TPG reports its full year 2002 results

Please see the following highlights:

Growth of 5.4% in net income from continuing operations, in line with outlook

Net income of €599 million (2001: €585 million)

Operating cash flow of €1,032 million, an increase of 33% over 2001

Earnings from operations up 7% on revenue growth of 5%

Dividend of €0.40 per share, up 5.3% from the previous year

CEO Peter Bakker: “TPG has again been able to deliver an improved profit performance within our guidance range, notwithstanding the depressed economic climate which persisted throughout the year. Even more importantly, we have generated a significant increase in operating cash flow. 2003 is likely to be another challenging year and, including the impact of additional pension costs, a low single digit net income growth is expected. Excluding the additional pension costs, we expect net income from continuing operations to show medium to high single digit growth. Our longer term double digit growth target remains.”