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PostNL N.V.

Investor Presentation • Dec 3, 2009

3878_iss_2009-12-03_5a7fc4e1-903b-44e4-85ce-81ecad61ec13.pdf

Investor Presentation

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Henk van Dalen3 December 2009

TNT Q4 2008 – Q3 2009 Group

2

€
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•Robust performance under severe economic conditions

Note: Cash EBITDA is based on reported EBITDA adjusted to exclude charges to the restructuring provisions and to include cash payments on restructuring provisions and pensions. These cash payments over the period were € 60 million for Express and € 234 million for Mail; all figures are at constant currency.

Express volumes under pressure

Q1, Q3 development per year

Core consignments back to 2006 level (Q1 05 = 100) DomesticInternational100120

European air kilos back to 2002 level

(Q1 02 = 100)

80

  • • Core volumes and core consignments back to 2006 levels
  • • European air kilos even back to 2002 levels

Also lower percentage International Next Day in Mix

Core volumes exclude Special Services, Hoau, Mercúrio, Araçatuba and LIT Cargo

Financial objectives "Focus on Networks"

Group

501002003004005006002005 2006 2007 2008 Q4-08 / Q3-090%1%2%3%4%5%6%7%€ millionNormal 2008-2010 level 4-6% of revenue, including smaller bolt-on acquisitions Capex development 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) In 2009 total Capex ~ € 310 million(~3% of revenue)

Flexible Capex management

Funding strategy well balanced Group

6

  • y Maintain an investment grade long term credit rating around Baa1 / BBB+
  • y Availability of at least €500m of undrawn committed facilities
  • yTerming out of debt
  • y Structural debt funding via combination of short and long term public / private debt / bank debt / commercial paper
  • y Cash pooling systems facilitating optimised cash requirements
  • yFocus on internal funding structures

Principles Current debt profile

y No material refinancing until 2012. First Eurobond to mature in 2015

€ 1,000m syndicated backstop, of which €400m extended to 2015, likely to be refinanced in 2014

  • € 140m financial lease of aircrafts (based on their average duration)
  • € 400m June 2015 Eurobond
  • € 650m November 2017 Eurobond
  • £ 450m August 2018 Eurobond (fixed to €568m)

Credit Rating at BBB+…

Group

Group

... but sensitivities high

  • yCurrent ratings A3 / Negative and BBB+ / Stable
  • yCredit standing monitored along key rating agents' ratios

Definitions

8

  • y Funds From Operations (FFO) is based on net cash from operating activities corrected amongst others for interest received, changes in working capital, pensions and operating leases
  • y Adjusted net debt is defined as total interest-bearing borrowings of the company, adjusted for debt-like components such as net present value of operating leases, pension schemes and central cash
  • y Adjusted EBITDA is corrected amongst others for operating leases and service costs of pension schemes
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1 Gross debt inflated by precautionary CP utilisation

2 Moody's started using a new rating methodology in 2009 consisting of 4 broad factors, including 4 financial ratios and various other ratios; RCF is defined as FFO minus dividend paid

Rating sensitivities

9

  • ySensitivities can be derived from key ratio components
  • y Key ratios mainly impacted by adjustments for leases, pensions, working capital movements and cash (equivalents)
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Working capital down Group

Year-on-year changes in working capital

Trade working capital as % of revenues

Total trade working capital as % of trade revenues

  • Express trade working capital as % of trade revenues
  • Mail trade working capital as % of trade revenues

Development Dutch pensions Group

Coverage ratio main defined benefit Dutch pension fund (~90% of all defined benefit plans):

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  • • Total cash payment to defined benefit obligations in 2009 ~ € 275 million
  • •Pensions: ~€ 175 million

11

  • •Transitional pension plans e.g. early retirement: ~€ 100 million
  • •P&L € 64 million (mainly Mail Netherlands)

2010: total cash payments expected to be somewhat below 2009 level

Cash flow secured

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Cashflow 2010

12

y Taxes paid

yWorking capital contribution

Net capex

y

  • yBusiness performance
  • * Capital expenditure on property, plant and equipment (PPE) and intangibles minus disposables of PPE and intangibles

SUN objectives

Objectives

  • 1.Further optimise group finance structure
    1. Further optimise group legal/tax structure
  • 3.Network charges concept
  • 4.Free up cash
  • 5.Emerging platform balances
  • 6.Legal entity governance
    1. Quarterly reconciliations
  • Management reporting Statutory

Fiscal

Group

ETR: impact of the mix due to economic situation

Example of impact of the mix in ETR

15

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If mix of income between all operating countries had remained unchanged, ETR would have been around 26 – 27% YTD Q3 2009

TNT is well controlled!

Group

Returns: net cash allocation

yLeveraging balance sheet

Cash in – cash out: 2005 – Q3 2009 (€ million)

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Dividend policy / shareholder returns Group

Current policy: increase to 40% of normalised net income in 2010

  • yOptional dividend in cash or stock
  • yInterim 2009: 38% of normalised net income

2010

  • yDividend policy reaffirmed
  • y40% of normalised net income
  • yOptional dividend in cash or stock

No share buybacks in 2010

Vision 2015 objectives

  • y Key elements 2009 / 2010
  • -Provisions / impairments
  • -Costs
  • -Capex, pensions, net financial expense, tax
  • -Volume / prices
  • yUnderlying assumptions Vision 2015
  • yObjectives 2015

Provisions / impairments 2008 - 2011

21

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Group Structural cost savings 2009 - 2010

Capex, pensions, net financial expense and tax in 2010

yNormal 2008-2010 level 4 - 6% of revenue, including smaller bolt-on acquisitions

Group

  • y2009: ~ € 310 million (~3% of revenue)
  • y2010: ~ € 400 – 450 million

Pensions

  • y Total cash payment to defined benefit obligations in 2009 ~ € 275 million; P&L € 64 million (mainly Mail Netherlands)
  • y2010: total cash payments expected to be somewhat below 2009 level

Net financial expense

y2009 / 2010: expected ~€ 160 million

Tax 2010

23

  • yETR expected to go down to ~26 - 27% if normal mix of profit before tax restores
  • y Taxes paid expected to increase to level ~ € 300 million, including delayed 2009 payment

Volumes and prices 2010 assumptions Group

Express

24

  • ySingle digit volume growth with some but limited recovery of WPC
  • yLimited price increases due to continued competitive pressure
  • yLower cost per consignment and kilo despite wage increase and inflation
  • yMainly international growth, especially Economy Express

Mail Netherlands

  • y Volumes in 2010 to be under pressure due to substitution and liberalisation above average of around 6% per annum Æ 7 – 9%
  • yMaster plan savings of around € 75 million

TNT has cautious assumptions for 2010 Focus on costs and cash continues

Vision 2015 focus areas: revenues 2005 – 2009

Group

Operational assumptions Vision 2015

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ba
k
to
c
In
l
f
lo
in
in
in
y
te
t
ta
rc
on
en
w
s
cr
ea
s
g
'0
8
le
ls
p
re
ve
-
Fu
l
l
d
h
lan
d
i
in
in
io
y
tu
t
O
i
S
0
rn
-a
ro
un
w
p
n
g
p
er
l a
U
D
7
t
•
S
S
D
fo
S
S
N
l g
h
b
l
he
d
D
bu
is
in
y
t
ta
or
m
a
ro
r e
s
s
es
se
s
w
Ra
d
h
ly
ha
S
d
D
l
i
in
ice
ive
+
y
t
to
t a
p
g
ro
w
su
p
p
c
s
er
v
s a
.o
ra
p
ar
n
e
ry
E-
la
d
€
3
5
0
l
l
iv
i
ie
i
io
y
te
t
t
to
co
m
m
er
ce
r
e
ac
s g
ro
w
m
n
Vo
lu
de
l
/
in
y
m
e
c
e
ice
p
r
p
re
ss
ur
e
Re
la
y
to
g
u
ry
U
S
O
im
t
p
ac		 M
i
l
N
L
&
Re
la
d
te
a
~6
%
Vo
lu
de
l
h
he
l
in
ig
in
ie
y
m
e
c
e
er
ea
r,
r
e
ar
r y
ea
rs
p
y
M
lan
€
4
5
0
l
l
la
2
0
0
9
in
i
io
ive
y
te
t
as
r p
s
av
g
s
m
n
cu
m
u
v
er
su
s
Lo
io
y
ts
w
er
p
en
s
n
p
ay
m
en
Re
l e
bu
€
4
0
l
l
h
l
ly
f
2
0
1
1
i
i
io
y
ta
te
to
tr
te
a
s
c
on
m
n
ca
s
an
nu
a
as
o		 M
de
lu
de
l
in
y
te
m
o
ra
v
o
e
c
e
M
i
ive
ice
y
t
or
e
os
r
p
p
de
lo
t
ve
p
m
en
A
le
d
M
lan
y
te
te
cc
e
ra
as
r p
in
sa
s
v
g

Ranges

27

Key performance indicators 2009 – 2015; Outlook 2009 regrouped

€
l
l
i
io
m
n		 R
e
e
n
e
s
v
u
Q
4
0
8
Q
3
0
9
-		 A
l
n
n
u
a
a
e
r
a
e
r
e
e
n
e
v
g
v
u
h
2
0
1
0-
2
0
1
5
t
g
r
o
w		 E
B
I
T
D
A
%
f
a
s
o
r
e
e
n
e
v
u
Q
4
0
8
Q
3
0
9
-		 2
0
V
1
5
i
i
s
n
o
t
t
a
r
g
e
s
P
l
&
F
i
h
t
a
r
c
e
s
r
e
g		 4
3
5
0
~
,		 7
9
%
-		 9
%
~		 1
3
1
6
%
-
E
i
P
l
f
t
m
e
r
g
n
g
a
o
r
m
s
Au
l
As
So
h
Am
d
M
E
A
ia,
ia,
ica
str
ut
a
er
an
(
l.
Int
l
f
low
)
inc
ion
at
ern
a
s		 1,
6
0
0
~		 1
0
1
5
%
-		 3
%
~		 7
1
0
%
-
S
D
S
Inn
ht,
Fa
h
De
l
Sto
V
A
S
ig
ion
ive
+,
rap
art
s
ry
,
,
U
K
d
E-c
an
om
me
rce		 6
5
0
~		 1
4
1
8
%
-		 1
2
%
~		 1
0
1
4
%
-
M
i
l
N
L
a
M
i
l
N
L,
Da
d
Do
M
d
ta
nt
t a
a
an
cu
me
n
g
Du
h
/
Be
lg
f
E
M
N
ian
iv
it
ies
tc
t
ac
o		 2,
0
7
5
~		 (
4
)
(
6
)
%
–		 *
C
h
E
B
I
T
D
A
a
s
6
%
1
~		 *
C
h
E
B
I
T
D
A
a
s
6
%
1
~
E
M
N
Re
f
Eu
f
E
M
N
d
iv
it
ies
st
rop
ct
o
e a
o
an
Sp
ing
r		 0
0
1,
5
~		 R
l
l
i
i
i
i
t
t
t
e
a
s
a
n
a
e
r
n
e
s
o
v
u
o
p
p
o
u

Note: All figures are rounded and regrouped for indication purposes only; Cash EBITDA is based on reported EBITDA adjusted for provision charges for restructuring and including cash payments on restructuring and pensions.

28

Warning about forward looking statements

30

Some statements in this presentation are "forward-looking statements". 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, 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 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.

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