Interim Results

TNT N.V.
                  

TNT N.V. INTERIM RESULTS:

--  Strong margin in Mail of 20.8%
--  Record high margin in Express of 10.1%
--  Mixed picture in Contract Logistics
--  Interim dividend up 10% to 22 cents


Key numbers                                  Q2 2005 Q2 2004 % Change
                                               EUR m   EUR m

Revenues                                      3,385   3,056      10.8%
Operating income (EBIT)                         342     352      -2.8%
Profit / (Loss) attributable to the
 shareholders                                   210     210       0.0%
Net cash from operating activities              384     115     233.9%
Earnings per share (EUR cents)                 46.1    44.2       4.3%

Operating margin                             Q2 2005 Q2 2004

Mail                                           20.8%   23.4%
Express                                        10.1%    8.8%
Logistics                                       3.4%    4.1%
    Contract Logistics                          3.7%    4.1%
    Freight Management                          2.2%     nm


Key numbers                                  HY 2005 HY 2004 % Change
                                               EUR m   EUR m

Revenues                                      6,661   6,037      10.3%
Operating income (EBIT)                         646     648      -0.3%
Profit / (Loss) attributable to the
 shareholders                                   403     396       1.8%
Net cash from operating activities              459     406      13.1%
Earnings per share (EUR cents)                 88.6    83.3       6.4%

Operating margin                             HY 2005 HY 2004

Mail                                           21.4%   23.2%
Express                                         9.1%    7.4%
Logistics                                       2.4%    3.2%
    Contract Logistics                          2.6%    3.2%
    Freight Management                          1.5%


CEO Peter Bakker:

'In the second quarter of this year we see a continued good performance of our
Mail and Express divisions. The Mail division reported another strong operating
margin, despite higher pension costs, and our European Mail Networks business
continued to record strong organic revenue growth of 20%. Express revenues grew
double digit and operating income was up 28%, reaching another margin record.
The division is firmly on track to reach its ambitious target of a 10% operating
margin in 2007. In Logistics, our freight management operations continue to make
progress but achieving growth in some of our contract logistics business has
been difficult. We have reviewed our French Logistics business unit carefully
and today we announce our plans - we intend to withdraw from basic transportion
activities and refocus on the areas of contract logistics where we can earn our
cost of capital.'

Report by the Board of Management Press

Group overview

In the second quarter, the group achieved a 10.8% revenue increase. Express
reached another record margin of over 10%, with double digit growth, and Mail
achieved a margin of almost 21%, with revenue growth in both European Mail
Networks and Mail Netherlands. Logistics, affected by the continuing
difficulties in France, saw a slight margin decline.

In Logistics France, we announce plans to refocus our operations to areas where
TNT can earn its cost of capital, reasserting our commitment to the French
logistics market.

Review of operations

Mail achieved an operating margin of almost 21%, despite the EUR 20 million
increase in pension costs. The division handled 19 million more addressed mail
items than the comparative period last year due to the strong growth of the
European Mail Networks. EMN grew organically by almost 20%. In the Netherlands,
revenues were up by 0.6%, as price mix effects outweighed a 2.5% addressed mail
volume decline, and next day delivery exceeded 97%. Cross-border revenues
continued their negative trend and Data and Document Management grew total
revenues with the addition of the call center joint venture.

Express booked another record margin, this time of 10.1%, and organic revenue
growth remained at the high end of our expectations, at 10.6%. The resulting
operating income improvement was 27.7%. In Europe, international air volumes
were 9% higher and road volumes 7% higher, with kilos growth outpacing
consignments. We saw no adverse impact of higher fuel costs. Network
optimisation improved, particularly in respect of air volume utilisation.
Revenue yield remained positive.

Logistics revenue growth came from the addition of freight forwarding activities
(the Wilson acquisition), which are progressing well. Organic growth was
strongly positive in North America and Rest of World, but negative in Europe as
certain units faced either general market or client specific issues. In the case
of France, structural inability to deal with weakness in the transportation
sector weighed on the results. Some European units did show healthy growth,
including Germany. The contract logistics margin, excluding France, softened
from 4.9% last year to 4.7% this year, affected by higher fuel prices. The
freight management margin was 2.2%. On a more positive note, contract gains were
well in excess of terminations and the business development pipeline
strengthened.

TNT Logistics France refocus

Our logistics activities in France consist of transportation, which represents
around 60% of the business, and contract logistics, which represents the
remaining 40%. Losses in the first half of this year were EUR 17 million, on
revenues of EUR 117 million.

We intend to sell our transportation activities. Strong network coverage is a
key success factor in this business, which TNT does not possess.

In contract logistics, we will refocus on parts of the business where TNT can
earn its cost of capital, including complex supply chain solutions for the
automotive industry. We intend to sell the parts of the contract logistics
business that do not fit into this strategy.

We are in contact with potential buyers and we expect the majority of our
intended actions to be executed by the end of 2005. We estimate the total P&L
charge relating to these measures to be up to EUR 140 million, pre-tax, most of
which we expect to book in 2005.

Financial review

Group EBIT was EUR 342 million, a 2.8% decrease on last year. This result was
affected by non-allocated costs of EUR 28 million, a EUR 18 million increase on
last year due to spending on business initiatives - including China and
re-branding - and other corporate costs. Net financial expenses were EUR 22
million, slightly lower than last year, despite the debt increase, due to lower
interest rates and finance charges. The effective tax rate was 34.7%, slightly
lower than last year. The profit attributable to shareholders was EUR 210
million, equal to last year's. Earnings per share increased by 4.3% to 46.1
cents due to the repurchase of 20.7 million shares.

Net cash from operating activities was particularly strong at EUR 384 million,
EUR 269 million more than last year. This quarter's result benefited from an
anticipated EUR 132 million tax refund and the phasing of payments. Capital
expenditure was EUR 97 million, EUR 19 million more than last year, and included
the planned infrastructure improvements in Express.

On 12 July, the State sold 43.4 million TNT shares in the market, with the
result that its holding is now reduced to 10% of the share capital.

The tax investigations previously disclosed are ongoing, and it remains too
early to determine their effect for the group.

Strategic progress

Each of the five streams of TNT1 made progress, with the results of the
procurement team most tangible. Realised savings to date, from 'Wave 1', were
EUR 7 million of which EUR 2 million was passed on directly to our customers.
'Wave 2' started in May.

On 18 April, TNT signed a cooperation agreement with Norway Post, with both
parties then forming a task force to identify areas of mutual interest in the
Nordics. On 24 June, TNT announced that it is not participating in the Belgian
Post sales process and reconfirmed its strategy of challenging incumbent postal
operators through its European Mail Networks, in cases where the terms of
cooperation with the incumbent would not be mutually beneficial.

2005 guidance reiterated

In Mail, we expect total revenues to be stable, with gains in EMN countering
declines in Dutch addressed volumes. We expect a strong operating margin of 19%
to 20%. In Express, we expect high single digit revenue growth and an operating
margin in the range of 8.5% to 9.0% - on track to the '10% in 2007' target. In
Contract Logistics, we expect revenues to remain stable with a margin of around
4%, excluding France. In Freight Management (Wilson acquisition), we expect
revenues to grow high single digit, with an operating margin of around 1.5%,
after charging amortisation of intangible fixed assets recognised on acquisition
and integration costs.


Significant events in the second quarter

18 April  Extension of cooperation agreement with Norway Post announced
21 April  TNT Express Netherlands wins prestigious Dutch Quality Institute Award
 2 May    TNT Logistics chosen as European parts logistics provider by Getronics
10 May    Strategic partnership announced for clinical trials infrastructure -
          TNT Express and AirNet systems
18 May    TNT Mail UK wins Lloyds TSB contract 19 May TNT Logistics Brazil wins
          Fiat's 'Best Quality Performance' award
 9 June   TNT Express acquires Slovenia's domestic transport company -
          'Door-to-Door'
12 June   TNT and United Nations World Food Program 'Walks the World'
24 June   TNT confirms no participation in Belgian Post sales process 29 June
          TNT announces new easy-access parcel service in Belgium
30 June   Wilson Logistics re-branded to TNT Freight Management.
1 July    TNT Logistics selected by MAN Nutzfahrzeuge as pan-European spare
          parts logistics partner
12 July   State sells 43.4 million TNT shares, taking its holding down to 10%



                                                            Q2 Summary


Group Summary           Q2 2005 Q2 2004               % Change

                          EUR m   EUR m   Operational       FX   Total

Revenue                  3,385    3,056        10.7%      0.1%   10.8%

Operating income (EBIT)    342      352        -2.8%      0.0%   -2.8%

Profit / (Loss)
 attributable to the
 shareholders              210      210         0.5%     -0.5%    0.0%




Divisional Summary      Q2 2005 Q2 2004               % Change

                          EUR m   EUR m   Operational       FX   Total
Mail
Revenue                    965      946         2.0%      0.0%    2.0%
Operating income           201      221        -9.0%      0.0%   -9.0%
Operating margin          20.8%    23.4%


Express
Revenue                  1,279    1,154        10.7%      0.1%   10.8%
Operating income           129      101        27.7%      0.0%   27.7%
Operating margin          10.1%     8.8%


Logistics
Revenue                  1,160      966        19.7%      0.4%   20.1%
Operating income            40       40         0.0%      0.0%    0.0%
Operating margin           3.4%     4.1%

Non-allocated              (28)     (10)     -180.0%      0.0% -180.0%
Operating income (EBIT)    342      352        -2.8%      0.0%   -2.8%



                                                             Half Year


Group Summary           HY 2005 HY 2004               % Change

                          EUR m   EUR m   Operational       FX   Total

Revenue                   6,661   6,037        10.6%     -0.3%   10.3%

Operating income (EBIT)     646     648        -0.1%     -0.2%   -0.3%

Profit / (Loss)
 attributable to the
 shareholders               403     396         2.3%     -0.5%    1.8%




Divisional Summary      HY 2005 HY 2004               % Change

                           EUR m   EUR m Operational        FX   Total
Mail
Revenue                   1,946   1,922         1.3%     -0.1%    1.2%
EBIT                        417     446        -6.5%      0.0%   -6.5%
Margin                     21.4%   23.2%


Express
Revenue                   2,485   2,248        10.9%     -0.4%   10.5%
EBIT                        225     166        35.5%      0.0%   35.5%
Margin                      9.1%    7.4%


Logistics
Revenue                   2,260   1,886        20.2%     -0.4%   19.8%
EBIT                         55      60        -8.3%      0.0%   -8.3%
Margin                      2.4%    3.2%

Non allocated               (51)    (24)     -116.7%      4.2% -112.5%
Operating income (EBIT)     646     648        -0.1%     -0.2%   -0.3%


--  Strong growth continues in EMN, at almost 20%

--  Margin almost 21%, despite higher pension costs

--  Next day delivery over 97%


Mail Summary      Q2 2005 Q2 2004  % Change HY 2005  HY 2004  % Change

                    EUR m   EUR m             EUR m    EUR m

Revenue              965     946       2.0%   1,946    1,922      1.2%

Operating income     201     221      -9.0%     417      446     -6.5%

Operating margin    20.8%   23.4%              21.4%    23.2%


Mail division achieved 1.8% organic revenue growth and another strong margin
performance. Excluding the higher pension costs, this quarter's margin was only
half a percentage point behind the unusually high level achieved last year.

In the Netherlands, another 47 sequence sorting machines came into operation,
bringing the total number now in service to 238.

The roll out of this technology helped towards the additional masterplan savings
of EUR 17 million in the quarter. Next day delivery increased to over 97%.

Across its European operations, TNT Mail delivered more addressed mail items
than in the same quarter last year. EMN delivered 51 million more and Mail
Netherlands delivered 32 million less.


Revenue Analysis      Q2 2005 Q2 2004  % Change        % Change

                        EUR m   EUR m           Organic      Acq    FX

Mail Netherlands         643     639       0.6%    0.6%     0.0%  0.0%

Cross Border             125     136      -8.1%   -8.1%     0.0%  0.0%

European Mail Networks   145     121      19.8%   19.8%     0.0%  0.0%

Data & Document
 Management               52      50       4.0%    0.0%     4.0%  0.0%

Mail                     965     946       2.0%    1.8%     0.2%  0.0%



Revenue Analysis      HY 2005 HY 2004  % Change        % Change

                        EUR m   EUR m           Organic      Acq    FX

Mail Netherlands       1,311   1,313      -0.2%   -0.2%     0.0%  0.0%

Cross Border             251     276      -9.1%   -8.7%     0.0% -0.4%

European Mail Networks   279     230      21.3%   21.3%     0.0%  0.0%

Data & Document
 Management              105     103       1.9%   -3.0%     4.9%  0.0%

Mail                   1,946   1,922       1.2%    1.0%     0.3% -0.1%


Mail Netherlands revenues grew by 0.6%, with positive price/mix effects
countering a 2.5% volume decline. The election-adjusted volume of addressed
domestic mail declined by 0.9% and direct declined by 3.4%. However, these
results benefited from a 2.4 percentage point day-count effect. Reduced bank
transactional mailings affected the underlying domestic decline. Growth in
unaddressed mail revenues remained at 5%.

Cross Border exhibited the same trends as the last quarter, with declines in
Spring and TNT branded business leading to an overall 8.1% revenue decrease.

European Mail Networks continued to make good progress, recording an almost 20%
organic revenue growth. EMN handled 51 million more items of addressed mail than
in the same quarter last year, with the UK and Germany making the most progress
in this part of the market. TNT Mail UK added Lloyds TSB to its list of
important customers, with an estimated 100 million items of mail annually.

Data & Document Management revenues continued to reflect the acquisition effect
of the BSC call centre venture. Organic revenues were flat, which was an
improvement on recent declines reflecting higher volumes in the Dutch document
management business.

--  All time record margin of 10.1%

--  Operating income up 27.7%

--  Double digit growth in both Europe and Rest of World


Express Summary    Q2 2005 Q2 2004 % Change  HY 2005 HY 2004 % Change

                     EUR m   EUR m             EUR m   EUR m

Revenue             1,279   1,154      10.8%  2,485   2,248      10.5%

Operating income      129     101      27.7%    225     166      35.5%

Operating margin     10.1%    8.8%              9.1%    7.4%


The division achieved an operating income growth of 27.7%, compounding the
strong growth achieved last year. This is despite the higher fuel costs, which
because of the surcharge have not dented the bottom line performance.

Organic revenue growth of 10.6% was at the high end of our expectations and
repeats the trends of recent quarters, including the strong increase in
cross-border flows.

Utilisation in the European air network was close to 79%, six percentage points
more than last year due to greater volumes and improved capacity planning.


Revenue Analysis    Q2 2005 Q2 2004  % Change          % Change

                      EUR m    EUR m           Organic       Acq    FX

Express Europe       1,037      943      10.0%   10.2%      0.1% -0.3%

Express RoW            242      211      14.7%   12.8%      0.0%  1.9%

Express              1,279    1,154      10.8%   10.6%      0.1%  0.1%



Revenue Analysis    HY 2005 HY 2004  % Change          % Change

                      EUR m    EUR m           Organic       Acq    FX

Express Europe       2,029    1,836      10.5%   10.7%      0.1% -0.3%

Express RoW            456      412      10.7%   11.2%      0.0% -0.5%

Express              2,485    2,248      10.5%   10.9%      0.0% -0.4%


Express Europe continued to benefit from the same revenue trends as recent
quarters, particularly as regards the importance of cross-border flows and
growth in special services. Despite mixed, and in some case deteriorating,
national economic conditions, all units put in a good growth number. The major
west European units saw growth of between 7% (Italy) and 13% (Germany), with
East European units growing even faster: 20% in total. Revenue yield was 5.3%,
two thirds of which came from the fuel surcharge. Air volumes were up 9% and
international road volumes were up 7%. However, kilos growth (7%) outpaced
consignments (4%), benefiting from TNT Express' ability to provide an express
product also for heavy items.

Express Rest of World grew 12.8% in aggregate. In China, the growth rate was
over 27%. The Middle East grew 24%, and South East Asia and the Americas were in
firm double digit growth territory. The RoW average continued to be affected by
Australia where a more modest 2.4% organic revenue growth was recorded - the
slowing economy and some shedding of unprofitable contracts being the key
factors.

-- France Logistics refocuses to areas where it can earn its cost of capital
-- Market or client specific challenges for some units
-- Intensified efforts in Key Account Management leads to contract wins 


Logistics Summary  Q2 2005 Q2 2004 % Change  HY 2005 HY 2004 % Change

                     EUR m   EUR m             EUR m   EUR m

Revenue             1,160     966      20.1%  2,260   1,886      19.8%

Operating income       40      40       0.0%     55      60      -8.3%

Operating margin      3.4%    4.1%              2.4%    3.2%



Revenue growth in Logistics came from the Freight Management acquisition.
Organic revenue growth in North America was strong but revenues in Europe were
lower. Annualised contract wins of EUR 135 million compared with terminations of
EUR 85 million represented an improvement over the previous quarter and came at
a time of increased focus on Key Account Management.

The operating margin softened compared with last year, affected by the
difficulties in France, and the first-time inclusion of the freight management
activities. The 2.2% margin for freight management included integration expenses
and amortisation of intangible assets arising on acquisition, without which the
margin would have well exceeded 4%.


Revenue Analysis     Q2 2005 Q2 2004  % Change          % Change

                       EUR m   EUR m           Organic       Acq    FX

Logistics Europe        692     726      -4.7%   -4.6%      0.0%  0.1%

Logistics North
 America                169     150      12.7%   14.0%      0.0% -1.3%

Logistics RoW           105      90      16.7%   10.0%      0.0%  6.7%

Logistics Freight
 Management             194       0

Logistics             1,160     966      20.1%   -0.4%     20.1%  0.4%




Revenue Analysis     HY 2005 HY 2004  % Change          % Change

                       EUR m   EUR m           Organic       Acq    FX

Logistics Europe      1,370   1,424      -3.8%   -3.5%      0.0% -0.3%

Logistics North
 America                324     290      11.7%   14.8%      0.0% -3.1%

Logistics RoW           189     172       9.9%    7.0%      0.0% -2.9%

Logistics Freight
 Management             377       0

Logistics             2,260   1,886      19.8%    0.2%     20.0% -0.4%


Contract Logistics

In Europe, revenues declined by 4.6% overall, organically. Germany was ahead on
automotive volumes and new contracts. Spain and Turkey were ahead on higher
volumes, some tariff increases and new contracts in several industry sectors.
However, the UK declined in the face of weak market conditions generally, Italy
Automotive faced a client specific volume loss and France continued to be
hampered by a tough transportation sector, not helped by own network
limitations.

North America scored its third straight quarter of strong double digit revenue
growth. The fastest growing sector remained automotive, demonstrating that high
quality, value added service can drive growth in this challenging sector.

Rest of World organic growth picked up to reach 10.0%. The only business that
saw declines versus last year was China automotive. However, two new contracts
for spare parts logistics were won for VW China. South American revenues
continued to do well, based largely on the automotive sector. In Brazil,
significant new contracts were signed in the hi-tech and automotive parts
sectors. Revenues in Australia were up almost 25% on last year, again automotive
driven.

Freight Management revenues increased on a pro-forma basis (comparative results
were not under TNT ownership) by around 5%. The integration made further
progress, most noticeably with the re-branding of Wilson to TNT.


France Logistics   Q2 2005 Q2 2004 % Change  HY 2005 HY 2004 % Change

                     EUR m   EUR m             EUR m   EUR m

Revenues               59      65      -9.2%    117     134     -12.7%

Operating income       (7)     (4)    -75.0%    (17)     (7)   -142.9%



France Logistics comprises around 60% basic transportation activities and 40%
contract logistics. It represents 2% of the group's turnover.

The business was created through a series of acquisitions between 2000 and 2002.
In its first two years of operation, it produced a positive operating margin,
which turned negative in 2002 and further deteriorated in 2003. The
Transformation through Standardisation measures launched in mid-2003 improved
financial performance but did not return the business to profitability. As a
result of deteriorating market conditions, the results this year have lagged
behind those of the prior year.

The business faces tough external challenges including intense competition in
the transportation sector and slow growth in contract logistics. Our lack of an
integrated national network represents a barrier to progress.

Following a detailed review of our activities and the market in France, we
announce our intention to withdraw from basic transportation and elements of our
contract logistics operations. We remain committed to the French logistics
market, but in areas where we are best able to add value, including complex
supply chain solutions. As regards those parts of the business from which we
intend to withdraw, we are in discussions with potential buyers.


                                           Quarterly Information Group


                                      Q2 2005  Q2 2004 HY 2005 HY 2004

                                        EUR m    EUR m   EUR m   EUR m


Net sales                              3,370    3,026   6,631   5,992

Other operating revenue                   15       30      30      45

Total revenue                          3,385    3,056   6,661   6,037

Other income                               4        2      11       6


Cost of materials                       (156)    (156)   (298)   (283)

Work contracted out and other
 external expenses                    (1,460)  (1,208) (2,858) (2,417)

Salaries incl social & pension
 charges                              (1,130)  (1,069) (2,266) (2,148)

Depreciation, amortisation and
 impairments                            (100)     (98)   (198)   (186)

Other operating expenses                (201)    (175)   (406)   (361)

Total expenses                        (3,047)  (2,706) (6,026) (5,395)
                                      ---------------- ----------------

Operating income                         342      352     646     648


Interest and similar income               16        6      39      10

Interest and similar expenses            (38)     (29)    (66)    (49)

Net financial (expense) / income         (22)     (23)    (27)    (39)
                                      ---------------- ----------------

Profit before income taxes               320      329     619     609


Income taxes                            (111)    (116)   (215)   (209)

Results from investments in
 associates                                0       (1)     (1)     (2)
                                      ---------------- ----------------

Profit for the period                    209      212     403     398


Profit / (Loss) attributable to
 minority interests                       (1)       2       0       2

Profit / (Loss) attributable to the
 shareholders                            210      210     403     396


Earnings per share (in euro cents)*     46.1     44.2    88.6    83.3
                                      ================ ================


Number of employees                  161,411  160,458
Full time equivalent employees       122,212  121,536
                                     ================

* Based on an average number of 454.7 million ordinary shares,
 including ADS (2004: 475.2 million).


                                           Quarterly Information Mail


EUR m                            Q2 2005  Q2 2004

MAIL

Mail Netherlands

Revenue                             643      639
Growth %                            0.6%
Organic                             0.6%
Acquisition / Disposal              0.0%
Fx                                  0.0%

Adressed mail pieces (millions)   1,246    1,278
Growth %                           -2.5%    -1.5%
Working days                         63       61

Cross Border

Revenue                             125      136
Growth %                           -8.1%
Organic                            -8.1%
Acquisition / Disposal              0.0%
Fx                                  0.0%

European Mail Networks

Revenue                             145      121
Growth %                           19.8%
Organic                            19.8%
Acquisition / Disposal              0.0%
Fx                                  0.0%

Data & Document Management

Revenue                              52       50
Growth %                            4.0%
Organic                             0.0%
Acquisition / Disposal              4.0%
Fx                                  0.0%

Total Mail

Revenue                             965      946
Growth %                            2.0%
Organic                             1.8%
Acquisition / Disposal              0.2%
Fx                                  0.0%

Operating income (EBIT)             201      221

Operating margin                   20.8%    23.4%

Note that 2004 growth data is excluded from these tables because conversion to I
with an effective transition date of 1 January 2004, renders 2003 data
incomparable with the results of later years.


                                           Quarterly Information Express



EUR m                                  Q2 2005   Q2 2004

EXPRESS

Express Europe

Revenue                                  1,037       943
Growth %                                 10.0%
Organic                                  10.2%
Acquisition / Disposal                    0.1%
Fx                                       -0.3%

Core consignments (mil)                   36.7      35.4
Core kilos (mil)                         604.9     566.5
Core revenue quality yield improvement    5.3%      3.6%

Express RoW

Revenue                                    242       211
Growth %                                 14.7%
Organic                                  12.8%
Acquisition / Disposal                    0.0%
Fx                                        1.9%

Total Express

Revenue                                  1,279     1,154
Growth %                                 10.8%
Organic                                  10.6%
Acquisition / Disposal                    0.1%
Fx                                        0.1%

Working days                                63        62

Operating income (EBIT)                    129       101

Operating margin                         10.1%      8.8%

Note that 2004 growth data is excluded from these tables because conversion to
IFRS, with an effective transition date of 1 January 2004, renders 2003 data
incomparable with the results of later years.



                                           Quarterly Information Logistics

EUR m                               Q2 2005    Q2 2004

LOGISTICS

Logistics Europe

Revenue                                 692        726
Growth %                              -4.7%
Organic                               -4.6%
Acquisition / Disposal                 0.0%
Fx                                    -0.1%

Logistics North America

Revenue                                169         150
Growth %                             12.7%
Organic                              14.0%
Acquisition / Disposal                0.0%
Fx                                   -1.3%

Logistics RoW

Revenue                               105           90
Growth %                            16.7%
Organic                             10.0%
Acquisition / Disposal               0.0%
Fx                                   6.7%

Logistics Freight Management

Revenue                               194            0
Growth %                             0.0%
Organic                              0.0%
Acquisition / Disposal               0.0%
Fx                                   0.0%

Total Logistics

Revenue                             1,160          966
Growth %                            20.1%
Organic                             -0.4%
Acquisition / Disposal              20.1%
Fx                                   0.4%

Revenues by sector

Automotive                            382          388
Tyres                                  46           55
FMCG                                  164          157
Hi-tech electronics                   121          137
Publishing / media                     59           57
Freight management                    194            0
Other                                 194          172

Operating income (EBIT)                40           40

Operating margin                     3.4%         4.1%

Note that 2004 growth data is excluded from these tables because conversion to
IFRS, with an effective transition date of 1 January 2004, renders 2003 data
incomparable with the results of later years.



                                      Consolidated cash flow statement


                                       Q2 2005 Q2 2004 HY 2005 HY 2004
                                         EUR m   EUR m   EUR m   EUR m

Profit before income taxes                320     329     619     609

Adjustments for:
 Depreciation, amortisation and
  impairments                             100      98     198     186
 Investment income:
 - profit /loss on sale of property,
  plant and equipment                      (3)     (3)    (10)    (11)
 - interest and similar income            (17)     (6)    (40)    (10)
 - foreign exchange gains                   0       0       0       0
 - foreign exchange (losses)               (1)      3       0       2
 - interest and similar expenses           40      26      67      47
Changes in provisions:
 Pension liabilities                      (44)    (82)    (55)   (115)
 Other provisions                          34       4      32      (2)
Changes in working capital:
 Inventory                                 (2)     (3)     (2)      1
 Trade accounts receivable                 26      81       6     129
 Other current assets                      26      19     (46)    (61)
 Trade payables                            (5)    (56)    (68)    (92)
 Other current liabilities excl. short
  term financing and taxes               (144)   (169)    (81)    (59)
                                       ------- ------- ------- -------
Cash generated from operations            330     241     620     624
Interest paid                             (40)    (13)    (51)    (22)
Income taxes paid                          94    (113)   (110)   (196)
                                       ------- ------- ------- -------
Net cash from operating activities        384     115     459     406

Acquisition of group companies (net of
 cash)                                    (13)      0     (14)     (9)
Disposals of group companies and jv's       0       0       0       0
Investment in associates                   (6)     (4)     (7)     (4)
Disposals of associates                     1       0       1       0
Capital expenditure on intangible
 assets                                   (22)    (14)    (36)    (26)
Disposal of intangible assets               1       0       2       2
Capital expenditure on property, plant
 & equipment                              (75)    (64)   (133)   (126)
Proceeds from sale of property, plant
 and equipment                              4      12      15      31
Other changes in (financial) fixed
 assets                                     9      (2)     23       0
Changes in minority interests               1       2       1       4
Interest received                          25       6      30      10
Dividends received                          0       0       0       0
                                       ------- ------- ------- -------
Net cash used in investing activities     (75)    (64)   (118)   (118)

Repurchase of shares                        0       0    (259)      0
Other equity changes                      (13)      3     (12)      5
Proceeds from long-term borrowings         19       9      23      15
Repayments to long-term borrowings        (16)     (4)    (25)    (16)
Proceeds from short-term borrowings        (7)     10      59       8
Repayments to short-term borrowings       (55)    (12)    (89)    (44)
Proceeds from finance lease                 2       2       3       1
Repayments to finance lease                (4)     (5)     (7)     (9)
Dividends paid                           (168)   (142)   (168)   (142)
                                       ------- ------- ------- -------
Net cash used in financing activities    (242)   (139)   (475)   (182)
                                       ======= ======= ======= =======

Changes in cash                            67     (88)   (134)    106

Cash at beginning of the period           437     668     633     470
Exchange rate differences                   7       0      12       4
Changes in cash                            67     (88)   (134)    106
Cash at end of period                     511     580     511     580
                                       ======= ======= ======= =======



                               Consolidated balance sheet


                                         01 Jul    01 Jan
                                          2005      2005
                                         EUR m     EUR m

  Goodwill                               2,481     2,425

  Other intangible assets                  221       218

Intangibles                              2,702     2,643

  Land and buildings                       976       960
  Plant and equipment                      457       464
  Other property, plant and equipment      440       453
  Construction in progress                  42        47

Property, plant and equipment            1,915     1,924

  Investments                               84        82
  Loans receivable from associates           2         2
  Other loans receivable                    23        21
  Deferred tax assets                      214       253
  Prepayments and accrued income           123       142

Financial fixed assets                     446       500

Fixed assets                             5,063     5,067

 Inventory                                  54        46
 Accounts receivable                     2,166     2,089
 Prepayments and accrued income            422       393
 Cash and cash equivalents                 511       679

Current assets                           3,153     3,207

Non-current assets held for sale            12         0
                                        =======   =======

Total assets                             8,228     8,274

  Shareholders' equity                   3,330     3,066
  Minority interests                        20        19

Group equity                             3,350     3,085

  Deferred tax liabilities                 263       236
  Provisions for pension liabilities       143       198
  Other provisions                         160       126
  Long-term debt                         1,314     1,435
  Accrued liabilities                      203       221

Non-current liabilities                  2,083     2,216

  Trade payables                           616       670
  Provisions (current)                      43        49
  Other current liabilities                864       950
  Accrued current liabilities            1,272     1,304

Current liabilities                      2,795     2,973
                                        =======   =======
Total liabilities and group equity       8,228     8,274
                                        =======   =======


                                                          Additional Information

Capital expenditure on property, plant and equipment and other intangible assets


                                       Q2 2005 Q2 2004 HY 2005 HY 2004
                                         EUR m   EUR m   EUR m   EUR m

Mail                                       25      22      43      44
Express                                    45      32      80      65
Logistics                                  22      20      40      39
Corporate                                   5       4       6       4
Total                                      97      78     169     152




Movement in shareholders' equity

                                     Q2 2005 Q2 2004  HY 2005 HY 2004
                                       EUR m   EUR m    EUR m   EUR m

Opening balance                       3,272    3,185   3,066    2,981
Profit / (Loss) attributable to
 the shareholders                       210      210     403      396
Foreign exchange effects                 21        4      39       20
Other reserves                           (5)       3     (10)       5
Cash dividend                          (168)    (139)   (168)    (139)
Closing balance                       3,330    3,263   3,330    3,263


Net debt
                                     01 Jul   01 Jan
                                       2005     2005
                                      EUR m    EUR m

Short-term debt                         225       97
Long-term debt                        1,314    1,435
Total interest bearing debt           1,539    1,532
Cash and cash equivalents              (511)    (679)
Net debt                              1,028      853


With respect to the basis of preparation of the interim financial information
presented in this press release, reference is made to our announcement of April
27, 2005 on the presentation of financial information for FY 2004 under
International Financial reporting Standards.
                                                               US GAAP Statement

Profit attributable to the shareholders

                                                       HY 2005 HY 2004
                                                         EUR m   EUR m

Profit attributable to the shareholders under IFRS        403     396
Adjustments for:
  Other employment benefits                               (23)     22
  Employment schemes and group reorganisation                      (6)
  Other intangible assets amortisation                     (2)     (2)
  Financial instruments                                            (3)
  Stock based compensation                                 (1)      3
  Real estate sale                                                 (2)
  Amortisation on restoration of previously recognised
   impairments                                              2       2
  Tax effect of adjustments                                 6      (2)

Profit attributable to the shareholders under US GAAP     385     408

Profit per ordinary share and per ADS under US GAAP(*)   84.5    85.9
(in eurocents)

(*) Based on an average number of 454.7 million ordinary shares, including ADS
(2004: 475.2 million).



Shareholders' equity


                                                         01 Jul 25 Jun
                                                           2005   2004
                                                          EUR m  EUR m

Shareholders' equity under IFRS                          3,330   3,263

Adjustments for:
  Other employment benefits                                 13       5
  Minimum pension liability                               (455)
  Employment schemes and group reorganisation                      135
  Goodwill and other long-lived intangible assets           98      82
  Other intangible assets amortisation                     (26)     (7)
  Real estate sale                                                 (22)
  Sale-lease-back transaction                               (5)     (7)
  Restoration of previously recognised impairments, net
   of amortisation                                           5      (5)
  Long term contract incentive payment                      (4)     (5)
  Pension curtailment                                        2       2
  Provisions                                                 2       1
  Other                                                     (1)
  Deferred taxes on adjustments                             50       2

Shareholders' equity under US GAAP                       3,009   3,444


Financial Calendar 2005

Monday 1 August, 2005           Ex-interim dividend date
Monday 8 August, 2005           Payment interim dividend
Monday 31 October, 2005         Publication of 2005 third quarter results
Monday 27 February, 2006        Publication of 2005 fourth quarter and full
                                 year results 


Forward-looking statements warning-Safe Harbour Statement under the US Private
Securities Litigation Reform Act of 1995

Except for historical statements and discussions, statements contained in this
press release are 'forward-looking statements' within the meaning of Section 27A
of the US Securities Act of 1933 and Section 21E of the US Securities Exchange
Act of 1934. Forward-looking statements generally can be identified by the use
of terms such as 'ambition', 'may', 'will', 'expect', 'intend', 'anticipate',
'believe', 'plan', 'seek', 'estimate', 'continue' or similar terms. 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 are based on current expectations, estimates,
forecasts, projections about the industries in which we operate, management's
beliefs and assumptions made by management about future events.  These
forward-looking statements involve known and unknown risks, uncertainties and
other factors, many of which are outside of our control, that may cause actual
results to differ materially from any future results expressed or implied in the
forward-looking statements. All material risks currently known to us have been
discussed in our most recent Annual Report on Form 20-F filed with the US
Securities and Exchange Commission.

Important factors that may cause such differences include, but are not limited
to:

· substitution of alternative methods for delivering information for our Mail
  and Express services,
· regulatory developments and changes, including with respect to the levels of
  tariffs, the scope of mandatory and reserved services, quality standard,
  liberalisation in the Dutch and European postal markets and the outcome of
  pending regulatory proceedings,
· competition in the mail, express and logistics businesses,
· decisions of competition authorities regarding proposed joint ventures or
  acquisitions,
· costs of complying with governmental regulations,
· general economic conditions, government and regulatory policies and business
  conditions in the markets served by us, including adverse effects of terrorist
  attacks, use of our delivery capabilities by criminals, anthrax incidents, war
  or the outbreak of hostilities or epidemic diseases,
· our ability to achieve cost savings and realise productivity improvements and
  the success of investments, joint ventures and alliances,
· changes in currency and interest rates,
· changes in our credit rating and their impact on our financing costs and
  requirements,
· changes in our relationship with the State of the Netherlands,
· disruptions at key sites,
· incidents resulting from the transport of hazardous materials,
· mismatches between our investment in infrastructure (aircraft, depots and
  trucks) and our actual capacity needs,
· strikes, work stoppages and work slowdowns and increases in employee costs,
· costs of completing acquisitions or divestitures and integrating newly
  acquired businesses,
· changes to the international conventions regarding the limitation of liability
  for the carriage of goods,
· if our subcontractors' employees were to be considered our employees,
· decisions of tax and other authorities with respect to our tax liabilities and
  the results of our investigations into our tax affairs,
· changes in accounting rules causing different valuation of assets and
  liabilities, and
· higher costs related to implementation of regulations such as the
  Sarbanes-Oxley Act.

These factors and other factors that could affect these forward-looking
statements are described in our annual report on Form 20-F and our other reports
filed with the US Securities and Exchange Commission. As a result of these and
other factors, no assurance can be given as to our future results and
achievements.  You are cautioned not to put undue reliance on these
forward-looking statements, which are neither predictions nor guarantees of
future events or circumstances. We disclaim any obligation to publicly update or
revise these forward-looking statements, whether to reflect new information,
future events or circumstances or otherwise.  All subsequent written and oral
forward-looking statements attributable to us or persons acting on our behalf
are similarly qualified.


    CONTACT:
            Mike Richardson
            Director Investor Relations
            Phone [phone]
            Fax   [phone]
            Email [e-mail]
            or
            David van Hoytema
            Manager Investor Relations
            Phone [phone]
            Fax   [phone]
            Email [e-mail]
            or
            Daphne Andriesse
            Senior Press Officer Media Relations
            Phone [phone]
            Fax   [phone]
            Email [e-mail]