UPS Public Offer for TNT Express – Extension of Offer Period

  UPS Public Offer for TNT Express – Extension of Offer Period

Business Wire

ATLANTA & HOOFDDORP, Netherlands -- October 31, 2012

United Parcel Service, Inc. (UPS) and TNT Express N.V. (TNT Express) today
announced The Netherlands Authority for the Financial Markets (AFM) has
granted an exemption to extend the Offer Period for the proposed acquisition
of TNT Express.

Pursuant to the AFM exemption, the Offer Period is further extended until one
week after clearances from the European Commission and the Chinese Ministry of
Commerce (MOFCOM) have been obtained, but under no circumstances later than 28
February 2013.

Status competition clearances

UPS and TNT Express expect the competition clearances from the European
Commission and MOFCOM to be the last material ones received.

The required competition clearances will not be obtained by the expiry of the
current Offer Period, which ends on 9 November 2012. As previously announced,
UPS and TNT Express expect the proposed acquisition to close in early 2013.

Further Communications

UPS will immediately make a public announcement if and when the Offer
Condition relating to competition clearance by both the European Commission
and MOFCOM is satisfied. This announcement, if made, will include the end date
of the Offer Period, which will be one week after the date on which such
clearances have been obtained, but not later than 28 February 2013.

Q3 Figures of TNT Express - No further Update Offer Memorandum and Position
Statement

On 29 October 2012, TNT Express released its Q3 consolidated interim financial
statements, which have been reviewed by an external auditor. UPS confirms that
all other information contained in the Offer Memorandum is still up to date
and contains all material information required for shareholders to adequately
consider the Offer. If additional information required to adequately consider
the Offer becomes available during the Offer Period, UPS and TNT Express will
make such information publicly available.

With reference to its press release of 11 May 2012 and the Offer Memorandum,
UPS reconfirms that it has the financing in place to finance the Offer as
required by Article 7, paragraph 4 of the Decree.

Withdrawal Rights

Pursuant to the conditions attached to the exemption granted by the AFM, any
Shares tendered prior to the date of this press release may be withdrawn. Any
Shares tendered prior to the date of this press release and not withdrawn will
remain subject to the Offer.

Long Stop Date

As set out in Sections 6.7.3 and 6.18.2(b) of the Offer Memorandum, UPS and
TNT Express have agreed a final date in respect of the satisfaction of the
Offer Conditions, which is set at 28 February 2013 (Long Stop Date). In the
event that the Offer Condition relating to competition clearance is not
fulfilled by 28 February 2013 and TNT Express opts to terminate the Merger
Protocol, it shall be entitled to receive a termination fee in the amount of
EUR 200 million from UPS.

Further Information

UPS is making the Offer on the terms and subject to the conditions and
restrictions contained in the Offer Memorandum, dated 21 June 2012. TNT
Express has also made available the Position Statement, containing the
information required by Article 18, paragraph 2 and Annex G of the Decree in
connection with the Offer.

Terms not defined in this press release shall have the meaning as defined in
the Offer Memorandum.

This announcement contains selected, condensed information regarding the Offer
and does not replace the Offer Memorandum and/ or the Position Statement. The
information in this announcement is not complete and additional information is
contained in the Offer Memorandum and the Position Statement.

Shareholders are advised to review the Offer Memorandum and the Position
Statement in detail and to seek independent advice where appropriate to reach
a reasoned judgment in respect of the Offer and the content of the Offer
Memorandum and the Position Statement.

Copies of the Offer Memorandum are available free of charge at the offices of
UPS, TNT Express, the Listing and Exchange Agent and the ADS Tender Agent and
can be obtained by contacting UPS, or TNT Express. Digital copies of the Offer
Memorandum are available on the websites of UPS (www.investors.ups.com) and
TNT Express (www.tnt.com). Digital copies of the Position Statement are
available on the website of TNT Express (www.tnt.com).

About UPS

United Parcel Service (NYSE:UPS) is a global leader in logistics, offering a
broad range of solutions including the transportation of packages and freight,
the facilitation of international trade, and the deployment of advanced
technology to manage the world of business more efficiently. Headquartered in
Atlanta, UPS serves more than 220 countries and territories worldwide. The
company can be found on the Web at UPS.com and its corporate blog can be found
at blog.UPS.com. To receive UPS news direct, visit pressroom.UPS.com/RSS.

About TNT Express

TNT Express (NYSE Euronext: TNTE) is one of the world’s largest express
delivery companies. On a daily basis, TNT Express delivers close to 1 million
consignments ranging from documents and parcels to palletized freight. The
company operates road and air transportation networks in Europe, the Middle
East and Africa, Asia-Pacific and the Americas. TNT Express had revenues of
€7.25 billion in 2011.

This is a joint press release by United Parcel Service, Inc. and TNT Express
N.V. pursuant to the provisions of Article 5:25i paragraph 2 of the Dutch Act
on Financial Supervision (Wet op het Financieel Toezicht) and Article 4
paragraph 3 of the Decree on public offers Wft (Besluit Openbare Biedingen
Wft, the Decree) in connection with the recommended public Offer by United
Parcel Service, Inc. for all the issued and outstanding ordinary shares and
all American depositary shares representing ordinary shares in the capital of
TNT Express N.V. This announcement does not constitute an offer, or any
solicitation of any offer, to buy or subscribe for any securities in TNT
Express N.V. The Offer is made only by means of the Offer Memorandum (as
defined below). This announcement is not for release, publication or
distribution, in whole or in part, in or into directly or indirectly Canada or
Japan. Terms not defined in this press release will have the meaning as set
forth in the Offer Memorandum.

Contact:

UPS
Peggy Gardner (Public Relations)
+1 404 828 6051
or
Anton Van der Lande (Europe)
+32 475 279 712
or
Andy Dolny (Investor Relations)
+1 404 828 8901
or
Maitland (UK)
Neil Bennett, Tom Buchanan, David Sturken
+44 207 379 5151
or
SPJ (The Netherlands)
Kees Jongsma, Wim Moerkerk
+31 20 647 8181
or
TNT Express
Ernst Moeksis (External Communications)
+31 (0) 651 189 384
or
Andrew Beh (Investor Relations)
+31 (0) 88 393 9500
 
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