TNT announced it would start a share repurchase programme of up to EUR 200 million on 12 November2007, as a first tranche of the previously announced EUR 500 million share buyback programme.
The EUR 200 million first tranche will be executed by ABN AMRO Bank NV and will end afterfour months at the latest depending on various conditions.
Given the share buyback value of up to EUR 200 million, the maximum number of ordinary sharesto be repurchased under this program would be around 7.3 million, calculated on the basis of thelast trade prior to the announcement. TNT said it intended to cancel the ordinary shares acquiredthrough the repurchase program.
TNT has conducted a number of share buyback programmes over the last two years. Under a EUR 1billion share buyback programme conducted betweeen December 2005 and April 2006, it purchased36,791,922 ordinary shares at an average price of EUR 27.1799 per share. Under a separate EUR 400million programme between April and September this year, it bought a total of 12,595,639 ordinaryshares at an average price of EUR 31,7570 per share.
