Joint Venture

RNS Number:2375L
TPG N.V.
16 May 2003


Press release   ------------
Corporate Head Office                                       Date 16 May 2003

FIAT AUTO APPOINTS JOINT VENTURE OF TNT LOGISTICS AND ARVIL AS SOLE OPERATOR

Fiat Auto has decided to award the Inbound Logistics activities (material and
components transport, handling and assembly line feeding) of all Italian plants
to a joint venture of TNT Logistics and Arvil as Sole Operator.


The aim of this transaction is to optimise and integrate all logistics services
and to further improve the planning and management of material flows.


The Sole Operator will be incorporated through a joint venture, 51% of which is
owned by the Italian Business Unit of TNT Logistics (a division of TPG N.V., the
global Mail, Express and Logistics company) and 49% by Arvil (Arcese & Bonzano
Group). In the past, Fiat Auto had three separate service agreements with three
independent Logistics providers and outsourced its Inbound Logistics activities
respectively to: TNT Logistics, for the plants located in Northern Italy
(Mirafiori, Rivalta, Verrone); Arvil, for plants in Termoli, Sevel, Melfi and
Termini Imerese; Logint for the Pomigliano and Cassino plants.


The joint venture parties TNT Logistics and Arvil recently acquired each 50% of
the shares of Logint. Both parties will contribute their shares in Logint to the
joint venture. The joint venture will have 3,500 employees and an annual revenue
of around Euro 250 Million.


TNT Logistics will play a proactive role in the project of optimising and
integrating all of the logistics services, which will require substantial
reengineering of the supply chain and the integrated management of material
flows.


The guidelines of this project were presented today in Turin in a meeting
between Fiat Auto, TNT Logistics, Arvil and the Italian Transport Associations.


The agreement between Fiat Auto and the prospective joint venture TNT-Arvil has
received the approval of the Italian Antitrust Authority.

Notes to the editor:

TPG, with its two brands TNT and Royal TPG Post, is a global provider of mail,
express and logistics services. The group employs over 150,000 people in 62
countries and serves over 200 countries. For 2002 the company reported sales of
Euro 11.7 billion, an increase of 5% over the previous year. TPG N.V. is publicly
listed on the stock exchanges of Amsterdam, New York, London and Frankfurt.

For further information, please contact (not for publication):

Tanno Massar, Director TPG Media Relations

Tel: + 31 20 500 6171

Mobile: [phone]

E-mail: [e-mail]


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