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    ANNUAL REPORT 2010


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         @?,&   8? Reported revenues Reported operating incom e (in €millions) (in €millions) +1.9% -18.2% 587 4,212 4,293 480 2009 2010 2009 2010 Underlying operating incom e * Underlying cash operating income* (in €millions) (in €millions) -7.9% -11.4% 630 580 385 341 2009 2010 2009 2010 * operat ing income minus non-recurring it ems * underlying operat ing income minus addt ional cash pension cont ribut ions  (in €millio ns) Employees per segment Revenue per segment 2009 2010 2009 2010 361 345 1,721 1,875 16,833 15,803 1,069 1,294 2,538 3,139 3,068 2,704 531 56,409 564 58,181 M ail in N L P arcels Internatio nal M ail o ther  Net sales per country (in €millio ns) Employees per country 2009 2010 2009 2010 180 184 10,037 147 18 29 188 272 9,909 395 189 4,969 3,886 207 1,454 1,437 450 1,227 558 911 2,916 3,063 6 2 ,3 56 6 0 ,50 8 T he Netherlands United Kingdo m Italy Germ any Rest o f Euro pe R est o f the Wo rld   


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         @?,&   Operating income Volumes Debt maturity % % 2009 change 2010 2009 change 2010 < 1yr 1 - 3 yr 3 - -5 yr > 5 yr Mail in NL 456 -58.8% 188 Mail in NL 4,473 -9% 4,070 Euro Bonds - - - 1,537 Parcels 57 40.4% 80 Single items 1,008 -7% 941 Other loans - 32 1 - International (181) -84.0% (29) Bulk mail 3,465 -10% 3,129 Financial leases 2 2 1 - Mail other 255 -5.5% 241 Parcels 90 7% 96 TNT total 587 -18.2% 480 (in €millions, except percentages) (in €millions, except percent ages) (in €millions, f or full schedule see note 30 of our f inancial st atement s)  Financial performance Corporate responsibility perform ance 2009 2010 2009 2010 Price/Earnings 28.0 21.3 CO2 emissions 83 83 (closing share price/ earnings per share) kt onnes Shareholder return 60.7 55.3 CO2 efficiency index 68.9 70.4 (annual growt h of t he change in closing share price plus dividend) Dividend yield 2.47 2.89 Fatal accidents 4 1 (closing share price/ dividend per share) own employees and subcont ract ors Quick ratio 1.0 0.5 Lost time accident frequency rate 2.08 4.37 (current asset s minus invent ory/ current liabilit ies) lost t ime accident s per 100 FTEs. Debt/Equity ratio 0.9 0.7 Customer satisfaction 90% 89% (long t erm debt / equit y of t he equit y holder) Interest coverage 3.6 4.0 Employee engagement - 54% (operat ing income/ int erest and similar expenses)    Dividend per share 1 in €cents Profit for the shareholders in €million 100 1,000 85 985 73 80 71 800 63 57 57 600 60 48 55 53 659 670 40 47 37 556 40 38 41 29 400 37 35 30 24 25 347 20 34 200 281 22 26 30 28 14 15 18 20 18 0 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010 int erim second interim final 1 Pre 2005 data not meaningf ull as they pertain t o the period before our f irst t ime adopt ion of IFRS  


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         / A81&,&A  ,  E&F &,A%   $      ? $ $   !            " /    2                $ !               "  >     !      &'   2      0     2      2    !  =    "A    2 !   ! !    2  $            !              '    "  8  8                           $      2          B"G" Volume decline versus 2009 It ems, year -on-year change in % Q1 2010 Q2 2010 Q3 2010 Q4 2010 FY 2010 Single items Bulk mail  -


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         / A81&,&A  / !      2      ! $     "   ! 2     8         $   ! $        ' "        *                    0     D      '  !  " 8        !    2         %    8          7 <"              0 2   !"=          2 $      2     "A-    8       !  "      !  D              ( !      D          '  8   2      !D    " D             )"  A          2    2    !  = "            2          !-"*G"  Parcels volume growth It ems in millions +6.7% 90 96 FY 2009 FY 2010         ! 8 ! 2    ;7         !            7G2    "  8           2                +  H   @    " %  <   2       2  2   !      ;"   "     !       2         "  &'        2         2     2  & "A '  ?I >    ! ! "F !     2           .      "?        ' 2        ! !  & "        2  &'  2     * 2  . "   *


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         / A81&,&A Growth in kilogrammes Growth in consignments 12.0% 9.0% 10.0% 8.0% 7.0% 8.0% 6.0% 6.0% 5.0% 4.0% 4.0% 2.0% 3.0% 2.0% 0.0% Q1 Q2 Q3 Q4 1.0% -2.0% 0.0% -4.0% Q1 Q2 Q3 Q4 2010 vs 2009 2010 vs 2007 2010 vs 2009 2010 vs 2007      C2        2   !.  ' 1 9,:. >J ,   ,      !                2  0.  " &'         )       "  2    !   2    "  Revenue-Quality 0.0% Q1 Q2 Q3 Q4 -0.5% -1.0% -1.5% -2.0% -2.5% -3.0% -3.5% 2010 vs 2009    C 2  0.   2     ! 2      2   $            ' .       2     &       ! . &'   ! >  *7*     !  1  H   %  ?I " %  A    &'              , . !$           &      !  ,"       2  2   2     &   &'      > ***              2    $ "      '      2  "  ,     A               '        2        !            8 &'     !         "   !       !                  @    8   %     < 8 "             !   C&'                 &'    2 "  (


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         %&,AC &=A A/1&>A A/8@&8& ,1=& % &@, &,A,A+&         .  2   . "6"                 2     2    ."                            G     &'  2 !        ;B  "       !                          % B N&           "6"          ! 0 !  .      ;B    9!!    2            .  :"              2  .  !   "6" 98 :  $ 2      "      >       "6"            ;               .    >>>M9%O=:  &'  8 !     ! ;*  ;B  "             &'    8   !         @       !               2      !                  &'        8 "  %    >    ' 2   2 !    2                 !       .   !    !                &'  2  "6" !         &'  "6"98 : B"BG"       TNT NV Mail Express TNT NV Mail Express 29.9% Express • Mail in NL • Europe and MEA • Parcels NL/Belgium • ASPAC • International • Americas - Real estate • Other Networks - Dutch pension plans - TNT brand       D 2                   2    .            "6"            "    .  2    0                 !                     . ! 0 !          2   %BN&  >  "  % 0 !          2  !            "6"98 :"    .    '   !        "      


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         %&,AC &=A A/1&>A A/8@&8& ,1=& 78 H&A6& 6&F  &% % &@#A+?AAH,A+&  8?% &@#,A% 8                    $    !            2         "       8                 $        2           2       2  0     0    2           !  2       2       !    2  $ " /    8          !             2        2  2  + H  @            > "  Integrated growth portfolio Integrated and balanced Mail portfolio Mail in Netherlands Parcels International Growth Returns Returns Growth Growth Returns • Manage decline through • Grow Parcels while • Improve profitability solid execution of Master improving profitability international networks Plans • Grow network • International sales • Grow value-added and feeders: shop channel for cross- chain (e)-related services logistics; e-fulfilment; border parcels special networks Capture network and sales synergies Capture sales synergies 1   8       2  &   "     8  $   !$      (G" + H  @   8        "       !  0 0   9>,:   $   8     $              '   > "   (


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         %&,AC &=A A/1&>A A/8@&8& ,1=& <,1@&/A 8 = &%&A%,A=&A/ &%+?%,A+&  Reconciliation 2010 2010 Results 2010 Results previous Profit new Year ended at 31 December structure Scope pooling Pensions structure Express 6,782 271 7,053 Mail 4,298 (5) 4,293 Other networks 271 (271) - Non-allocated and intercompany (22) 22 - Total operating revenues 11,329 17 0 0 11,346 Express 309 (63) (41) (25) 180 Mail 402 12 41 25 480 Other networks 11 (11) - Non-allocated (62) 62 - Total operating income 660 0 0 0 660 (in € mil lions) Reconciliation 2009 2009 Results 2009 Results previous Profit new Year ended at 31 December structure Scope pooling Pensions structure Express 5,956 252 6,208 Mail 4,216 (4) 4,212 Other networks 253 (253) - Non-allocated and intercompany (23) 23 - Total operating revenues 10,402 18 0 0 10,420 Express 193 (16) (92) (24) 61 Mail 472 (1) 92 24 587 Other networks 7 (7) - Non-allocated (24) 24 - Total operating income 648 0 0 0 648 (in € mil lions)   +   2  B  @     B!  2  0  "             '   0   '                              "    !  !   D      2 2      "  Reconciliation 2010 Results Imp airments and B ad Underlying previous Restructuring other value we ather/ Demerg er previous Year ended at 31 December structure related charges adjustments Othe r Strike costs structure 2010 Express 309 16 - 16 15 356 Mail 402 167 11 (12) 10 578 Other networks 11 - - - 11 Non-allocated (62) - - (10) 45 (27) Operating income 660 183 11 (6) 25 45 918 (in € mil lions)    7


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         %&,AC &=A A/1&>A A/8@&8& ,1=& <,1@&/A 8 = &%&A%,A=&A/ &%+?%,A+& Reconciliation 2009 Results Impai rments Underlying previous Re structuring and other value previous Year ended at 31 December structure related charges adj ustments Othe r structure 2009 Express 193 37 22 4 256 Mail 472 28 146 (15) 631 Other networks 7 - - 7 Non-allocated (24) - - (24) Operating income 648 65 168 (11) 870 (in € mil lions)                  !   ! 0         D         2   0   '             2  !      !      0             "   !       !        !&'   8         "  Reconciliation 2010 Impair ments and B ad Reported Restructuri ng other value we ather/ Demerg er Underlying Year ended at 31 December 2010 related charges adjustments Other Brazil Strike costs Pro fit po oling Pensions 2010 Express 180 16 - (4) 20 15 45 41 25 338 Mail 480 167 11 (22) - 10 - (41) (25) 580 Operating income 660 183 11 (26) 20 25 45 0 0 918 (in € mil lions)   Reconciliation 2009 Impai rments Reported Re structuring and other value Pr ofit Year ended at 31 December 2009 related charges adj ustments Othe r pool ing Pensi ons Underlying 2009 Express 61 37 22 4 92 24 240 Mail 587 28 146 (15) (92) (24) 630 Operating income 648 65 168 (11) 0 0 870 (in € mil lions)        !                 2          A  ! $    0     2     0        !&'   8   "  Reconciliation summary Underlying 2010 Underlying 2 009 Previous New Previous New structure structure structure structure Express 356 338 256 240 Mail 578 580 631 630 Other networks 11 7 Non-allocated (27) (24) Total operating income 918 918 870 870 (in € mil lions)              !           $                "       '     ! $   "  /          2  D                       -"  <


  • Page 27

         %&,AC &=A A/1&>A A/8@&8&  ,  -A   2 !  A                  "   )               !   "    <                     "6"  &'  2              "  8?&,AA8,&6 A8&      8  2     2          !" @       9@=:               2          B" &   !          .   2    !      " 1 ! 2     2   8       !          !    2 "  8?>+%&%%=& /A 8,&    8                       !               0   0      !" ,            "        '         2    8                    "          2       9    B E      :        9    BE   :    !  "*G   ) G   )"G A             ! $! 98 =  :"       !      D   " !    2    7 <      !   '          "      !      '   $       !     -     "       2                                    ")        !          !  !    "      *D !      8  ! + = "8 !  '        D   +        "    ! $!               "@    !      8   !  2       <! $ "  =        !    !  2     -"G       B"    !       =    !   " 2             .              '  =   $          "    !   !    ! 0      (   !            "    !  ! $ !   !   7G       '       "  2   ;7        2   2    0-"             !         2     +  H   @    " / !  8     2  @  ,J   % 2$")  8       2 >   2  "  8        2               ,    ,   ,  ,   ,  "  -


  • Page 28

         %&,AC &=A A/1&>A A/8@&8& ,1=& -A=& @/,? &6&F,A+&   ,             2    0J      8            BG (BG"         8 =  2 ;B    '    ;*<  "%  *-    2  ! $0 0! $ 8  "    '!;B          '"! $          2  ! $       2  "    2    G!    8  "BG !         2   0 B"      ! $       2    2  -"G  ! -"GB"    2    ;<B   ;*     '   ;<       '  2  ;-  B"  &     !<7G 2      "  2   !     .  "  !    !    ",         ! "        !       B"     8     *-     "   D           *       2      B"@             "  '  !      (   "    8   7"*   9?: /&" D   ?  /& "7    "-    B"@   ?        "    ? /& 8 "@      .          2   !         2 "  /      ,A    '   8  ! *"7         "<        B 9-("B:" 8                                             '  !   " ,A   '  2   "     "8        2    ,A    !  D         '   !        !    2      !     --"*     !-("BB"   $   8      C  −  2      8  2   −  '  2 8   2       '  −    8    2   −    ! $   −  '     2     −            − 8      '   2   2 "   8  2   !"BG ;7 B  "     2  8     !    2    !  =       !       2    !   2  "            2    ;<       ;7(          2    !     6      @ " 8          "BG  B   "G" A  2   ! ! "*G   .        ! 0"7G              "-G"     ! $  !       B   <<! $"  *


  • Page 29

         %&,AC &=A A/1&>A A/8@&8& ,1=& -A=& @/,? &6&F,A+&             BG          *G BG" =  '     ! !2   G"  8      !;<(   *"BG ! B9BC-:" 2    8    2    2       8      "       !    8 = 2 ;B   2   = "         D     0     8     $                0         9           :"     / %0         !  0/ %         " 8                     !"      N                          " +       !;7   "7G !   "      !*"BG  9BC B"G:"           !   ;(    9;BB     B:  0     !;<(  9BC7-:" /,?=& /A 8,&A/8?              @        2    2           "              2    ! $ "    !          @     !  " Consolidated results Year ended at 31 December 2010 variance % 2009 Total operating revenues 4,293 1.9 4,212 Other income 22 (40.5) 37 Operating expenses excluding depreciation, amortisation and impairments (3,715) (8.9) (3,410) EBI TD A 600 (28.5) 839 Depreciation, amortisation and impairments (120) 52.4 (252) Total operating income 480 (18.2) 587 as % of total operating revenues 11.2 13.9 Net financial expense (106) (28.4) (148) Income taxes (91) 33.1 (136) Results from investments in associates (1) 83.3 (6) Profit for the period from continuing operations 282 (5.1) 297 Profit from discontinued operations 69 962.5 (8) Profit for the period 351 21.5 289 Attributable to: Non-controlling interests 4 (50.0) 8 Equity holders of the parent 347 23.5 281 1 Earnings per ordinary share (in cents) 92.9 21.1 76.7 2 Earnings per diluted ordinary share (in cents) 92.5 21.4 76.2 (in € mil lions, except percentages and per share data) 1 I n 2010 bas ed on an average of 373,536,123 of outstanding ordinary shares (2009: 366,322,316). See note 32. 2  In 2010 based on an average of 375,026, 008 of outstanding ordinary shares (2009: 368,966,939). See not e 32.       @         2    ;7 B    9BC 7 :        ;    9BC*:"       2       ;(     "BG         B              2      ;<      !  2  8      ;--     2          "A  2    ;*  9"*G:             !  2       6   @         2  8     "    2 .      (


  • Page 30

         %&,AC &=A A/1&>A A/8@&8& ,1=& -A=& @/,? &6&F,A+&      B   0;-  90"7G:  !2     "/    '      9         > :           ;<    9"-G:   2  "  A       ;  9BC*:           "  A  '    '            ;<   ; *<   9BC 7:"!     0      '   8 =    !  ! $       ;B*       6    @ " =          ;*          B                   ;*7     8 = "         0          ;-*     !  2         8 =      ;<B  ;(          8      8     "  0    ;<B   8 =      ;(        ;-B         ;*7  ;-             "        ;7(     ;*  9("G:    B     !     8      ;-(      0    ! 8  =           ;<B    9BC -:   !            2            "     8     !     !        2   D     ;<      B"  ,    B            .        ;--              &'    ;**    !    '    ;7   ! '  ;7<        !     ;*  "  @    '    Year ended at 31 December 2010 variance % 2009 Cost of materials 178 9.2 163 Work contracted out and other external expenses 1,701 12.4 1,514 Salaries and social security contributions 1,561 6.0 1,473 Depreciation, amortisation and impairments 120 (52.4) 252 Other operating expenses 275 5.8 260 Total operating expenses 3,835 4.7 3,662 (in € mil lions, except percentages)   @    '                ;*   97"*G:  ; (<  "   !  '  !;(  97"BG:   ;        ! $        '   '         " /     '          ;<  9"*G:"       .                   ;  9"BG:"  F $      '   '            '         "    ! $        '   '       ;(*    9"7G:         B                !    !         " F $       '   '    ;    0   "              ;((   ; <-  9-"G:"!              ;7B      !       ;-          8  =    2  ;B          8  =      "           ;B  !      2          2 "  B


  • Page 31

         %&,AC &=A A/1&>A A/8@&8& ,1=& -A=& @/,? &6&F,A+&                ;      B              2  D  ;7-  !   B  !;(       ! "  A   '     $  '     9 0     : 0       2     "A   '    ;<  9<"(G:       B     !     ;<                !&'  9;7      ;B  B:"      '        ;*      0        ! 8  =  2       !  8    8     "  @                 @   ! ;7(             ;*     ("G       B"                    !     2            2   0'  "  !      !      9        ;*7     :        2  D  ;7-     B"    !" @     B!  2  0  '    "    !                 8          =      " N8          2                           !        / %   '                       "                    '                             " Underlying operating income 2010 Impa irments and Reported Restructuring other value Bad weather/ Underlying Year ended at 31 December 2010 related charges adjustments Other Strike Profit pooling Pensions 2010 Mail in NL 188 167 (6) 10 359 Parcels 80 80 International (29) 11 (6) (24) Mail other 241 (10) (41) (25) 165 Operating income 480 167 11 (22) 10 (41) (25) 580 (in € mil lions)   Underlying operating income 2009 Imp airments and Reported Restructuring related other value Profit Underlying Year ended at 31 December 2009 charges adjustments Othe r pool ing Pensio ns 2009 Mail in NL 456 16 6 478 Parcels 57 3 60 International (181) 145 (20) (56) Mail other 255 9 1 (1) (92) (24) 148 Operating income 587 28 146 (15) (92) (24) 630 (in € mil lions)                 ;<(    9BC -:" +       '     0  '         ;-*  9BC(:     '   !         $          ;    9BC :              ;7  9BCB:    ;<  9BC7:2     0;  


  • Page 32

         %&,AC &=A A/1&>A A/8@&8& ,1=& -A=& @/,? &6&F,A+&    9BC0<:" /     '            2       ;<          !   "        0  0    ;-*        8 =  2 9;<B  :     !  8  9;(  :"        !  !  !     ,@+% @  8 "B      2  D      !  !  !    !   "  +     2          !  !  &'              8 " @2      !                           &'        B"                 !         "                      &'  "                      !%B"7!     2     !  !  !              "     D         !   / % '       &'    @  "   2          A=    ;-  B  2  $    2  !    ;-     @        2       ;  "  B    !   0        A=      $   !    0=2 !% @  8     2  D    "           N8        ;7    9BC <<:  !       0        ;   9BC 7*:     2           ;   9BC(:"      0            ;    9BC 7*:"            "6" !       !     / %   '    !               2             ;(B    9BC -(:" /   "6"        2        9    &'   :          '  " /     0                !          ;7  9BCB:"A    0   ;  9BC0:     2        9     "6":"  


  • Page 33

         %&,AC &=A A/1&>A A/8@&8& ,1=& -A=& @/,? &6&F,A+&   !!       D    0                 $         0                      " >     / %0             !    0/ %                              "   0   0       ;<(  9BC7-:"          ;(  9BCBB:     !       '    ;<*    9BC <:                     ;B    9BC <:"        '    ;<*    9BC <:   2                ;7    9BC (:          ;*7  9BC: ;<  9BC7: D    &'  "  Underlying cash operating income 2010 Year ended at 31 December Mail in NL Parcels International Mail other Total Underlying operating income 1) 359 80 (24) 165 580 Restructuring payments (53) (5) (58) Changes in pension liabilities (38) 1 - (144) (181) Cash operating income 268 81 (24) 16 341 (in € mil lions) 1) at actual 2010 rates of exchange   Underlying cash operating income 2009 Year ended at 31 December Mail in NL Parcels International Mail other Total Underlying operating income 478 60 (56) 148 630 Restructuring payments (43) (3) (46) Changes in pension liabilities (54) 1 - (146) (199) Cash operating income 381 61 (56) (1) 385 (in € mil lions)   @      '   Year ended at 31 December 2010 variance % 2009 Interest and similar income 14 (17.6) 17 Interest and similar expenses (120) 27.3 (165) Net financial expense (106) 28.4 (148) (in € mil lions, except percentages)      '   ;         '    0   ! ;BB   9BCB-:     2  ;<  9BC*:"    !/ %      '         "/         2    ;    9BC :                   '  "                          / %              2   '      "  @    '  Year ended at 31 December 2010 variance % 2009 Current tax expense 96 21.5 79 Changes in deferred taxes (5) (108.8) 57 Total income taxes 91 (33.1) 136 (in millions, except percent ages)    


  • Page 34

         %&,AC &=A A/1&>A A/8@&8& ,1=& -A=& @/,? &6&F,A+&  @    '   ;B  9BC-:     "G    B"    '             '           ' "    2 ' !7"7G9BC"7G: ! !     '   <"<G    9BC<"<G:"/                 "6"             !;(  9BCB*:"   &'  2    ;-B  9BC0(:"  #$%& At 31 December 2010 variance % 2009 0 0 Non-current assets 1,849 (62.1) 4,879 Current assets 634 (77.3) 2,789 Assets classified as held for sale 123 355.6 27 Assets classified for demerger 5,531 0.0 0 Total assets 8,137 5.7 7,695 Equity 2,443 17.5 2,080 Non-current liabilities 2,395 (13.8) 2,778 Current liabilities 1,262 (55.5) 2,837 Liabilities related to assets classified for demerger 2,011 0.0 0 Total liabilities and equity 8,137 5.7 7,695 (in millions, except percent ages)    B        2    &'  2  !                 &'   2                     ;< <                  ;               ;<-  "     .    &'     ; BB7  "  @   8   %     < 8    !             *"G       &'    "     2   ; BB  "     0     ; (7B                 !   ;    9         :     ;7-  9     ! :      .   ;7BB  9        :    ; <  "         ;-7                        2   ;7   " ,   .2     ;-<           9BC B   ! ( !             &'  :"  A0       @      0                   B             "6"  $'#%(&  ?.        @               2   8   2           3  $ "    


  • Page 35

         %&,AC &=A A/1&>A A/8@&8& ,1=& -A=& @/,? &6&F,A+&     !   2  R !    " Year ended at 31 December 2010 variance % 2009 Cash generated from operations 475 (29.9) 678 Interest paid (99) (5.3) (94) Income taxes paid (205) (276.7) 116 Net cash from operating activities 171 (75.6) 700 Net cash used for other investing activities 2 (66.7) 6 Net cash used for acquisitions and disposals (3) (200.0) (1) Net cash used for capital investments and disposals (91) (19.7) (76) Net cash used in investing activities (92) (29.6) (71) Net cash used for dividends and other changes in equity (117) (265.6) (32) Net cash from debt f inancing activities 24 104.2 (577) Net cash used in financing activities (93) 84.7 (609) Changes in cash and cash equivalents (14) (170.0) 20 (in millions, except percent ages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


  • Page 36

         %&,AC &=A A/1&>A A/8@&8& ,1=& -A=& @/,? &6&F,A+& ,   '      Year ended at 31 December 2010 variance % 2009 Property, plant and equipment 88 20.5 73 Other intangible assets 21 (19.2) 26 Cash out 109 10.1 99 Proceeds from sale of property, plant and equipment 17 (22.7) 22 Disposals of other intangible assets 1 0.0 1 Cash in 18 (21.7) 23 Netted total 91 19.7 76 (in millions, except percent ages)   ,   '         .             ;B           "G"    '       .  9;<7  :      9;  : 9;7  :"%32  !     !=   9;   :      9;   :     $   9;-   :    !      9;<   :"        D       '         .              @        ;  "   '   '      2      8 = 2  9    ! := "8   2     2   2 !         '  "  /        !      0      !    >>>M9%O=:K>98 :"  %O=  >>>M  !   , F 2  -   "         $  ! $     $   "                           8   !          N 2  >N 2 "  !     2 !!  ! $     2                    !  !    2 "       8       2      B"BG $   &'       D          2    $           8      >"  ;"     2 2    !   N$0        ;          !! !    "    2 2    !    !   8 &'         "                 ! ;7   0 <"    ! 2      &  "                @      ;BB    9; *           &'    :     B; -  9         &'   :"  ,        2                       ! ND              "                               "  F $     ! $           2     2         !  ! $     .        "        2     ! $      2    -"G   !   -"G   0  B"   <


  • Page 37

         %&,AC &=A A/1&>A A/8@&8& ,1=& -A=& @/,? &6&F,A+& =                2      S          G   )     ! <G .          >$9>: S        0  0   2    >"   2   ! !  2  >)         ;  "       $       2  ! 2   "         2       .    22 "    !     . 2       !      2    "     2       !     .                . 2          . 22 "        22         '       "      !/ %                                ;   9BC(:  '       ;*7  "              !   ;B           ;(-     B 9  ! ;-              &'   :"  >      2           *G !         2             0        S 2  2    " S 2          2  $               9T @   T:"  '       '   !   ;<         ! ;-    '    2   B"     '   !          '          '      2  "   %    >  8      !   2   % 2 >          2  ;"B   2 "      2            !    ! "       /  (8  2 "   '  2     !                        2      !  '       "    2     $ 2     2 !      (8        &  '    2  0!  2    9N6F=:         &  '   2           7 8    ( 8   2 "   2     $2    6F= ! D         ! G  2  2 "  !     $2 "  '02  !  /       7/  2 !     8"   % 2 >   2     >  8         @   8   %            2                                    @    8   %    !  2        !    2 "      -


  • Page 38

         %&,AC &=A A/1&>A A/8@&8& ,1=& -A=& @/,? &6&F,A+&    A B           2   ;"<     2  B" A2  <G          2     $ !      ;-7       B <-* "        2   ;"(                     !    "  ' 7*G  2 !          ;<<       7<    " /,?=& /A 8,&>#%&@8& )%&'&' %  Financial review Year ended at 31 December 2010 varianc e % 2009 Total operating revenues 2,538 (6.1) 2,704 Other income 11 (31.3) 16 Total operating expenses (2,361) (4.3) (2,264) Total operating income 188 (58.8) 456 as % of operating revenues 7.4 16.9 (in € mil lions, except percentages)   Operating expenses Year ended at 31 December 2010 varianc e % 2009 Cost of materials 130 (2.3) 133 Work contracted out and other external expenses 685 (0.1) 686 Salaries and social security contributions 1,246 7.6 1,158 Depreciation, amortisation and impairments 70 (5.4) 74 Other operating expenses 230 8.0 213 Total operating expenses 2,361 4.3 2,264 (in € mil lions, except percentages)   Operating statistics Year ended at 31 December 2010 varianc e % 2009 Addressed postal items delivered by Mail Netherlands: single items (millions) 941 (6.6) 1,008 bulk mail (millions) 3,129 (9.7) 3,465 Addressed postal items delivered by Mail Netherlands: per Netherlands delivery address (items) 513 (9.6) 568 per Netherlands inhabitant (items) 244 (9.5) 270 1 per FTE (thousands of items) 169 9.1 155 per delivery day (millions) 13.3 (8.9) 14.6 average percentage of national mail sorted automatically (%) 82 (3.5) 85 1 T he FTE (full-time employee equivalent) definition is based on a 37-hour work week.   8         '       2                     '        97     :       $ "                        B"G"      2        '         (G  G"   2          "7G"   *


  • Page 39

         %&,AC &=A A/1&>A A/8@&8& ,1=& -A=& @/,? &6&F,A+& Volume decline versus 2009 Items, year-on-year change in % Q1 2010 Q2 2010 Q 3 2010 Q4 2010 F Y 2010 0.0% -5.0% -10.0% -15.0% Single items Bulk mail   =    $      " A=    ! 8    "  8   7"<G2           2 )"                 !      !        ;"7-P         &       !    ;"*B   ! 0  "        & !      ;"B<"    '     $     "     $ !                       "               2                    8   2 "      8                 !                     "     8              ' 8  =        " 8  =  2             ";B   8 = 2!   2 "  8 !       8 = "  '     !      2        ! ! $  "  A   2     8              ;--    9-"G:         B"   2         2              2   0'         "A 2     ;-<  9-"G:" .      !;  9"G:"               2  !               $     2       8 $                   "         2      =        2  2    ! $6%=  2   $     2       2      "  8       '    ;B*      B",            ;((        8 =     "   8           ;-(  9<("(G:"            2           0     8 =   ;<B    8       ;(  "8 = 2 ;B         !  2  "    ' $   '  ! !        !;  "      (


  • Page 40

         %&,AC &=A A/1&>A A/8@&8& ,1=& -A=& @/,? &6&F,A+&    $% Financial review Year ended at 31 December 2010 varianc e % 2009 Total operating revenues 564 6.2 531 Other income - - Total operating expenses (484) (2.1) (474) Total operating income 80 40.4 57 as % of operating revenues 14.2 10.7 (in € mil lions, except percentages)   Operating expenses Year ended at 31 December 2010 varianc e % 2009 Cost of materials 15 15.4 13 Work contracted out and other external expenses 305 2.3 298 Salaries and social security contributions 129 (0.8) 130 Depreciation, amortisation and impairments 9 28.6 7 Other operating expenses 26 26 Total operating expenses 484 2.1 474 (in € mil lions, except percentages)   Operating statistics Year ended at 31 December 2010 varianc e % 2009 Parcels delivered: 96 6.7 90 (in million parcels)   =   2   2   !"6   !        0     !  !>>2     -"*G 2   !2  "    2          2 90"(G:      $                  2  " /        &          !     2   2    !              2                 !  2    2     "  .  =$   '  2       >,    2 " $    >,    2                   2    =  '             !     2     " .    2       "  =    2       -"G         B" A  !    2    =  ! ;    97"G:" .            2     ;    9"G:   2  "  =   '       ;            B  !    !  2  "          2   2       (G  2 (<G"       2   + !        "       ! $         ;*   "            !        2                 "                   2        .  "   B


  • Page 41

         %&,AC &=A A/1&>A A/8@&8& ,1=& -A=& @/,? &6&F,A+&    =          ;      ;(    97"7G:"            2    !             2   ! $   2             ! $   2  2   "  & &% Financial review Year ended at 31 December 2010 varianc e % 2009 Total operating revenues 1,294 21.0 1,069 Other income 13 (45.8) 24 Total operating expenses (1,336) (4.9) (1,274) Total operating income (29) 84.0 (181) as % of operating revenues (2.2) (16.9) (in € mil lions, except percentages)   Operating expenses Year ended at 31 December 2010 varianc e % 2009 Cost of materials 30 87.5 16 Work contracted out and other external expenses 976 25.3 779 Salaries and social security contributions 243 243 Depreciation, amortisation and impairments 20 (86.8) 151 Other operating expenses 67 (21.2) 85 Total operating expenses 1,336 4.9 1,274 (in € mil lions, except percentages)   2      !"G ; B7      B"D ;7(      2    @    2    *G"  !2             2                  9= , :                 2   9        6:"            !    ;B        2   ;<              2  D  ;7-      B"   + H    !       !  "       8         $        0J     " =            2    "     2   !      2     2    2    !   2         " 2    ;<<      <G    ! 2 "=       + H  "    2       ! 2              9= , :         !  @   2   ;B-      -B"-G"D       2        !<"(G"= !                       @ "    2   !  2       G          $                          !6   "        $    @  !             $   "   2      0 2   !    . "  2    !    2   2               !    2 " &'   ! $ '       @ ! 2 "      /   ,        !" F   2  8     $00   2       "    /   ,  '    2               !       7G  2   !          "  0     !           2  !     B"A2     2       !! 2 "  7


  • Page 42

         %&,AC &=A A/1&>A A/8@&8& ,1=& -A=& @/,? &6&F,A+&  F %  @   8   2             B                            2  "     '     ,     2 % @  8   2    , $ "  > B 8  2 !   9         :         2  @  ,J   % 2$" 2      $  ;-  "   )   8             2   >  9  >     :      2     9 %8  :"     !    ,J     % 2$                "    2         ;7   ",       '   .  "    '   $ !     "  International disposals Entities/operations sold Country 2010 TNT Direktwerbung Germany (unaddres sed mail ac tivities ) DIMAR Czech Republic and Slovakia (call c entre ac tivities ) Redmail Austria (joi nt venture - 50% s take) 2011 De Belgische Distributiedienst Belgium (mail activ ities) RSM Italia Italy (unaddres sed mail ac tivities )        '       ;-    97"BG:         B" F $         ;B*      ! ;7(    !   '  2          2    " ,               !         B"                  ;                   2   D  '          B   !   6  <             B"     '    ;      !  !  !  ,@+% @  8  !   2 !   "  )%&'   Mail other Assets held Non- Assets held for Year ended at 31 December for sale allocated 2010 sale Non-allocated 2009 Total operating revenues 124 221 345 124 237 361 Other income (2) - (2) (3) - (3) Total operating expenses (112) 10 (102) (113) 10 (103) Total operating income 10 231 241 8 247 255 (in € mil lions, except percentages)            N8        ;7    9BC <<:  !       0        ;  9BC7*:  2         ;  9BC (:"   ! ! 2 2 !      N8    0     "   7


  • Page 43

         %&,AC &=A A/1&>A A/8@&8& ,1=& -A=& @/,? &6&F,A+& Non-allocated operating income Year ended at 31 December 2010 2009 Pensions 189 168 Profit pooling 41 92 Other 1 (13) Total 231 247 (in € mil lions)        0            ;    9BC 7*:"           ;(B  9BC-(:      !     / %      '                @             2        8      &'  "                     ;7    9BC B:" A             2       9 "6":"            2      "    7


  • Page 44

         %&,AC &=A A/1&>A A/8@&8&  ,  *    9&'  :  A            &'      2  2 2    ! $         2      >   8    % 2  > "      !              8  %    <8 !    2       2 "       &'   2                              N    K                   !                                     " 9%     B           "6:"                2 !  &'   0   2                  !  "      &'  2  !  2                  &'    C                    "  A6& 6&F &'        !  !   0 K 0  2 "  @   2   !   J 2    .        2         2 " @       2  2        .        92  !     :    92    !   : ""  0  K    ! 0       "    '   2   2    &'              2    J   !     " &'    2      '       '   9     2 :  2 !   "  2  0.  2     ! 2      2   $           ' .    '    "  &'                    D       2           " &                     " &'          !         2 ! !       "   &'   2  0    2        9 :"  &'         &'      &        2   '            !  0 !  2  -  "  &'            $  !    2 !   $ & "       &'             " / !        &'   !           "              C − &  8  &   9&  O 8&:       $   &'       2         P − 0=9%=,:$  !  &'   !,  P − F  >J , 2          '   &'   !      + % ,     2   !  2     D       − /         NA   ! $     &'   /    2 "  7


  • Page 45

         %&,AC &=A A/1&>A A/8@&8& ,1=& *%,A+&A=& A%9&L= &%%:,A+&       0         &'  1 A ,%9  ,   % 2 :2  >%%A/= &= A /                       <   &'     !       " H&#/,A %//&,@1& &%+?%A/A=& A%  $   &'       C                                  !  "#$%  ! &               !   '               B       !       @=  !    7G 9@=      C &+:"  &     !               .      @= !  "G     2        "1 ! 2   !    !  ! $ 9 "" "G % 0"G:"@ !0 =    !  !, !  G                !  '    ' "   !  !  @= !  ("(G"@ !       !*"7G 2  ! >J     !*"<G"                   !   '  !                       &'   !      '    2       '    2         !       "       '                   ""           D         "            2  2    ! $ "  ! "     &      !   &'           2  0     !    2    J      2           "  @2            &'                 2 "  >               U* E UB7K  9  C +% &      : !           2  2 UB   " &'   $    2             $   >     "        !      !                D                     . !    2  "  (                  )    !    !          $    2    2   &'          "  2             2  &'                     2        '            &    2   "<G       J   0      ",               77


  • Page 46

         %&,AC &=A A/1&>A A/8@&8& ,1=& *%,A+&A=& A%9&L= &%%:,A+&          !        2  "  ' !       '     *   &'                    '  $                        2    2                 &'          "                      '    '  "                        '             .  D           " !    &'   '      >  +% "8       . @           ' $      "  &L= &%%>+%&%%=& /A 8,& 6      2     2    !          '      .        B" ,   !        * 2  9              :     !      !      !  $     " Growth in consignments Growth in kilogrammes 9.0% 12.0% 8.0% 10.0% 7.0% 8.0% 6.0% 6.0% 5.0% 4.0% 4.0% 3.0% 2.0% 2.0% 0.0% 1.0% Q1 Q2 Q3 Q4 -2.0% 0.0% Q1 Q2 Q3 Q4 -4.0% 2010 vs 2009 2010 vs 2007 2010 vs 2009 2010 vs 2007    C2        2   !.  ' 1 9,:. >J ,   &'     2   '    !"H    &   &   ! $ !-"G"G  2      B"  Growth in Air Kilogrammes Growth in Road Kilogrammes 25.0% 20.0% 20.0% 15.0% 15.0% 10.0% 10.0% 5.0% 5.0% 0.0% Q1 Q2 Q3 Q4 0.0% -5.0% Q1 Q2 Q3 Q4 -10.0% -5.0% 2010 vs 2009 2010 vs 2007 2010 vs 2009 2010 vs 2007     C@ !2   $    &  ! $ &   ! $      !!         ! $"  7<


  • Page 47

         %&,AC &=A A/1&>A A/8@&8& ,1=& *%,A+&A=& A%9&L= &%%:,A+&    2    !      !        "  &         !  -"7G   & @= !    B"E= &'   '        2   !     "1      !    2  !   !0       !  !   2      B"  9  >J :    2  !   !         "  2  0V  F  2  2   !               2  0.                B     $   *"         2  0.          !    2  B",  '!$      2    !     !      D       2        " % 2    0  2    !      ) "        2 &'        '           0              " 1 ! 2  2              !   "      .  2     .         2   !       &        !                    "  Revenue-Quality 0.0% Q1 Q2 Q3 Q4 -0.5% -1.0% -1.5% -2.0% -2.5% -3.0% -3.5% 2010 vs 2009    C 2  0.     2       !  2         2    $                ' .    ! $                           !    2            ! $      ! 2    "  ,     '    0          '   & O8&!"-G ! B",    %=,!"G  ! "7G           2  !         2      "   &  ! $ &'     !  2       "     !          !       ' "        2   ! &'     !   >  *7*    ?      1  H   %"   A    &'            >  *7*  2   !  , .   0 ! 0       ,   ,   & " &'       '            ! & , .     !      0  "  &'               2      ! >  ***           7-


  • Page 48

         %&,AC &=A A/1&>A A/8@&8& ,1=& *%,A+&A=& A%9&L= &%%:,A+&      2   "   >  ***    !       !  >  *7*               &'         ! & ,"  &'        0      !  N,       ,   %     ! 2      '            2         2         2        "  &'   $         !  !          "    2           0     W-  " /,?=& /A 8,&&L= &%% &'   2    Year ended at 31 December 2010 variance % 2009 Total operating revenues 7,053 13.6 6,208 Other income 12 0.0 0 Operating expenses excluding depreciation, amortisation and impairments (6,676) (13.0) (5,910) EBITDA 389 30.5 298 Depreciation, amortisation and impairments (209) 11.8 (237) Total operating income 180 195.1 61 as % of total operating revenues 2.6 1.0 Net financial expense (37) 184.6 (13) Income taxes (57) (32.6) (43) Results from investments in associates (17) (30.8) (13) Profit for the period from continuing operations 69 962.5 (8) Profit from discontinued operations 0 0.0 0 Profit/(loss) for the period 69 962.5 (8) Attributable to: Non-controlling interests 3 0.0 3 Equity holders of the parent 66 700.0 (11) (in € mil lions, except percentages and per share data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


  • Page 49

         %&,AC &=A A/1&>A A/8@&8& ,1=& *%,A+&A=& A%9&L= &%%:,A+& − &'    & !   2    '   2  !        " &'   ?    !      !    ! ' 2        2    2     & " &'  &        !                $"    2      !;<  " − >J  '                        2           *"<G!   "  >J    ;          0             2 "  !                 "      '       2      2  2          2       " − 1       .           0                                    2  &'   !                   "            '         2        & % %         "  A       ;  9BC:         $            "  &'    '        '                      ;*(    9"G:   ;- ((<  "A  '    ;7(  9-"-G: '      '     ;   "        '   !        ! $       '   '  2   2       ;(  !   0           ;7<  "        &'    ;B   B<"G    B"  ,    B          ;**         2   !     0  "  Year ended at 31 December 2010 variance % 2009 Cost of materials 401 38.3 290 Work contracted out and other external expenses 3,650 15.6 3,157 Salaries and social security contributions 2,190 9.1 2,007 Depreciation, amortisation and impairments 209 (11.8) 237 Other operating expenses 435 (4.6) 456 Total operating expenses 6,885 12.0 6,147 (in € mil lions, except percentages)  ,      ;  9("G:    B"&'     '          ;B  9"G:         ;(    2  "  F $      '   '            '         "    ! $        '   '       ;7B    9<"-G:         B" &'       '     ! $        '   '       ;B<    9B"G:      2     2       ;7<                "  %            ;(   ; B  9B"G:     B"&'     '                  ;-    9"G:  "           !         2      2          "                         ;-            9BC*:;-B     9BC<B:"  7(


  • Page 50

         %&,AC &=A A/1&>A A/8@&8& ,1=& *%,A+&A=& A%9&L= &%%:,A+&                ;(  90"(G:    B        ;  B ! 2     "  A   '          $  '       " A   '        ;    907"-G:         B" &'       '        '        ;7    90B"7G:            !           9     !:"  +   2  B &'          B  !     2   0   "       !               &  O 8&  0=     A   ! $"  0            "               '   0   '                             "+             D      0   '       !"  Underlying operating income R eported Restructur ing Bad Demerger Pro fit Underlying Foreign Underlying 2010 Year ended at 31 December 2010 related charges Other Brazil weather costs pool ing Pensi ons 2010 exchange (at constant rates) Europe & MEA 371 8 (4) 15 9 399 (4) 395 Asia Pacific 14 14 (1) 13 Americas (67) 8 20 (39) 8 (31) Other Networks 18 1 19 - 19 Non-allocated (156) 45 41 15 (55) (24) (79) Operating income 180 16 (4) 20 15 45 41 25 338 (21) 317 (in € mil lions)   Underlying operating income Reported Restructur ing Impairments and other Pr ofit Underlying Year ended at 31 December 2009 related charges value adjustments Other pool ing Pensi ons 2009 Europe & MEA 281 30 8 11 330 Asia Pacific (32) 3 9 (20) Americas (32) 3 5 (24) Other Networks 18 1 19 Non-allocated (174) 1 4 92 12 (65) Operating income 61 37 22 4 92 24 240 (in € mil lions)                 ;(    9BC 7:" +       '      0  '         ;-  9BC*:   ;   9BC:        >J 2  !      ;<           ;7<  9BC:           ;7  9BCB:     ;<  9BC7:2     0;7  9BC7:"     &'        0       ;-                  ;(  & O8& ;(  "  &'      &  !    2      '    2   !          "     &'   ?    !      !    ! ' 2        2 "         2   &'     ;<  "   7B

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