cost management
  • •Business model redesign
  • •Regulatory process management
  • • Strategic market and product development

Strategy

    1. Manage costs
  • •Master plans II / III
  • •Alternative business models
    1. Further strengthening of our expansion strategy
  • EMN
  • •Incumbent improvement strategy
    1. Grow through New Business Development
  • • Digital products, e-commerce fulfillment, financial services
    1. Grow in Parcels
  • • Strengthen Benelux position, broaden European approach

Becoming stronger in challenging times

Group Current portfolio mix: strong platform

Balanced mix of cash generation and growth businesses

•With shared capabilities

There is more to the portfolio than just Mail and Express

  • • Sector-specific networks (e.g. Innight, Fashion, Healthcare)
  • •Parcels, Document Solutions
  • •Value added services

& Original portfolio logic Current economic climate

Management focused on improving operations and capturing smart market opportunities

Combination of current cash generation and growth businesses is value-supporting

•Financing markets highly unreliable

Divestment likely to destroy value given today's valuations

TNT has a unique portfolio of BtB, BtC and CtC delivery solutions businesses and leverages its strong brand across all activities around the world. Our industry-leading performance, the can-do mentality of our people, the approach to running a company in a socially responsible way and the ability to entrepreneurially expand our network across products, sectors and geographies sets us apart from everyone else

Becoming stronger in challenging times

Current market environment requires prudent financial strategy

All share prices under severe pressure

•5 year / 10 year lows

26

• Share prices do not reflect fundamental and mid-term strategic value

Current markets for debt financing are unpredictable and unreliable

Current environment ... ... sets boundaries for financial strategy

    1. Financing arranged
    1. Focus on cash
    1. Keep current portfolio in good shape
  • •Cost savings
  • •Business opportunities
    1. Aim for stable dividend per share

Medium term objectives reviewed in 2009 in light of current volatile economy

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All figures 2008 are rounded based on the current outlook excluding the effect of any provisions related to the new Master plan initiatives in Mail and new cost optimisation programmes in Express

Summary TNT today: becoming stronger in challenging times

Warning about forward looking statements

Some statements in this presentation are "forward-looking statements". By their nature, forward-looking statements involve risk and uncertainty because they relate to events that depend on circumstances that will occur in the future. These forward-looking statements are based on current expectations, estimates, forecasts, analyses and projections about the industries in which we operate and management's beliefs and assumptions about future events. You are cautioned not to put undue reliance on these forward-looking statements, which only speak as of the date of this presentation 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 presentation or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

Update TNT Express strategy: strengthen core and continue to invest in growth areas

Marie-Christine LombardGroup Managing Director Express 4 December 2008Analysts' Meeting

Express to strengthen core and continue to invest in growth areas

Evolution of the Express Market

Leverage Marketing and Sales capability and create global leadership in selected vertical markets

Optimise operational networks and achieve cost savings in all areas

Invest in Emerging Platforms, example South America

Conclusion

Express continues to pursue three strategic themes

Express to strengthen core and continue to invest in growth areas

Evolution of the Express Market

Leverage Marketing and Sales capability and create global leadership in selected vertical markets

Optimise operational networks and achieve cost savings in all areas

Invest in Emerging Platforms, example South America

Conclusion

Apart from slower growth due to economic downturn…

Air and Road volumes (% change year on year, rebased to Q4 07 = 100)

Group

… as also seen in the air freight sector…

6

Freight Tonnes kilometres (FTK) development by region, in 2008

…we have seen a further shift from Express to Economy in 2008 …

… that is foreseen to continue in 2009/2010

…this trend is also evident on the intercontinental flows where the Economy Product growth outpaced Express

International volume growth, YTD Oct, %

Leadership in Europe …

B2B Express market, Domestic and Intra-Europe

…enables TNT to enlarge the potential addressable market

European B2B only: 2007 € billion

… and to expand in targeted industries with extended service offer

… leveraging from a comprehensive and unified global product portfolio for domestic and international

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… and from our Special Services platform consisting of different solutions

New regional marketing and sales structure to enable further growth in sales …

Express to strengthen core and continue to invest in growth areas

Evolution of the Express Market

Leverage Marketing and Sales capability and create global leadership in selected vertical markets

Optimise operational networks and achieve cost savings in all areas

Invest in Emerging Platforms, example South America

Conclusion

Renewed marketing focus

TNT Express revenues concentrated in limited number of industries

Percent of total revenues

Marketing database enables us to identify new preferred customers in focus verticals

We offer Value Added Solutions in eachfocus vertical

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Segmentation to increase sales effectiveness and offer appropriate customer services

Below-the-line we're quite active

Number of activities per week, YTD week 44, Express division

Even in 2008 we have increased our customer base

Integrated operations revenues*, € million, YTD October 2008

Pricing based on systematic yield management and thorough research

We measure customer satisfaction and takecorrective action

Customer Loyalty Measurement research in 56 countriesThousands

Cockpit to understand 26 attributes measured in 7 clusters that drive overall satisfaction and loyalty

What should this bring us in an economic downturn?

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Express to strengthen core and continue to invest in growth areas

Evolution of the Express Market

Leverage Marketing and Sales capability and create global leadership in selected vertical markets

Optimise operational networks and achieve cost savings in all areas

Invest in Emerging Platforms, example South America

Conclusion

Cost structure of TNT Express*

Summary of the current, scientific costs variability analysis & knowledge

Cost impact of volume reduction

Volume dependent cost savings Group

  • yContingencies up to € 120 million per year
  • yAssumes volumes Q1 09 and Q2 09 at Q4 08 decline
  • yQ3 09 and Q4 09 flat on average over second half of 2008

Structured network optimisation addresses 68% of the total costs of TNT Express and targets…

… country PUD optimisation via reduction of number of rounds and tariff setting and adapting to potential volume fluctuations

Illustrative annualised costs changes versus 2008 (%)

Productivity targets set at depot level…

… optimisation of country linehauls by reduction of 3% of kilometers driven and potential further adaption in case of volume fluctuation

Illustrative annualised costs changes versus 2008 (%)

Warehouse / hubs optimisation based on a Lean project piloted in the UK

  • y European Lean programme aimed at increasing productivity and quality in Express network. It consists of three elements:
  • -Process improvements - workforce planning (example) - cultural change
  • y Pilot in UK hub resulted in productivity improvements:
  • --20% of working hours, -5% cost savings on labour costs (temp labour)

… further roll-out in 6 largest European countries aims at achieving -4% of man-hours and +4% of pieces/man-hour

Illustrative man-hours efficiency versus 2008 (%)

… adapting our air network and commercial airline costs to lower air volumes

Illustrative annualised costs changes versus 2008 (%)

… our European Road Network is optimised with a newly rolled-out operations control system

Illustrative annualised potential cost changes versus 2008 (%)

… recap of cost savings initiatives

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Express continues to pursue three strategic themes

Express to strengthen core and continue to invest in growth areas

Evolution of the Express Market

Leverage Marketing and Sales capability and create global leadership in selected vertical markets

Optimise operational networks and achieve cost savings in all areas

Invest in Emerging Platforms, example South America

Conclusion

TNT has great plans in South America

South America has fast growing economies and express markets and is relatively under-penetrated by TNT's global competitors

Through our acquisition of Mercurio, TNT is now the largest express player on the South American continent and has an opportunity to build a sustainable leadership position

Following the stabilisation of Mercurio we will be taking a number of bold steps to consolidate our position on the continent

South America generates a higher GDP growth than the advanced economies, even during turbulent years

GDP growth1 based on October IMF outlook

Evolution of the express market in South America

Domestic

  • • Aggregate size of TNT targeted markets: € 2.6 billion
  • •Pre-crisis average forecast growth: 15%
  • •Low level of market penetration by integrators

Intra-regional

  • • Aggregate size of targeted markets (ABC): € 323 million
  • •Pre-crisis average forecast growth: 11%
  • • Potential conversion to road express of more than 50%

Intercontinental

  • •Aggregate size: € 1.4 billion; 2007 growth: 6%
  • • Market currently captured by freight forwarders
  • • Integrators have limited market share and primarily focus on USA-SAM lane, secondarily on EU-SAM

Our quest for leadership in South America

Express to strengthen core and continue to invest in growth areas

Evolution of the Express Market

Leverage Marketing and Sales capability and create global leadership in selected vertical markets

Optimise operational networks and achieve cost savings in all areas

Invest in Emerging Platforms, example South America

Conclusion

Conclusion

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Warning about forward looking statements

Some statements in this presentation are "forward-looking statements". By their nature, forward-looking statements involve risk and uncertainty because they relate to events that depend on circumstances that will occur in the future. These forward-looking statements are based on current expectations, estimates, forecasts, analyses and projections about the industries in which we operate and management's beliefs and assumptions about future events. You are cautioned not to put undue reliance on these forward-looking statements, which only speak as of the date of this presentation 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 presentation or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

Update TNT Post's strategy: next steps in redefining its (mail) markets

Harry Koorstra Group Managing Director Mail 4 December 2008Analysts' Meeting

Dutch Mail market will not be liberalised from 1-1-2009 onwards

Mail

Conditions towards opening

  • y Level playing field: not yet realised
  • -Germany : minimum wage and VAT exemption
  • -UK: Hooper report

4

  • y Labour conditions (Dutch postal sector CLA)
  • no firm floor at moment full liberalisation

Action by Dutch government (November 28 2008)

  • y Invitation by Minister of Economic Affairs and Minister of Social Affairs to Dutch postal companies and trade unions
  • y Objective: realisation of a firm floor on labour conditions before full market opening

Update discussions with trade unions

November 2007: Proposal TNT to save € 125 million

  • •Phased approach
  • •Freeze in salary levels for 2.5 years
  • • Other conditions of employment more in line with the market

June 2008: Agreement

  • • One year CLA of 3% and an additional 0.5% conditional on signing of new CLA before 1-4-2009
  • • Confirmation of the necessity to negotiate a new labour contract at a substantially lower level

Q1 2009: Expected outcome

  • • Substantial step towards improved market conformity labour conditions
  • •Agreement on implementation and transition

December 2008: Mandate

  • • Trade union members give mandate to their unions to negotiate a new labour contract at substantially lower level but …
  • • … special attention will have to be paid to the transition measures

Update Dutch Mail market: TNT's differentiation strategy is successful

Update Dutch Mail market: Mail growing impact of electronic media

Use of Internet (2005-2010)*

* CBS October 2008; TNT analysis; ** Motivation market research 2008;

*** Team analysis; TNT's customer information; BCG analysis

Use consumer postcards and letters declining fast**

Consumers as percentage of total consumer (2007)

Industry ambition for growing digital invoices***

2000 - 2007

Volume decline 3%-4% on average (with slightly higher expected decline in the first two years of full liberalisation)

2008 Æ

Preparation for further volume decline in the range of around 6% in the period to 2012 due to changes in behaviour of senders and receivers of mail

Mail

Revenue extention:Cost management: Growth initiatives

Master plan III

Overview master plans

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** Team analysis

Already TNT proves that multi channel marketing increases value through its reach

'Er is Post' demonstrates reach of the TNT Post brand•Response factor 150,000 – 200,000 per issue

Try Now Campaign benefits from TNT reach

  • • Advertisements and commercials stimulate consumers to sms or visit the internet for a free product sample
  • •Lipton campaign: 138.000 sample requests by consumers
  • •35.000 were directly related to 'Er is Post' magazine

Mail

TNT Post has built up experience in the use and integration of most drivers for success in online retail …Mail1

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Current portfolio and experience of TNT is a solid stepping stone for an integrated solution for web based business

… this online proposition will include an e-shopping mall

Proposition • Convenience• Safe and reliable• Quality • Distribution options Traffic generator • On/off line marketing • E-mail • Search engine • Affiliate• Leverage on communication power TNT Post Revenue A B CLongtail # webshops per segment 1Propositions for different segments

Mail

Overview European standard parcel market

Update position of TNT Post in Parcels

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y Pallet distribution in NLacquired from ABX; introduction TNT Cargo services

Next challenge is a balanced portfolio position combined Mail with an effective feeder model

Broker model as feeder for international expansion

  • y The market for cross border is growing fast and has interesting returns
  • y Brokered network for cross border is an interesting alternative for an integrated and owned network
    • Broad range of service offering, from low end B2C to high end B2B
    • Flexible setup through different partners
    • Supported by connecting IT to link TNT system to partner systems
  • -Asset-light and cost-flexible
    • Fills niches that cannot be served by the integrators
  • y Brokered network might over time provide a basis for own parcel operations by acquisition of suitable partners

Broker model as basis for international expansion

Mail

4

Revenue growth of TNT Post cross border parcels

Ambition level for TNT Post Parcels

Opportunistic growth strategy in two dimensions

Overview EMN in the European mail markets

Germany 19%UK18%France20%Other25%Netherlands5%CEE1%Austria2%Belgium 3%Italy 7%Volume 102 billion pieces Revenue € 56 billion European addressed mail market Germany 20%UK20%France19%Other24%Netherlands5%CEE1%Austria2%Belgium 3%Italy 6%

Other: other (to be) EU countries, Norway, Switzerland

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Overview main developments Germany

EMN UKExcellent growth up to now

Revenue development TNT Post UK

  • y From a predominantly unaddressed company TNT Post UK has developed into an addressed Mail company
  • y Revenues in addressed mail come from DSA activities for over 95%

  • y Through its regional offices TNT Post UK can serve the attractive regional customer segment

  • y TNT Post UK is very well positioned to develop an EtE delivery capability

  • y However the regulatory uncertainty regarding the Hooper report and how it will be implemented withholds TNT from entering into EtE in 2009.

Revenue development EMN:

increasing focus on addressed mail and larger countries

Segment revenue development EMN 2004-2008

  • y Addressed mail revenues have almost quadrupled over the last three years
  • notwithstanding the absence of a level playing field that affects profitability
  • y The entrepreneurial model of EMN guarantees a flexible and creative approach to customers and competitive pressure
  • y EMN will continue to focus increasingly on addressed mail

Country revenue development EMN 2004-2008

  • y From a predominantly Benelux company back in 2000 Germany, UK and Italy now comprise 80% of the revenues of EMN
  • y EMN will continue to focus its growth on the main mail markets in Europe

The portfolio of EMN will be evaluated on a regular basis

Main criteria will be

  • yThe need to have unaddressed mail networks as a bridgehead
  • y The need to offer some value added services to support the growth of addressed mail networks (e.g. print and mail in Italy)

  • y The political/regulatory environment to build an addressed mail position in countries that will be liberalised after 2011/2013

  • * Based on temporary economic downturn

  • ** Depending on regulation development affecting EtE operations

Outlook 2009 - 2012

  • yMail Netherlands will continue to operate high margins
  • yThere will be continued focus on cost management
  • yEMN will continue to show strong growth with improved profitability
  • yParcel growth looks very promising
  • yE-commerce initiatives will bring additional value
  • yMail will maintain a solid free cash flow

Warning about forward looking statements

Some statements in this presentation are "forward-looking statements". By their nature, forward-looking statements involve risk and uncertainty because they relate to events that depend on circumstances that will occur in the future. These forward-looking statements are based on current expectations, estimates, forecasts, analyses and projections about the industries in which we operate and management's beliefs and assumptions about future events. You are cautioned not to put undue reliance on these forward-looking statements, which only speak as of the date of this presentation 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 presentation or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

Focus on Financials

Henk van DalenCFO4 December 2008Analysts' Meeting

Financial performance 2005-2008

Group TNT financial performance 2005 – 2008*

  • y Well in control Æ Sarbox discipline continued ÆTax issues resolved
  • yEPS up 17%
  • yReturn on Equity from 35% to 63%
  • yDividend per share up more than 35%
  • y Strong revenue growth in Emerging platforms
  • Express revenue up 89% to € 1.2 billion
  • Mail revenue (incl. EMN Germany) up 58% to € 1.5 billion
  • yFinancial efficiency at BBB+ credit rating from A

* 2008 is period Q4 2007 to Q3 2008

Group

Debt leverage Credit Rating BBB+

Focused investment in organic growth

Capex development

4-6% of revenue, including smaller bolton acquisitions

In 2008 total Capex ~ € 350 million

  • Express Capex
  • Mail Capex
  • Boeing 747 finance lease
  • Total depreciation & amortisation
  • Express capex as % of Express revenues (excl. finance lease Boeing 747)
  • Mail capex as % of Mail revenues
  • Total capex as % of Total revenues (excl. finance lease Boeing 747)

Financial strategy 2009-2012

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Medium term objectives 2008 – 2012 Reviewed in 2009 in light of "new economic and strategic" realities

Group

Master plan initiatives in Mail and new cost optimisation programmes in Express

Group

Focus on cash 2009-2010

  • yCost savings and Restructuring
  • yWorking Capital and Real Estate
  • ySUN Programme
  • yPensions
  • yDividend

Working Capital Programme 2009/2010 Group

  • yPrime focus Trade Payables / Trade Receivables Æ project outcome
  • y 2009/2010 objectives set :
  • ¾> € 200 million release of Working Capital
  • ¾ Trade Working Capital as % of Sales from ~10% end 2007 to ~8% by end 2010; assuming comparable revenue mix

Real estate 2009/2010

  • yBook value real estate ~ € 800 million end of 2008
  • yMarket value under "normal circumstances" at least ~ € 1.2 billion
  • y Target proceeds at ~ € 200 million, assuming close to normal market values

Pensions

Cash

  • y Coverage ratio largest pension fund:
  • -December 2007 142%
  • -October 2008 <105%
  • yUsual annual cash contribution ~ € 100 million
  • yPossible additional contribution (October) ~ € 75 million
  • y Currently Recovery Plan expected by DNB end Q1 2009

P&L

  • yP&L charge expected to increase by ~ € 25 – € 75 million
  • yMainly in Mail Netherlands

Funding strategy Group

  • y Target to maintain an investment grade long term credit rating around Baa1 / BBB+
  • y Availability of at least € 500 million of undrawn facilities
  • y €1.0 billion Commercial Paper programme fully backstopped by €1.0 billion Revolving Credit Facility (currently € 90 million of Commercial Paper drawn)
  • y Terming out of debt to reduce refinancing risks
  • y Structural funding via combination of public and bank debt
  • y Cash pooling systems facilitating optimised cash requirements for the group
  • y Focus on internal funding structures aimed at optimising the legal, funding and tax structure of the group

Principles Current debt profile

  • y € 400 million of € 1.0 billion Revolving Credit Facility extended by three more years in Q1 2008
  • y Successful new £450 million 10-year Eurobond issue in August 2008

Group

Free cash flow and cash focus

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Summary financial strategy 2009-2010

  • yWorking capital lower
  • yReduced Capex
  • yReal Estate cash in
  • yDividend policy reaffirmed
  • yShare buy backs not likely
  • yFunding flexibility
  • yBolt-on acquisitions

Group

Warning about forward looking statements

Some statements in this presentation are "forward-looking statements". By their nature, forward-looking statements involve risk and uncertainty because they relate to events that depend on circumstances that will occur in the future. These forward-looking statements are based on current expectations, estimates, forecasts, analyses and projections about the industries in which we operate and management's beliefs and assumptions about future events. You are cautioned not to put undue reliance on these forward-looking statements, which only speak as of the date of this presentation 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 presentation or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

Note: wrap-up at end of programme, as introduction to Q&A

Wrap-up Peter BakkerCEO4 December 2008Analysts' Meeting

TNT strategy addresses the key trends

Warning about forward looking statements

5

Some statements in this presentation are "forward-looking statements". By their nature, forward-looking statements involve risk and uncertainty because they relate to events that depend on circumstances that will occur in the future. These forward-looking statements are based on current expectations, estimates, forecasts, analyses and projections about the industries in which we operate and management's beliefs and assumptions about future events. You are cautioned not to put undue reliance on these forward-looking statements, which only speak as of the date of this presentation 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 presentation or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

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