Press Release

Segments

• Europe Main: Overall better performance, with support from savings initiatives 
• Europe Other & Americas: Strong adjusted operating profit growth
• Pacific: Persisting challenges, recovery plans in place
• AMEA: Higher operating profit in all units
• Brazil Domestic: Recovery continues with break-even quarter (1Q13: €(10)m)

Other

• 1Q13 figures include China Domestic (€54m revenues and €(3)m operating income); sale completed 4Q13
• Application of IFRS 11 ‘Joint Arrangement’: 1Q14 adjusted operating income impact €(2)m (adjustment 1Q13: €(2)m)

Outlook

• 1Q14 savings €30m 
• 1Q14 restructuring-related charges €14m; implementation costs €5m
• Investments in Liège Eurohub and road infrastructure
• Further details about Outlook will be provided in 2H14
  

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Commenting on this quarter's developments, Tex Gunning, CEO said:

'TNT Express’ performance improved this quarter. I am particularly pleased with the profit recovery in our core European segments and in Asia Middle East & Africa as a result of the restructuring initiatives taken since last year. The Brazilian team deserves special mention, with excellent progress made on the turnaround resulting in a break-even result for the quarter.

To realise our 2015 ambitions, we target further improvements in our top and bottom line through the roll out of our Outlook strategy. As significant progress has been made in restructuring our businesses, we are now increasingly focusing on growth in our target segments.

Finally, we look forward to welcoming our new CFO, Maarten Jan de Vries and we announced new management teams for International Europe and Domestics, which will support the realisation of our strategy.'
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2014 guidance:

• Trading conditions remain volatile and uncertain; risk of continued negative FX impact
  
• Assuming continued improving external trend:
  - Combined Europe Main and Europe Other & Americas operating results to show positive development
  - Asia Middle East & Africa and Brazil Domestic operating results to be significantly better than prior year
  - Pacific operating results to remain under pressure
  - Unallocated around €(30)m 
• Business as usual capex (excluding Outlook investments) up to around 3% of revenues

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WARNING ABOUT FORWARD-LOOKING STATEMENTS

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

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