TPG confirms the repurchase of 20.7 million shares from the State

Mail, express and logistics company TPG N.V. confirms the repurchase of 20.7 million ordinary shares from the State of The Netherlands at a total consideration of just over EUR 400 million. TPG intends to cancel all of the shares so repurchased. The State has sold 57 million ordinary shares of par value EUR 0.48 each in the share capital of TPG in a share placement. The combined sales by the State represent approximately 16% of TPG’s outstanding share capital, and will reduce the holding of the State in TPG to approximately 19%.

Settlement of the repurchase by TPG of its ordinary shares will take place in two tranches, a first tranche of 7.6 million shares at settlement of the share placement by the State, which is expected to be on 4 October 2004, and a second tranche of 13.1 million shares which will be settled as soon as possible in January 2005.

TPG has at earlier occasions expressed its intention in principle to support a State-initiated sell down through a repurchase in order to further reduce the existing overhang in the market. At the same time, a repurchase will improve earnings per share. In connection with the share repurchase, TPG has agreed not to offer any ordinary shares in the share capital of TPG for a period of 90 days as from today, subject to certain exceptions. Bear Stearns International advised TPG on this transaction.