United Parcel Service and TNT Express NV Reach Agreement on Recommended All-Cash Public Offer of EUR9.50 per Ordinary TNT Express Share

United Parcel Service and TNT Express NV jointly announced that they have reached agreement on a recommended all-cash public offer of EUR9.50 per ordinary share by UPS for TNT Express (the Offer). TNT Express' Executive and Supervisory Boards unanimously intend to support and recommend the Offer. The Offer values the issued and outstanding share capital of TNT Express at EUR5.16 billion ($6.77 billion). UPS intends to finance the Offer by utilizing $3 billion in existing cash on balance sheet and through new debt arrangements. UPS and TNT Express will seek to obtain all the necessary approvals and competition clearances as soon as practicable. The required advice and consultation procedures with TNT Express’ Central Works Council, European Works Council and unions will be commenced immediately. The cooperation of TNT Express is conditional upon Central Works Council advice. It is UPS’s intention to submit a request for approval of its offer document to the AFM within eight weeks from March 19, 2012, and to publish the offer memorandum during Q2 2012 in accordance with the applicable statutory timetable.