Amsterdam, NL -- Trading conditions in TNT's European Express business have significantly worsened in September and, based on the volume patterns in the first two weeks of October, TNT expects this pressure to continue in the fourth quarter.

Within a context of severe global volatility in financial markets, the recessionary trend in the economy in Europe has accelerated, causing the volumes in the premium International Express (air) product to decrease around 10%. The Economy Express volumes (road) have continued to grow albeit well below levels of 2007.

In the Express Emerging platforms the growth and margins continued to develop in line with our outlook.

TNT’s Mail business is also developing according to the outlook, producing a robust operating income and cash flow for 2008.

TNT was able to refinance its capital requirements in August, ahead of the deepening of the financial crisis in September/October. Combined with the strong cash flow, this puts TNT on a solid financial footing going forward.

TNT will present an updated outlook for 2008 in its Q3 publication on October 27. The margins in the Express ‘’International & Domestic’’ line of business are currently expected to develop around a solid 9% for the full year, with somewhat lower revenue growth. No changes in other lines of the outlook are currently foreseen.

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