TNT to start share repurchase program of up to EUR 200 million

TNT today announces it will start a share repurchase program of up to EUR200 million on Monday 12 November 2007, as a first tranche of the previously announced EUR500 million share buyback program.

This EUR200 million first tranche will be executed by ABN AMRO Bank NV. TNT intends to cancel the ordinary shares acquired through the repurchase program.
Given the share buyback value of up to EUR200 million, the maximum number of ordinary shares to be repurchased under this program will be around 7.3 million, calculated on the basis of the last trade prior to this announcement. The share buyback will start on 12 November 2007 and will end after 4 months unless, amongst other conditions, prior to such date:

– The aggregate value of shares acquired by TNT since the start of this buyback reaches EUR200 million;
– Ten percent of the outstanding ordinary shares have been repurchased, including any shares already held by the company.

The maximum consideration to be paid per ordinary share under the repurchase program is the higher of the price of the last independent trade in TNT shares and the highest current independent bid price on the trading venues where the purchase is carried out. Furthermore, this price will not exceed the normal trade price plus ten percent. The normal trade price is the average closing price during the five trading days prior to the day of purchase. Not more than 25 percent of volume on any one day on which the purchase is carried out, or more than 25 percent of the average daily volume of the ordinary shares will be repurchased in any one day on the regulated market on which the purchase is carried out. The average daily volume figure is the average of the daily volume traded in the 20 trading days preceding the date of purchase. TNT’s General Meeting of Shareholders has extended the authorization of the Board of Management to repurchase ordinary shares until 20 October 2008.