TPG

Since 29 June 1998, following our demerger from KPN, our ordinary shares have been listed on the Amsterdam Stock Exchange (which was renamed Euronext Amsterdam in connection with the merger of the Amsterdam, Brussels and Paris stock exchanges in 2000), the London Stock Exchange, the New York Stock Exchange and the Frankfurt Stock Exchange.

The principal market for trading in TPG ordinary shares is Euronext Amsterdam. TPG is included in the AEX index, which comprises the top 25 companies in the Netherlands, ranked on the basis of their turnover in the stock market and free float. We have an unrestricted sponsored American Depositary Receipt (ADR) facility with Citibank N.A. as depositary. The ADRs evidence American Depositary Shares (ADSs), which represent the right to receive one ordinary share. The ADSs trade on the New York Stock Exchange under the symbol TP.

Average daily volume (in shares) in 2004:

The highest quotation of TPG shares during 2004 was € 20.15 on 7 October and the lowest was € 16.22 on 24 March. A total of 5,836,500 shares in the form of ADRs were traded on the New York Stock Exchange in 2004, compared with 5,674,500 in 2003.

Stock performance

Our relative performance on the AEX at closing prices during 2004

(AEX index rebased to TPG)

Our relative performance on the AEX at closing prices since its listing in 1998

(AEX index rebased to TPG)

Our ordinary shares are held worldwide in the form of bearer shares, non-ADS registered shares and ADSs. Outside the United States, ordinary shares are held primarily in bearer form. In the United States, ordinary shares are held primarily in the form of ADSs. Only bearer shares are traded on Euronext Amsterdam and the other European exchanges on which our ordinary shares are listed. Only ADRs relating to ADSs are traded on the New York Stock Exchange.

The following table indicates the form in which the ordinary shares were held as of February 2005:

1 Held by approximately 55 holders of record. Since some shares are held by brokers and other nominees for their clients, this number may not be representative of the actual number of ordinary shares held by US residents or of the actual number of US-resident beneficial holders of ordinary shares.

On 4 October 2004, TPG took delivery of 7.6 million shares at €19.74 per share. On 5 January 2005, TPG took delivery of another 13.1 million shares at the same price. As of that date, the State of the Netherlands owned 18.6% of TPG’s ordinary shares.

In 2004, 398.7 million TPG shares were traded on the Euronext Amsterdam market (2003: 336.6 million).

Peer group comparison

For comparative reasons, we have defined a peer group of publicly listed companies with activities in the same industries in which TPG is active. This peer group consists of the Germany-based company Deutsche Post World Net (DPWN) with activities in mail, express and logistics; the United Kingdom-based company Exel, with activities in logistics; Switzerland-based Kuehne & Nagel, with activities in freight management and logistics; as well as the two United States-based express carriers Federal Express (FDX) and United Parcel Service (UPS). For this peer group, the comparative performance in terms of total shareholder returns in 2004 is charted below.

Total shareholder return

Dividend

We aim to meet shareholder return requirements through dividends and growth in value of our shares. TPG annually pays interim and final dividends in cash, denominated in euros. Exchange rate movements will affect the amounts received by ADS holders on conversion by the depository of such cash dividends.

2005 financial calendar

• 28 February Announcement of 2004 full-year results
• 7 April TPG Annual General Meeting of Shareholders
• 11 April Ex-dividend listing of TPG shares
• 18 April Payment of final dividend
• 4 May Publication of 2005 first-quarter results
• 29 July Publication of 2005 half-year results
• 31 October Publication of 2005 third-quarter results

Publications

TPG Share is a Dutch-language quarterly magazine distributed to 14,000 individual shareholders and other interested readers in the Netherlands. This magazine and other publications can also be viewed and ordered through our website.

Websites

For the latest and archived press releases, corporate presentations and speeches, current share price and other company information such as our online annual report and interim reports, visit our website at www.tpg.com.

Our website also offers special sections with information about Corporate Governance and Investor Relations, and links to the websites of Euronext Amsterdam; the United States Securities and Exchange Commission; AFM, the authority for Dutch financial markets; and other public institutions.

Our interactive site is continuously refined to better reflect those topics of interest to investors. It is possible to subscribe via the website to regular e-mail updates about our company and related topics.

We also invite you to visit www.tnt.com and www.tpgpost.com.

TPG Investor Relations

Through our Investor Relations activities, we aim to provide shareholders with accurate and timely information. We proactively and openly communicate with institutions and private investors and with intermediary groups such as analysts and financial journalists.

In addition to the quarterly, half-yearly and yearly financial results presentations, we maintain regular contacts with financial analysts and retail and institutional investors through meetings, roadshows, conference calls and visits. In 2004, we visited investors in major financial cities in Europe, the United States and Asia.

Our annual report on Form 20-F is filed electronically with the United States Securities and Exchange Commission.

Mailing address

TPG Investor Relations
P.O. Box 13000
1100 KG Amsterdam
The Netherlands

Visiting address

Neptunusstraat 41-63
2132 JA Hoofddorp
The Netherlands
Telephone: +31 20 500 6455
Fax: +31 20 500 7515
E-mail: investorrelations@tpg.com
Website: www.tpg.com