PostNL N.V.

Investor Presentation • Nov 1, 2010

Q3 2010 Results

Press release

TABLE OF CONTENTS

• Q3 highlights	2
• Outlook 2010	3
• CEO Statement	4
GROUP
• Review of operations Q3	5
• Other Group financial indicators Q3	6
• Pensions	6
• Separation process & Vision 2015	7
• Press releases since second quarter results 2010	7
• Year-to-date performance	7
EXPRESS
• Overview	9
MAIL
• Overview	12
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
• General information	14
• Basis of preparation	14
• Segment information	14
• Consolidated statement of financial position	15
• Consolidated income statement	16
• Consolidated statement of cash flows	17
• Consolidated statement of changes in equity	18
• Consolidated statement of comprehensive income	18
• Notes to consolidated interim financial statements	19
OTHER
• Working days	23
• Reconciliation Mail underlying Cash EBIT(DA)	23
• Financial calendar	24
• Contact information	24
• Warning about forward-looking statements	25

Q3 HIGHLIGHTS

GROUP

• Operating income € 143 million (€ 179 million in Q3 2009)
• Underlying* operating income € 157 million (€ 184 million in Q3 2009)
• Profit attributable to shareholders € 75 million (€ 99 million in Q3 2009)

EXPRESS

• Underlying* revenues increased by 8.2% to € 1,588 million
• Underlying* operating income € 74 million (€ 68 million in Q3 2009)
• Strong volume growth; above 2007 levels (core kilos +9.8% versus Q3 2009)
• Continued focus on yield improvement full effect to be realised in 2011

MAIL

• Underlying* revenues increased by 5.6% to € 1,010 million
• Underlying* operating income € 83 million (€ 114 million in Q3 2009); distorting impact of pension expenses
• Underlying* Cash EBITDA € 47 million (€ 71 million in Q3 2009)
• Addressed mail volumes in the Netherlands declined by 7.7% alongside some yield pressure
• Parcels continues to grow strongly; announcement of € 240 million Parcels investment programme, 2010-2015

IMPACT MAIL UNION DISCUSSIONS

• Ultimatum received from unions in relation to Master plan restructuring plans
• Continuing active engagement with unions

SEPARATION PROCESS & VISION 2015

• Managerial and organisational separation of Mail and Express as per 1 January 2011 on track
• Intended separation as soon as practicable in 2011
• Further update on 2 December 2010 Analysts' Meeting, subject to the development of current discussions with Mail unions

OUTLOOK 2010

TNT continues to see modest improvement in the European economy. However, given that the global economic recovery remains fragile, caution remains warranted. The focus on costs and cash will therefore continue.

In Express, volumes and revenues are expected to be well above 2009 levels. The H2 2010 operating margin is expected to be in line with H1 2010's. Yield pressure in Europe and cost developments outside Europe are not expected to be offset sufficiently by efficiency gains. Specific yield-management and ongoing cost-containment actions, once fully phased in, should increase the operating margin.

In Mail, TNT expects addressed volume decline in the Netherlands at the upper end of 7-9%, due to ongoing substitution combined with the first full-year effect of liberalisation. Master plan savings are expected to be somewhat higher than € 75 million. Mail operating income is expected to be below 2009 levels. Cash pension charges are expected to be in line with last year.

The 2010 additional financial indicators:

• Structural cost savings: at least € 200 million
• Capex: around € 300 million
• Pensions: cash contributions defined benefit obligations approximately € 290 million, of which € 260 million for the main Dutch plans and the transitional plans
• Net financial expense: around € 140 million
• Taxes paid: around € 300 million, which includes a repayment of a preliminary tax refund from Dutch tax authorities in 2009
• Separation-related and Vision 2015 one-off costs € 40-45 million
• New guidance on further Master plan III restructuring provisions and associated cash outflows will be given once further clarity has been achieved given current union discussions

* The underlying figures are at constant currency and exclude the impact of the restructuring costs related to Mail (€ 5m), Express (€ 3m) and Group (€ 13m separationrelated and Vision 2015 one-off costs) in 2010 and the impact of various one-offs charges in 2009.

Key figures Q3 2010		As reported			Underlying*
in € millions, except percentages	Q3 2010	Q3 2009	% Change	Q3 2010	Q3 2009	% Change
Group
Revenues	2,766	2,483	11.4%	2,662	2,483	7.2%
EBITDA	223	269	-17.1%	234	274	-14.6%
Operating income (EBIT)	143	179	-20.1%	157	184	-14.7%
Profit for the period	74	102	-27.5%	74	102	-27.5%
Profit attributable to the shareholders	75	99	-24.2%	69	99	-30.3%
Cash generated from operations	178	178		178	178
Net cash from operating activities	90	97	-7.2%
Express
Revenues	1,683	1,467	14.7%	1,588	1,467	8.2%
EBITDA	130	123	5.7%	123	128	-3.9%
Operating income (EBIT)	78	63	23.8%	74	68	8.8%
Mail
Revenues	1,018	956	6.5%	1,010	956	5.6%
EBITDA	105	143	-26.6%	111	143	-22.4%
Operating income (EBIT)	78	114	-31.6%	83	114	-27.2%

		Reconciliation Q3 2010				Reconciliation Q3 2009
in € millions	As reported	Restructuring related costs	Other	Foreign exchange	Underlying* 2010	Underlying* 2009	Express one-offs	As reported
Express Mail Other networks Non-allocated	1,683 1,018 71 (6)			(95) (8) (1)	1,588 1,010 71 (7)	1,467 956 65 (5)		1,467 956 65 (5)
Total revenues Express Mail Other networks Non-allocated	2,766 78 78 3 (16)	0 3 5 0 0	0 0 0 0 13	(104) (7) 0 0	2,662 74 83 3 (3)	2,483 68 114 4 (2)	0 5	2,483 63 114 4 (2)
Operating income (EBIT)	143	8	13	(7)	157	184	5	179

* The underlying figures are at constant currency and exclude the impact of the restructuring costs related to Mail (€ 5m), Express (€ 3m) and Group (€ 13m separationrelated and Vision 2015 one-off costs) in 2010 and the impact of various one-offs charges in 2009.

CEO PETER BAKKER COMMENTS:

'Business conditions in Q3 have generally followed the trends we experienced in the first half of the year -- good but not great – with a continuation of the general recovery of activity levels held back by a difficult pricing environment.

In Express, volume growth continues to be strong. We continue to focus on the successful implementation of multiple yield-improvement measures, the full benefits of which will however not be felt until next year. Meanwhile, the business continues its focus on containing costs, including investing in own capacity to reduce intercontinental linehaul costs on the back of recent contract wins.

Mail's quarter was characterised by further electronic substitution and continuing competitive pressure. Key to Mail's future is the successful implementation of the final restructuring programme, which lies at the heart of Master plan III. For this reason, TNT remains actively engaged in discussions with the unions, despite their decision to present the company an ultimatum regarding the restructuring programme.

TNT continues to prepare for separation of Mail and Express in conjunction with the fulfilment of the Vision 2015 strategy. The internal managerial and operational separation of Mail and Express is fully on track to be effective on 1 January 2011.'

REVIEW OF OPERATIONS Q3

GROUP Q3

Reported revenues increased by 11.4% to € 2,766 million, primarily due to higher revenues from Express. The positive effect of foreign exchange was 4.2%. Reported operating income decreased by 20.1% to € 143 million. Reported profit attributable to shareholders was € 75 million (€ 99 million in Q3 2009).

To show the underlying developments in the business, TNT excludes currency impact and, when relevant, corrects for working days (not applicable in this quarter) and one-off items. Accordingly, underlying revenues increased by 7.2% in Q3 2010. Underlying operating income decreased by 14.7% to € 157 million compared to Q3 2009. This decline includes the phasing impact of P&L pension expenses, which were € 11 million higher year on year. Also, the quarter was negatively impacted by € 14 million higher unallocated costs, which pertain mainly to costs related to the separation process.

Net cash from operating activities was € 90 million versus € 97 million in Q3 2009. This difference is the net result of lower operating income, improved working capital, decreased provision charges and higher taxes paid. Net debt was € 1.3 billion (compared to Q3 2009, net debt is € 82 million lower).

EXPRESS Q3

Underlying revenues in Express increased by 8.2% to € 1,588 million, a combination of the continuing trend of higher volumes (consignments and kilos above 2007 levels) and still-negative yield. Average core volumes per day increased by 9.8% (kilos) and 8.1% (consignments). Air kilos were up 15.3% and Road kilos 16.4% versus Q3 2009. Domestic kilo growth was lower, at 7.4%. Excluding fuel surcharge, yearon-year core revenue quality yield was -1.8%. The continuing yield pressure mainly reflects stronger growth of our larger accounts, trading at previously agreed contract rates.

Express' underlying operating income was € 74 million, representing a 4.7% operating margin, which compares with 4.6% in the corresponding period last year. The € 6 million (or 8.8%) year-on-year increase in underlying operating income is due to the impact in Europe of higher volumes and good cost containment offset by lower yields and, outside Europe, relatively less scale.

Yield-improvement measures previously announced are being rolled out. Given the lead time for these measures, however, the full effect will only be realised in 2011. Volumes have continued to develop well, and cost containment remains a key focus to ensure network and scale effects are fully captured.

MAIL Q3

Underlying revenues were 5.6% higher than in Q3 2009, the net result of the decline in addressed mail volumes (-7.7%), price pressure and strong revenue contribution from Emerging Mail & Parcels. Revenues were down 0.8% if adjusted for € 62 million additional revenue due to changed tax regulation in Germany (1 July 2010) leading to a changed invoicing method.

Underlying operating income of Mail decreased by 27.2% year on year to € 83 million, which represents an operating margin of 8.2%, compared to 11.9% in Q3 2009. Profits from Mail Netherlands declined as Master plan savings (€ 21 million this quarter) were insufficient to offset the combined impact of volume decline, price pressure and autonomous cost increases. Profits were also held back by the € 11 million phasing of higher P&L pension costs. Profitability from Emerging Mail & Parcels improved.

CASH EBIT(DA) MAIL

To gain a clear view of Mail's performance, TNT makes two cash-related corrections to the underlying results. The first correction pertains to the non-cash pension costs for defined benefit plans (including transitional plans for early retirement). This correction is achieved by replacing the IFRS-based defined benefit plan non-cash pension cost by the non-IFRS measure of the actual cash contributions for such plans. This is particularly relevant for Mail, where most of the pension cash charges reside. The second correction pertains to restructuring cash outflows, which are significant for Mail. The resulting measure, 'Cash EBITDA', more closely reflects the underlying cash-earnings performance.

Underlying Cash EBITDA for the Mail division came in at € 47 million. Underlying Cash EBIT – on the same basis – was € 19 million. This compares to € 71 million and € 42 million, respectively, in the prior year (please see the reconciliation table on page 23).

OTHER GROUP FINANCIAL INDICATORS Q3

Net financial expense: € 35 million (Q3 09 € 37 million)	Full year 2010 expectation around € 140 million
Effective tax rate (ETR): 31.5% (Q3 09 28.2%)	Impact from higher tax charges abroad partly offset by tax optimisation and use of prior years' losses
Net cash from operating activities: € 90 million (Q3 09 € 97 million)	Net result of lower operating income, improved working capital, decreased provision charges and higher taxes paid
Net debt (2 Oct 2010): € 1.287 billion (26 Sept 2009: € 1.369 billion 3 July 2010: € 1.261 billion)	Result of net cash in from operating activities more than off set by cash out for dividend and net Capex
Net Capex: € 60 million (Q3 09 € 32 million)	Continued tight control

PENSIONS

The coverage ratio of the main Dutch pension fund was 104% at the end of Q3.

The total cash contributions for defined benefit obligations are estimated to amount to around € 290 million in 2010. TNT expects the related P&L charge to be € 65 million for full year 2010 (€ 60 million in 2009).

As announced with the Q2 2010 results, TNT's main pension fund has now fully implemented its new investment strategy, which includes the use of derivative instruments with the aim of reducing downward risk.

SEPARATION PROCESS & VISION 2015

On 2 August 2010, TNT announced its intention to separate fully Mail and Express.

The separation will be realised so as to create two separate successful companies with focused strong management teams, clear strategies and solid capital structures. This will allow both entities to achieve their strategic objectives to the benefit of their respective shareholders and all other stakeholders.

The intended full separation is expected to be implemented in stages. First, TNT is on track to implement the internal separation by 1 January 2011 (including the allocation of overheads).

Second, the capital markets transaction, separating the equity of Mail and Express, will be pursued as soon as practicable thereafter. The preferred capital markets alternative by which to realise this separation is in the process of final evaluation. An update on this and Vision 2015 will be given at our Analysts' Meeting on 2 December 2010, subject to the development of current discussions with Mail unions.

The intention to separate is subject to the advice/opinion of TNT's works councils as well as shareholder approval.

Date	Subject
18 August 2010	• Announcement conversion rate interim dividend 2010
1 September 2010	• New TNT Post rates from 1 January 2011
6 September 2010	• RS Components awards new contract to TNT Express
7 September 2010	• TNT unveils China's first fully electric delivery fleet
8 September 2010	• TNT to invest €170 million in Chinese domestic road delivery services
9 September 2010	• TNT again awarded global 'Supersector leader' in the Dow Jones Sustainability Indexes
14 September 2010	• TNT Post provides high quality of service
14 October 2010	• TNT Post prepared to reduce number of compulsory redundancies
15 October 2010	• TNT Airways to introduce Boeing 777 to its fleet in 2011
16 October 2010	• TNT ships 110 tonnes of food aid to Pakistan on World Food Day
20 October 2010	• TNT Post prepared to reduce number of involuntary redundancies by 1,400
21 October 2010	• TNT sells direct marketing company DIMAR to its management teams
26 October 2010	• TNT starts industry's first dedicated freighter service between Chongqing and Europe

PRESS RELEASES SINCE THE SECOND QUARTER 2010 RESULTS

YEAR-TO-DATE PERFORMANCE

Over the first three quarters of 2010, Group revenues increased over the prior year by 11.1% and operating income decreased by 13.7%. Year to date, non-allocated costs increased mainly because of separation-related advisory services. Net debt stands at € 1.3 billion.

Express revenues reflect the combination of rising volumes (+12.8% kilos) and yield pressure (-2.3% core revenue quality yield excluding fuel). Operating income and margin in Express were impacted by the negative yield in Europe, cost inflation outside Europe and efficiency gains.

Mail revenues excluding the impact of the number of working days were in line with previous year, with the decline in revenue from the Netherlands being matched by good growth from Emerging Mail & Parcels. The trend in Mail Netherlands addressed volumes is in line with our indications.

Group Summary Q3	As reported		% Change as reported
in € millions, except percentages	Q3 2010	Q3 2009	Operational	Fx	Total
Revenues	2,766	2,483	7.2%	4.2%	11.4%
EBITDA	223	269	-20.8%	3.7%	-17.1%
Operating income (EBIT)	143	179	-24.0%	3.9%	-20.1%
Profit for the period	74	102	-32.4%		27.5%
Profit attributable to the shareholders	75	99	-29.3%		24.2%
Net cash from operating activities	90	97			-7.2%

Segment Summary Q3	As reported			% Change as reported
in € millions, except percentages	Q3 2010	Q3 2009	Operational	Fx	Total
Express
Revenues	1,683	1,467	8.2%	6.5%	14.7%
EBITDA	130	123	-2.4%	8.1%	5.7%
Operating income (EBIT)	78	63	12.7%	11.1%	23.8%
Operating margin	4.6%	4.3%
Mail
Revenues	1,018	956	5.7%	0.8%	6.5%
EBITDA	105	143	-25.9%	-0.7%	-26.6%
Operating income (EBIT)	78	114	-31.6%		-31.6%
Operating margin	7.7%	11.9%
Other networks
Revenues	71	65	9.2%		9.2%
EBITDA	3	3
Operating income (EBIT)	3	4	-25.0%		-25.0%
Operating margin	4.2%	6.2%
Non-allocated	(16)	(2)	-700.0%		-700.0%
Operating income (EBIT)	143	179	-24.0%	3.9%	-20.1%

Group Summary YTD Q3		As reported		% Change as reported
in € millions, except percentages	YTD Q3 2010	YTD Q3 2009	Operational	Fx	Total
Revenues	8,284	7,455	7.5%	3.6%	11.1%
EBITDA	688	776	-14.5%	3.2%	-11.3%
Operating income (EBIT)	449	520	-16.8%	3.1%	-13.7%
Profit for the period	224	266	15.8%		15.8%
Profit attributable to the shareholders	221	256	-18.0%	4.3%	-13.7%
Net cash from operating activities	90	664	-86.4%		-86.4%
Earnings per ordinary share (in € cents)	59.3	70.2	-0.155		-15.5%

Segment Summary YTD Q3		As reported		% Change as reported
in € millions, except percentages	YTD Q3 2010	YTD Q3 2009	Operational	Fx	Total
Express
Revenues	5,018	4,281	11.3%	5.9%	17.2%
EBITDA	395	278	33.5%	8.6%	42.1%
Operating income (EBIT)	241	112	100.0%	15.2%	115.2%
Operating margin	4.8%	2.6%
Mail
Revenues	3,078	3,002	1.9%	0.6%	2.5%
EBITDA	310	498	-37.8%		-37.8%
Operating income (EBIT)	229	413	-44.6%		-44.6%
Operating margin	7.4%	13.8%
Other networks
Revenues	205	188	9.0%		9.0%
EBITDA	11	9	22.2%		22.2%
Operating income (EBIT)	10	8	25.0%		25.0%
Operating margin	4.9%	4.3%
Non-allocated	(31)	(13)	146.2%	-7.7%	138.5%
Operating income (EBIT)	449	520	-16.8%	3.1%	-13.7%

EXPRESS OVERVIEW

Key figures	Underlying *				Underlying *
in € millions, except percentages	Q3 2010	Q3 2009	% Change		YTD Q3 2010 YTD Q3 2009	% Change
Revenues	1,588	1,467	8.2%	4,676	4,281	9.2%
EBITDA	123	128	-3.9%	355	320	10.9%
Operating income (EBIT)	74	68	8.8%	206	154	33.8%
Operating margin	4.7%	4.6%		4.4%	3.6%

* The underlying figures are at constant currency and exclude the impact of working days and one-offs in 2010 and the impact of various one-off charges in 2009.

TRADING ENVIRONMENT AND OPERATING FOCUS

Express volumes and revenue showed strong year-on-year growth, in line with the trend seen in H1 2010. Both are now above 2007 levels.

The yield remains negative, compared to both Q3 2009 and 2007. Customer mix persists as the main reason for this development. Yield-improvement measures previously announced are being rigorously rolled out. First successes are being achieved at customer, contract and product level. Given the lead time for these measures, however, the full effect will only be felt in 2011. These measures target:

• 1% yield increase applicable to all revenues from improving the product/customer mix
• 3.5% increase, applicable to 30-35% of revenues, from the previously announced price increase on standardised tariffs
• 2.0% increase, applicable to 65-70% of revenues, from contract-specific increases and application of surcharges.

However, the overall impact on profitability in 2011 of these increases must be understood in the context of the net of cost inflation and cost efficiencies.

Volumes have continued to develop well, and cost containment remains a key focus to ensure network and scale effects are fully captured.

Operational performance indicators		Other financial indicators
Core volumes per working day		Fuel-adjusted revenue quality	-1.8%
Kilos	+9.8%	yield on core volumes
Air	+15.3%
Road	+16.4%
Domestic	+7.4%
Consignments	+8.1%

OPERATIONAL PERFORMANCE

On an average per day basis, core kilos increased by 9.8% and consignments by 8.1%. Underlying Express revenues grew by 8.2%.

Express' underlying operating income was € 74 million, representing a 4.7% operating margin, which compares with 4.6% in the corresponding period last year. The € 6 million (or 8.8%) year-on-year increase in underlying operating income is due to the impact, in Europe, of higher volumes and good cost containment offsetting lower yields and, outside Europe, relatively less scale.

Revenue analysis Q3	Underlying *			of which
in € millions, except percentages	Q3 2010	Q3 2009	% Change	Organic	Acq
International & Domestic	1,218	1,139	6.9%	6.9%	0.0%
Emerging platforms	370	328	12.8%	12.8%	0.0%
Express	1,588	1,467	8.2%	8.2%	0.0%
* The underlying figures are at constant currency.

INTERNATIONAL & DOMESTIC

In International & Domestic, underlying revenues increased by 6.9%, a combination of higher volumes and still-negative year-on-year yield.

EMERGING PLATFORMS

Emerging platforms experienced another good quarter of revenue development. Growth was strongest in our Asia International activities. Outbound volumes from China grew by 17.4%. Due to planned yield-improvement measures in China and Brazil domestic, revenue growth slowed. Year on year, China day-definite volumes more than quadrupled.

Revenue analysis YTD Q3	Underlying *			of which
in € millions, except percentages	YTD Q3 2010	YTD Q3 2009	% Change	Organic	Acq
International & Domestic	3,585	3,381	6.0%	6.0%	0.0%
Emerging platforms	1,091	900	21.2%	16.2%	5.0%
Express	4,676	4,281	9.2%	8.1%	1.1%

* The underlying figures are at constant currency and exclude the impact of working days in 2010.

FURTHER INDICATORS		As reported		As reported
in € millions, except percentages and volumes	Q3 2010	Q3 2009	% Change	YTD Q3 2010	YTD Q3 2009	% Change
EXPRESS
International & Domestic
Revenues	1,264	1,139		3,794	3,381
Growth %	11.0%	-15.1%		12.2%	-17.7%
Organic	7.0%	-12.9%		8.1%	-14.5%
Acquisition / Disposal	0.0%	0.0%		0.0%	0.0%
Fx	4.0%	-2.2%		4.1%	-3.2%
Emerging platforms
Revenues	419	328		1,224	900
Growth %	27.7%	4.1%		36.0%	2.3%
Organic	12.8%	-2.9%		18.2%	-4.7%
Acquisition / Disposal	0.0%	8.3%		5.0%	5.1%
Fx	14.9%	-1.3%		12.8%	1.9%
Total Express
Revenues	1,683	1,467		5,018	4,281
Growth %	14.7%	-11.4%		17.2%	-14.1%
Organic	8.2%	-11.0%		10.2%	-12.7%
Acquisition / Disposal	0.0%	1.6%		1.1%	0.9%
Fx	6.5%	-2.0%		5.9%	-2.3%
Operating income (EBIT)	78	63		241	112
Operating margin	4.6%	4.3%		4.8%	2.6%
Other information Express
Working days	65	65		192	186
Core* consignments (in millions)	52.1	48.2	8.1%	161.9	146.5	10.5%
Domestic core consignments	40.0	37.5	6.6%	125.7	114.8	9.5%
International core consignments	12.1	10.7	13.3%	36.2	31.7	14.0%
Core* kilos (in millions)	1,077.6	981.9	9.8%	3,206.9	2,843.5	12.8%
Domestic core kilos	772.4	719.1	7.4%	2,298.6	2,081.4	10.4%
International core kilos	305.2	262.8	16.2%	908.3	762.1	19.2%
Core* revenue quality yield improvement	-0.9%	-9.3%

* Core excludes Special Services, Hoau, Mercúrio, Araçatuba and LIT Cargo

MAIL OVERVIEW

Key figures		Underlying *			Underlying *
in € millions, except percentages	Q3 2010	Q3 2009	% Change		YTD Q3 2010 YTD Q3 2009	% Change
Revenues	1,010	956	5.6%	3,024	3,002	0.7%
EBITDA	111	143	-22.4%	459	487	-5.7%
Operating income (EBIT)	83	114	-27.2%	378	402	-6.0%
Operating margin	8.2%	11.9%		12.5%	13.4%

* The underlying figures are at constant currency and exclude the impact of working days and one-offs in 2010 and the impact of restructuring related costs in 2009.

TRADING ENVIRONMENT AND OPERATING FOCUS

Underlying addressed mail volumes declined by 7.7% in Q3 2010. To compensate for that decline, TNT continues its strong focus on cash and cost savings. For the full year, somewhat more than € 75 million of Master plan savings are targeted, of which € 21 million were achieved in this quarter. Year to date, € 64 million has been saved.

In summer 2010, TNT announced that as a result of the adjusted Master plan III, the full-time workforce would be reduced by 11,000, of which a maximum of 4,500 through involuntary redundancies. Following renewed discussions with the trade unions, TNT offered to reduce the number of Master plan III involuntary redundancies by 1,400. On 28 October, the trade unions presented TNT an ultimatum threatening strikes unless significant adjustments to the Master plan III restructuring programme are made. TNT remains actively engaged in discussions with the trade unions.

Also during the quarter, OPTA conditionally decided that the appropriate starting postal tariff in the Netherlands is € 0.44. Subsequently, TNT successfully applied for a CPI-related increase of 4.5% to € 0.46. The new tariff is to be implemented on 1 January 2011. TNT is currently awaiting new Tariff Regulation, which will include the terms by which that tariff will develop going forwards via the definition of the reasonable rate of return for TNT's Universal Service Obligation activities. Following consultation with OPTA the new Tariff Regulation will be submitted to Parliament for debate. TNT expects this to occur in November.

Today Mail announces a 2010-2015 renewal programme of Parcels' infrastructure. The currently outdated and inadequate infrastructure requires re-investment to secure and expand Parcels' leading market position in the Netherlands. A total investment of € 240 million in 17 new hybrid sorting-depot locations spread over the six-year period is scheduled. This investment will relieve already existing capacity constraints, allow for anticipated significant volume growth and reduce operational costs.

Operational performance indicators		Other financial indicators
Netherlands addressed mail volumes	-7.7%	Master plan savings achieved	€ 21 million

OPERATIONAL PERFORMANCE

Underlying revenues were 5.6% above Q3 2009, the net result of the decline in addressed mail volumes (-7.7%), price pressure and strong revenue contribution from Emerging Mail & Parcels. Revenues were down 0.8% if adjusted for € 62 million additional revenue due to changed tax regulation in Germany (1 July 2010) leading to a changed invoicing method.

Underlying operating income decreased by 27.2%. Strong profit contribution from Emerging Mail & Parcels helped balance the declining profit level from Mail Netherlands. The operating result was impacted by the phasing of P&L pensions expenses, which were € 11 million higher, as previously highlighted.

Revenue analysis Q3	Underlying *			of which
in € millions, except percentages	Q3 2010	Q3 2009	% Change	Organic	Acq
Mail	1,010	956	5.6%	5.4%	0.2%
of which Emerging Mail & Parcels
(excl. EMN Germany)	352	309	13.9%	13.3%	0.6%
* The underlying figures are at constant currency.
Revenue analysis YTD Q3	Underlying *			of which
in € millions, except percentages	YTD Q3 2010	YTD Q3 2009	% Change	Organic	Acq
Mail	3,024	3,002	0.7%	0.9%	-0.2%
of which Emerging Mail & Parcels
(excl. EMN Germany)	1,064	937	13.6%	13.0%	0.6%
* The underlying figures are at constant currency and exclude the impact of working days in 2010.

EMERGING MAIL & PARCELS

Emerging Mail & Parcels achieved higher operating income compared with Q3 2009. Again, Parcels performed well. In Emerging Mail, the UK and Italy continued to develop positively while Germany has experienced revenue pressure.

FURTHER INDICATORS	As reported		As reported
in € millions, except percentages and volumes	Q3 2010	Q3 2009	YTD Q3 2010	YTD Q3 2009
MAIL
Revenues	1,018	956	3,078	3,002
Growth %	6.5%	-0.8%	2.5%	-1.3%
Organic	5.5%	0.8%	2.1%	0.3%
Acquisition / Disposal	0.2%	-0.4%	-0.2%	-0.2%
Fx	0.8%	-1.2%	0.6%	-1.4%
of which Emerging Mail & Parcels (excl Germany)
Revenues	359	309	1,079	937
Growth %	16.2%	2.0%	15.2%	3.9%
Organic	13.3%	6.0%	13.0%	8.9%
Acquisition / Disposal	0.6%	0.0%	0.6%	-0.3%
Fx	2.3%	-4.0%	1.6%	-4.7%
Operating income (EBIT)	78	114	229	413
Operating margin	7.7%	11.9%	7.4%	13.8%
Other information Mail
Addressed Mail NL volumes
(in million items)	877	950	2,924	3,164
Growth %	-7.7%	-4.8%	-7.6%	-4.2%
Working days	65	65	190	187

CONSOLIDATED INTERIM FINANCIAL STATEMENTS

GENERAL INFORMATION

The interim financial statements have been prepared in accordance with IAS 34 'Interim financial reporting'.

TNT N.V. ('TNT' or the 'Company'), a public limited liability company with its registered seat in Amsterdam, the Netherlands, and its head office in Amsterdam, the Netherlands, provides businesses and consumers worldwide with an extensive range of services for their express delivery and mail needs. TNT's services involve the collection, storage, sorting, transport and distribution of a wide range of items for the Company's customers within specific timeframes, and related data and document management services.

BASIS OF PREPARATION

The information is reported on a year-to-date basis ending 2 October 2010. Where material to an understanding of the period starting 1 January 2010 and ending 2 October 2010, further information is disclosed. The interim financial statements were discussed in and approved by the Board of Management. The interim financial statements should be read in conjunction with TNT's consolidated 2009 annual report as published on 22 February 2010.

The significant accounting policies applied in these consolidated interim financial statements are consistent with those applied in TNT's consolidated 2009 annual report for the year ended 31 December 2009. In 2010, revised IFRS statements for the accounting of Business combinations (IFRS 3) and Consolidated and separate financial statements (IAS 27) are applicable for TNT. These revisions concern mainly the expensing of all deal related costs, re-measurement of contingent considerations and revised treatment of non controlling interests in case of a change of control. The impact of these revised IFRS statements for Q3 2010 is limited due to the absence of major transactions. The measure of profit and loss and assets and liabilities is based on the TNT Group Accounting Policies, which are compliant with IFRS. The pricing of inter-company sales is done at arm's length.

SEGMENT INFORMATION

TNT operates its businesses through three reportable segments Express, Mail and Other networks.

The Express business provides on-demand door-to-door express delivery services for customers sending documents, parcels and freight. The Mail business provides services for collecting, sorting, transporting and distributing domestic and international mail. The Other networks business provides time-critical deliveries to individually agreed service delivery points for business customers during the night.

Revenues and results are impacted by the seasonality of sales whereby Q4 is the strongest quarter in the financial year and Q3 is the weakest quarter.

The following table presents the segment information relating to the income statement and total assets of the reportable segments for the first nine months of 2010 and 2009:

			Other	Inter	Non
in € millions	Express	Mail	networks	company	allocated	Total
YTD 2010 ended at 02 October 2010
Net sales	4,936	3,054	202		(1)	8,191
Inter-company sales	6	9	2	(17)		0
Other operating revenues	76	15	1		1	93
Total operating revenues	5,018	3,078	205	(17)	0	8,284
Other income	9	10	1		(1)	19
Depreciation/impairments property, plant and equipment	(116)	(62)	(1)		(3)	(182)
Amortisation/impairments intangibles	(38)	(19)	0		0	(57)
Total operating income	241	229	10		(31)	449
Total assets	4,580	1,531	98		1,636	7,845
YTD 2009 ended at 26 September 2009
Net sales	4,198	2,977	185		0	7,360
Inter-company sales	7	8	1	(16)		0
Other operating revenues	76	17	2			95
Total operating revenues	4,281	3,002	188	(16)	0	7,455
Other income	6	31	1		1	39
Depreciation/impairments property, plant and equipment	(123)	(65)	(1)		(3)	(192)
Amortisation/impairments intangibles	(43)	(20)	0		(1)	(64)
Total operating income	112	413	8		(13)	520
Total assets	4,413	1,589	100		1,572	7,674

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

in € millions	02 Oct 2010	31 Dec 2009
Goodwill	1,849	1,803
Other intangible assets	231	258
1 Intangible assets	2,080	2,061
Land and buildings	773	809
Plant and equipment	337	342
Aircraft	262	280
Other	135	151
Construction in progress	58	28
2 Property, plant and equipment	1,565	1,610
Investments in associates	63	62
Other loans receivable	10	6
Deferred tax assets	255	233
Prepayments and accrued income	25	23
Financial fixed assets	353	324
3 Pension assets	1,079	884
Total non-current assets	5,077	4,879
Inventory	23	24
Trade accounts receivable	1,457	1,370
Accounts receivable	226	221
7 Income tax receivable	26	28
Prepayments and accrued income	314	236
5 Cash and cash equivalents	690	910
Total current assets	2,736	2,789
Assets held for sale	32	27
Total assets	7,845	7,695
Equity attributable to the equity holders of the parent	2,249	2,060
Minority interests	27	20
4 Total equity	2,276	2,080
Deferred tax liabilities	362	391
3 Provisions for pension liabilities	231	292
6 Other provisions	386	165
5 Long term debt Accrued liabilities	1,893 5	1,925 5
Total non-current liabilities	2,877	2,778
Trade accounts payable	492	470
6 Other provisions	175	203
Other current liabilities	588	687
7 Income tax payable Accrued current liabilities	201 1,236	265 1,212
Total current liabilities	2,692	2,837
Total liabilities and equity	7,845	7,695
the numbers relate to the notes belonging to these interim financial statements

CONSOLIDATED INCOME STATEMENT

in € millions	Q3 2010	Q3 2009	YTD Q3 2010	YTD Q3 2009
Net sales	2,725	2,446	8,191	7,360
Other operating revenues	41	37	93	95
Total revenues	2,766	2,483	8,284	7,455
Other income	4	9	19	39
Cost of materials	(140)	(109)	(413)	(306)
Work contracted out and other external expenses	(1,330)	(1,136)	(3,883)	(3,356)
Salaries and social security contributions	(891)	(825)	(2,847)	(2,571)
Depreciation, amortisation and impairments	(80)	(90)	(239)	(256)
Other operating expenses	(186)	(153)	(472)	(485)
Total operating expenses	(2,627)	(2,313)	(7,854)	(6,974)
Operating income	143	179	449	520
Interest and similar income	4	3	10	18
Interest and similar expenses	(39)	(40)	(116)	(136)
Net financial (expense)/income	(35)	(37)	(106)	(118)
Results from investments in associates	0	0	0	(12)
Profit before income taxes	108	142	343	390
7 Income taxes	(34)	(40)	(119)	(124)
Profit for the period	74	102	224	266
Attributable to:
Minority interests	(1)	3	3	10
Equity holders of the parent	75	99	221	256
Earnings per ordinary share (in € cents) 1	20.0	26.9	59.3	70.2
Earnings per diluted ordinary share (in € cents) 2	20.1	26.9	59.0	69.9
1. In 2010 based on an average of 371,623,864 of outstanding ordinary shares (2009: 362,532,698).

1. In 2010 based on an average of 375,140,175 of outstanding ordinary shares (2009: 364,731,755).

CONSOLIDATED STATEMENT OF CASH FLOWS

in € millions	Q3 2010	Q3 2009	YTD Q3 2010	YTD Q3 2009
Profit before income taxes	108	142	343	390
Adjustments for:
Depreciation, amortisation and impairments	80	90	239	256
Share based payments Investment income:	5	5	14	14
(Profit)/loss on sale of property, plant and equipment	(3)	(8)	(10)	(15)
(Profit)/loss on sale of Group companies/joint ventures	1	0	1	(20)
Interest and similar income	(4)	(3)	(10)	(18)
Foreign exchange (gains) and losses	1	2	4	6
Interest and similar expenses Results from investments in associates	38 0	38 1	112 0	130 12
Changes in provisions:
Pension liabilities	(63)	(71)	(255)	(165)
Other provisions	(14)	(32)	184	(41)
Changes in working capital:
Inventory	2	0	2	(1)
Trade accounts receivable	(26)	(31)	(56)	56
Other accounts receivable	(11)	(4)	(3)	0
Other current assets	11	9	(71)	(11)
Trade accounts payable Other current liabilities excluding short term financing and taxes	(1) 54	4 36	(9) (72)	5 64
Cash generated from operations	178	178	413	662
Interest paid	(51)	(52)	(95)	(110)
Income taxes paid	(37)	(29)	(228)	112
Net cash from operating activities	90	97	90	664
Interest received	3	7	10	25
Acquisition of subsidiairies and joint ventures (net of cash)	0	(3)	(28)	(83)
Disposal of subsidiairies and joint ventures (net of cash)	0	0	0	23
Investment in associates	0	(3)	(7)	(11)
Disposals of associates	2	0	8	0
Capital expenditure on intangible assets	(19)	(12)	(47)	(39)
Disposal of intangible assets	0	0	1	1
Capital expenditure on property, plant and equipment	(50)	(33)	(114)	(130)
Proceeds from sale of property, plant and equipment	8	13	22	34
Other changes in (financial) fixed assets	(2)	0	(5)	1
Changes in minority interests	1	(6)	0	(5)
Net cash used in investing activities	(57)	(37)	(160)	(184)
Cash proceeds from the exercise of shares/options	0	0	1	1
Proceeds from long term borrowings	0	11	4	57
Repayments of long term borrowings	(2)	(5)	(25)	(7)
Proceeds from short term borrowings	37	0	68	166
Repayments of short term borrowings	(9)	0	(68)	(345)
Repayments of finance leases	(8)	(3)	(15)	(13)
Dividends paid	(55)	(34)	(119)	(34)
Net cash used in financing activities	(37)	(31)	(154)	(175)
TOTAL CHANGES IN CASH	(4)	29	(224)	305
Cash at beginning of the period	699	772	910	497
Exchange rate differences	(5)	(1)	4	(2)
Changes in cash from continuing operations	(4)	29	(224)	305
Cash at end of period as reported	690	800	690	800

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

in € millions	Issued share capital	Additional paid in capital	Translation reserve	Hedging reserve	Other reserves	Retained earnings	Attributable to equity holders of the parent	Minority interest	Total equity
Balance at 31 December 2008	173	876	(212)	(35)	497	434	1,733	24	1,757
Total comprehensive income Final dividend previous year Appropriation of net income	0 4	0 (4)	27	(14)	0 434	256 0 (434)	269 0 0	10	279 0 0
Interim dividend current year Share based compensation Other	1	(1)	0		14 5	(34)	(34) 14 5	(13)	(34) 14 (8)
Total direct changes in equity	5	(5)	0	0	453	(468)	(15)	(13)	(28)
Balance at 26 September 2009	178	871	(185)	(49)	950	222	1,987	21	2,008
Balance at 31 December 2009	178	871	(146)	(43)	953	247	2,060	20	2,080
Total comprehensive income Final dividend previous year Appropriation of net income	0 1	0 (1)	67	1	0 183	221 (64) (183)	289 (64) 0	3	292 (64) 0
Interim dividend current year Share based compensation Other	1	(1)	1		14 4	(55)	(55) 14 5	4	(55) 14 9
Total direct changes in equity	2	(2)	1	0	201	(302)	(100)	4	(96)
Balance at 02 October 2010	180	869	(78)	(42)	1,154	166	2,249	27	2,276

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

in € millions	Q3 2010	Q3 2009	YTD Q3 2010	YTD Q3 2009
Profit for the period	74	102	224	266
Gains/(losses) on cashflow hedges, net of tax	6	(7)	1	(14)
Currency translation adjustment, net of tax	(72)	(42)	67	27
Other comprensive income for the period	(66)	(49)	68	13
Total comprehensive income for the period	8	53	292	279
Attributable to:
Minority interest	(1)	3	3	10
Equity holders of the parent	9	50	289	269

The YTD Q3 2010 tax impact on the cash flow hedges is € 0m (2009: € 4m) and € 2m for Q3 2010 (2009: € 2m). There is no tax impact on the currency translation adjustment.

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1. INTANGIBLE ASSETS

The movements in the intangible assets are as follows:

2010	2009
2,061	2,063
64	119
(2)	(1)
(22)	36
37	32
(58)	(64)
2,080	2,185

The comparative figures relate to the nine month period ended 26 September 2009.

The additions to the intangible assets concern additions to goodwill of € 17 million following the further finalisation of the purchase price allocation of the 2009 acquisition of LIT Cargo (January 2009) and Expresso Araçatuba (April 2009) and goodwill arising from the TopPak and Kortingsbon.nl (announced as Kowin) acquisitions in 2010. In addition, capital expenditures in Q3 2010 amounted to € 47 million of which a significant part in software.

The closing balance for this period consists of € 1,849m goodwill. Compared to 1 January 2010, goodwill increased by € 46m of which € 29m foreign currency exchange differences. The movement of goodwill excluding FX effects is summarised below.

				Acquisition	Goodwill on
Company name	Segment	Month aquired	% owner	costs	acquisition
TopPak Holding B.V.	Mail	February	100%	3	2
Kortingsbon.nl B.V.	Mail	June	100%	3	2
Other acquisitions (including contingent consideration )				0	13
Total				6	17

2. PROPERTY, PLANT AND EQUIPMENT

The movements in property, plant and equipment are as follows:

in € millions	2010	2009
Balance at 1 January	1,610	1,634
Capital expenditures	114	129
Capital expenditures in financial leases	5	1
Acquisitions	4	29
Disposals	(4)	(14)
Exchange rate differences	29	29
Depreciation and impairments	(181)	(192)
Transfers to assets held for sale	(12)	(3)
Balance at end of period	1,565	1,613
The comparative figures relate to the nine month period ended 26 September 2009.

Capital expenditures of € 114m concern investments within Express (€ 69m), Mail (€ 44m) and Other networks (€1m). The investments mainly relate to depots and hubs, vehicle replacements and sorting machinery. The exchange rate differences are due to the weakening of the euro compared to our main foreign currencies in the first nine months of 2010. In 2010, buildings for an amount of € 12m are transferred to assets held for sale.

3. PENSIONS

On the balance sheet, the pension assets and pension liabilities of the various defined benefit pension schemes have been presented separately. The pension assets increased by € 195m and the pension liabilities decreased by € 61m, resulting in a net € 256m movement over the first nine months. This movement is the result of the recorded defined benefit pension income of € 37m, which includes a € 74m curtailment gain related to the restructuring Master plan III and the contributions paid by TNT to the pension funds and early retirement payments for a total amount of € 219m (2009: € 213m). The contributions relate mainly to Mail in the Netherlands.

During the first nine months of 2010, the coverage ratio of TNT's main pension fund decreased to around 104% from around 108% as per 31 December 2009. Both coverage ratios include the impact of

increasing longevity, based on recent statistical studies performed by the Central Bureau of Statistics in the Netherlands but do not take into account the impact of the recently issued new mortality tables by the Actuarian Association (A.G.).

4. EQUITY

Total equity attributable to equity holders of the parent increased to € 2,249m on 2 October 2010 from € 2,060m as per 31 December 2009. This increase of € 189m is mainly due to comprehensive income attributable to equity holders of € 289m, of which € 224m is profit for the first nine months, € 68m is other comprehensive income (mainly foreign currency translation) and -€ 100m direct equity movements. These direct equity movements relate mainly to the final 2009 cash dividend of -€ 64m, interim 2010 cash dividend of -€ 55m and for € 14m to share based compensation.

In 2010, TNT issued 2,900,567 new ordinary shares following the establishment of the final dividend 2009 and 2,450,010 following the establishment of the interim dividend 2010. This stock dividend was paid out of additional paid in capital for a total value of € 1m as part of the distributable reserves, free of withholding tax in the Netherlands. Remaining cash dividend resulted in a payment of € 64m (final) and € 55m (interim).

(in millions)	02 Oct 2010	31 Dec 2009	26 Sep 2009
Number of issued and outstanding shares	376.3	371.0	371.0
Shares held by the company to cover share plans	0.2	0.5	0.1
Shares held by the company for cancellation	0	0	0
Year-to-date average number of shares	372.7	366.3	364.8
Year-to-date average number of diluted shares	1.8	2.6	1.5
Year-to-date average number of shares on a fully diluted basis	374.4	369.0	366.3

5. NET DEBT

The net debt is specified in the table below:

	02 Oct	31 Dec 2009	26 Sep 2009
	2010
Short term debt	84	91	238
Long term debt	1,893	1,925	1,931
Total interest bearing debt	1,977	2,016	2,169
Cash and other interest bearing assets	(690)	(910)	(800)
Net debt	1,287	1,106	1,369
* Net debt does not include adjustments for operating leases and pension liabilities that are incorporated in the definition of total debt used for credit rating purposes.

The net debt position as at 2 October 2010 increased by € 181m compared to December 2009 mainly due to a decreased cash position. Cash was negatively impacted by net cash used in investing (€ 160m) and financing activities (€ 154m), partly compensated by a positive net cash from operating activities (€ 90m).

6. PROVISIONS

Other provisions consist of long term provisions and short term provisions for restructuring, claims and indemnities and other employee benefits. In the first nine months of 2010, the balance of the long term and short term provisions increased by € 193m, from € 368m to € 561m.

in € millions	2010	2009
Balance at 1 January	368	402
Additions	324	65
Withdrawals	(77)	(101)
Releases	(64)	(4)
(De)consolidations	(2)	2
Interest	4	6
Other	1	(1)
Exchange rate differences	7	8
Balance at end of period	561	377
The comparative figures relate to the nine month period ended 26 September 2009.

The additions of € 324m in the first nine months of 2010 relate for € 290 million to the restructuring provision following the announced Master plan III provision within Mail and € 34m other provisions of

which € 21m within Express, € 5m within Corporate and € 8m within Mail of which € 5m for Data and Document management.

The withdrawals of € 77m consist of € 26m for settlement payments within the Express division following restructuring programmes of which € 16m in Europe and South America and settlement of claims of € 10m and others. Within the Mail division € 44m has been withdrawn for restructuring provisions following settlement payments mainly following the execution of Master plan initiatives (€ 34m) and settlement payments within the joint venture 'Postkantoren' (€ 14m).

The releases of € 64m relate largely to the restructuring provision of € 42m and other employee benefit provision of € 6m, both for Master plan II and other releases of € 10m within Corporate and €4m in Express. The restructuring provision of Master plan II, which was announced in 2007, covered restructuring cost of € 110m for efficiency projects to standardise the collection, preparation and delivery of mail. Under the new Master plan III restructuring programme, the staff of this former restructuring plan is also covered.

The restructuring provision for Master plan III is discounted at 2.5% and this provision is expected to be utilised during the period 2010-2013. The net impact on profit before tax of this restructuring plan Master plan III is € 168m, taking into account releases of provisions of € 48m and a pension curtailment of € 74m.

7. TAXES
Effective tax rate	YTD Q3 2010	YTD Q3 2009
Dutch statutory tax rate	25.5%	25.5%
Other statutory tax rates	-0.1%	1.2%
Weighted average statutory tax rate	25.4%	26.7%
Non and partly deductible costs	3.3%	2.5%
Exempt income	-0.1%	-1.7%
Other	6.1%	4.3%
Effective tax rate	34.7%	31.8%

The effective tax rate in the first nine months of 2010 was 34.7%, which is higher than the comparable effective tax rate of 31.8% in 2009. This increase of the effective tax rate of 2.9 percentage points is due to higher non-deductible costs in 2010 (in combination with a slightly lower profit before tax causing the impact as a percentage to even further increase) and more tax exempted income in 2009 relating to the sale of G3 Worldwide Aspac PTE Ltd. An improved mix of income (profit versus loss making countries) resulted in a decrease of the effective tax rate by 1.3%. The effective tax rate in the first nine months of 2010 is impacted by several other components (6.1%). The largest of these is the current and prior year losses for which no deferred tax assets could be recognised due to uncertainty regarding the recoverability of such assets (5.6%).

As per 2 October 2010, the income tax payable amounted to € 201m and decreased by € 64m compared to December 2009. This decrease is predominantly due to preliminary paid taxes in the Netherlands relating to prior years.

As per 2 October 2010, the deferred tax assets amounted to € 255m. The increase of € 22m compared to December 2009 is mainly caused by an increase of deferred tax assets in relation to tax losses.

8. LABOUR FORCE

The headcount at the end of the quarter as well as the average number of full time equivalents is specified in the table below:

	02 Oct	31 Dec
Employees	2010	2009
Express	81,583	78,030
Mail	72,830	79,912
Other networks	1,319	1,355
Non-allocated	396	366
Total	156,128	159,663
Average FTE's	YTD Q3 2010	YTD Q3 2009
Express	78,234	72,395
Mail	37,765	40,161
Other networks	1,142	1,196
Non-allocated	390	263
Total	117,531	114,015

The average number of full time equivalents working in Express during the first nine months of 2010 was 78,234, which increased due to the acquisition of LIT Cargo and Expresso Araçatuba in 2009 and an increase of full time equivalents in emerging countries partly offset by restructurings reductions.

The average number of full time equivalents working in Mail during the first nine months of 2010 was 37,765, a decrease of 2,396 compared to the comparable period in 2009, mainly following staff reductions within operations in the Netherlands as a result of the Master plan implementations.

9. RELATED PARTIES

At 2 October 2010, TNT's related party transactions for the year to date totaled € 4 m (2009: € 5 m). Purchases of TNT from current joint ventures amounted to € 52 m (2009: € 51 m). The net amounts due to current joint venture entities amounted to € 59 m (2009: € 87 m). As at 2 October 2010, the net amount due to current associates amounted to €2 m (2009: € 3 m due from).

10. SUBSEQUENT EVENTS

On 21 October 2010, TNT signed an agreement to sell DIMAR s.r.o. (Prague) and Dimar Slovakia s.r.o. (Bratislava), its direct marketing business, to its current management teams. DIMAR is part of European Mail Networks and provides full-service direct marketing activities (database management, consumer and business information, printing and creative design) in the Czech Republic and Slovakia.

OTHER

Q1	Q2	Q3	Q4	Total
64				251
64				252
61				254
61				254
65				257
65				255
64				254
62				255
61				255
65				255
		60 60 63 60 62 62 61 62 61 60	64 64 64 65 65 65 65 65 65 65	63 64 66 68 65 63 64 66 68 65

Reconciliation Mail
in € millions	Q3 2010	Q3 2009
Underlying EBITDA	111	143
Changes in pension liabilities	(47)	(59)
Restructurings cash outflow	(17)	(13)
Underlying Cash EBITDA	47	71
as percentage of revenues	4.7%	7.4%
Underlying EBIT	83	114
Changes in pension liabilities	(47)	(59)
Restructurings cash outflow	(17)	(13)
Underlying Cash EBIT	19	42
as percentage of revenues	1.9%	4.4%

Reconciliation Mail
in € millions	YTD Q3 2010	YTD Q3 2009
Underlying EBITDA	459	487
Changes in pension liabilities	(151)	(146)
Restructurings cash outflow	(44)	(36)
Underlying Cash EBITDA	264	305
as percentage of revenues	8.7%	10.2%
Underlying EBIT	378	402
Changes in pension liabilities	(151)	(146)
Restructurings cash outflow	(44)	(36)
Underlying Cash EBIT	183	220
as percentage of revenues	6.1%	7.3%

FINANCIAL CALENDAR

Thursday 2 December 2010 Analysts' Meeting

Monday 21 February 2011 Full Year 2010 Results

Additional information available at http://group.tnt.com

Andrew Beh Group Director Investor Relations Phone +31 20 500 8717 Email andrew.beh@tnt.com

Inge Steenvoorden

Manager Investor Relations Phone +31 20 500 8514 Email inge.steenvoorden@tnt.com

INVESTOR RELATIONS GROUP MEDIA RELATIONS PUBLISHED BY TNT N.V.

Ernst Moeksis Director Media Relations Phone +31 20 500 6171 Mobile +31 651 189 384 Email ernst.moeksis@tnt.com

Neptunusstraat 41-63 2132 JA Hoofddorp P.O. Box 13000 1100 KG Amsterdam Phone +31 20 500 6000 Fax +31 20 500 7000 Email investorrelations@tnt.com

WARNING ABOUT FORWARD-LOOKING STATEMENTS

Some statements in this press release are "forward-looking statements". By their nature, forwardlooking 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.