European postal markets: an overview of volume, rates and quality in 2014

European postal markets
2014 an overview

Foreword
3
I am pleased to offer you a concise comparison of selected European mail markets and their
principal postal players. The comparison includes amongst others volume development, mail
density, quality, profitability and regulatory status.
Some conclusions. Mail volume substitution in the Netherlands is one of the highest in Europe
driven by the adaptation rate of electronic communication. Dutch mail density is however still
relatively high partly due to a moderate pricing strategy and supported by ongoing efficiency
measures. These measures are implemented in a socially responsible way: since 2006 PostNL
has helped 7600 employees to new jobs outside the company. The PostNL base rate is not
anymore one of the lowest in Europe but still below average. In 2013 we saw a steep rise in the
quality level for next day delivery to 95.9% in 2013 from below the 95% target in 2012.
I hope you will find this booklet informative.
Herna Verhagen

Notes
4 This page is intentionally left blank

Liberalisation in Europe as per 2014
Liberalised, end-to-end competition
Liberalised, competition with limitations
Liberalised, no relevant competition (less than 5%)
Volumes addressed mail in %*
34%
34%
32%
Sources: Annual Reports, Copenhagen Economics (2010), IPC, National Regulators,, PostNL Team Analysis, WIK (2013)5
* Figures are based on market volumes

Universal Service Obligation as per 2014
NL DE SE FI UK ES IT AT FR BE DK
Standard
letter post
√ √ √ √ √ √ √ √ √ √ √
Bulk letters x x x x x √ √ √ √ √ √
Direct mail x x x x x x x √ √ √ √
Periodicals x x x x x x √ √ √ √ √
Non-priority
letter post
x x x √ √ x x x √ √ √
Standard
parcel post
√ √ √ √ √ √ √ √ √ √ √
Bulk parcels x x x x x √ x √ x √ √
Sources: IPC, PostNL Team Analysis, WIK (2013)6

Rate comparison: single item rates
Single item rate up to 20g (D+1), DL/C6 format, CPL corrected (2014, €)
Single item rates have been corrected for the Dutch Comparative Price Level (CPL). The CPL is
the ratio of Purchasing Power Parity (PPP) of a country to Dutch PPP.
Note: In Spain the standard single item rate 20g is based on a D+3 service level. The D+1 rate is relatively high (€3.15) and therefore not
incorporated in this graph. Note: Deutsche Post, bpost and Poste Italiane apply a significant higher rate for a C5 format up to 20g.
Sources: OECD, PostNL Team Analysis, Websites of PPO’s7
€ 0.59
€ 0.63 € 0.64 € 0.64 € 0.66 € 0.69
€ 0.74 € 0.74
€ 0.88
€ 0.93
PostNord
(SE)
Austrian
Post
Deutsche
Post
PostNL La Poste bpost Royal Mail Poste
Italiane
Itella PostNord
(DK)

Rate comparison: weighted single item rates
Weighted single item rate (D+1), CPL corrected (2014, €)
Sources: OECD, PostNL Team Analysis, Websites of PPO’s
Note: In Spain the standard single item rate 20g is based on a D+3 service level. The D+1 rate is relatively high (€3.15) and therefore
not incorporated in this graph.
As several countries have introduced size based single item rates, the rate comparison is based
not only on the basic 20g rate, but is weighted by the different size and weight categories as well.
8
€ 0.73 € 0.73 € 0.76 € 0.80 € 0.81
€ 0.91
€ 1.00
€ 1.09
€ 1.15
€ 1.53
PostNord
(SE)
Austrian
Post
Royal Mail La Poste PostNL Itella PostNord
(DK)
bpost Deutsche
Post
Poste
Italiane

Volume development in Europe 2009 - 2012
Volumes addressed mail in %*
Compound annual market growth rate
> 0%
-3% to 0%
-6% to -3%
< -6%
Sources: Annual Reports, National Regulators, PostNL Team Analysis10
* Figures are based on market volumes
25%
7%
48%
20%

Country comparison
Total addressed mail items in 2012 (in millions)
Addressed mail items per household in 2012
Sources: Annual Reports, Eurostat, National Regulators, PostNL Team Analysis
 Germany surpassed the UK as the
largest European market in terms of
volume
 The markets of Germany, the UK
and France combined add up to
two-thirds of the total addressed
mail market (in volume) of the
countries listed
 Households in the UK, Sweden and
the Netherlands receive most
addressed mail items per year
 In Italy a household receives 69%
less mail than in the Netherlands
 In all countries, the number of
addressed mail items per household
has declined compared to 2011, with
up to 12.1% (average 5.9%)
11
685
1,060
1,650
1,993
2,645
4,173
4,411
4,577
13,721
15,675
16,700
Denmark
Finland
Austria
Belgium
Sweden
Netherlands
Italy
Spain
France
UK
Germany
174
263
294
416
416
430
449
494
560
576
600
Italy
Spain
Denmark
Finland
Germany
Belgium
Austria
France
Netherlands
Sweden
UK

Next-day delivery
Next-day delivery (PPO) in 2012
 Correos has a D+3 target of 93%, which it realises (96.3%). D+1 performance is 68.8%
Sources: Annual Reports, IPC, National Regulators, PostNL Team Analysis, WIK (2013)
* PostNL reported a next-day delivery quality of 95.9% over 2013
** Royal Mail has a broken book year 2012-2013
*** bpost did not report the domestic next-day delivery quality in 2012, therefore the 2011 figure is presented. In Belgium, a quality of
service basket comprising the main single piece products of the universal service defines the level of overall delivery time to reach
(95% of the items to be delivered in time)
12
87.9% (target 85.0%)
90.4% (target 80.0%)
92.3%***
92.5%** (target 93.0%)
92.9% (target 89.0%)
93.5% (target 93.0%)
93.9%* (target 95.0%)
95.0% (target 80.0%)
95.4% (target 85.0%)
96.0% (target 95.0%)
La Poste
Itella
bpost
Royal Mail
Poste Italiane
PostNord (DK)
PostNL
Deutsche Post
PostNord (SE)
Austrian Post

Financial comparison Public Postal Operators
Mail revenue (PPO) (2012, in million €)
 Mail revenues and EBIT of
Austrian Post, bpost, La Poste and
PostNL do not include parcels
 The revenues and EBIT include
domestic and cross border
activities
 The figures of PostNL exclude the
activities of the International
division
 bpost and Correos did not report
their Mail EBIT
 The Mail EBIT of Poste Italiane is
strongly influenced by financial
services and therefore not shown
 The Mail EBIT of La Poste does
not include the net costs of
territorial presence (€621 mln)
13
Mail EBIT (PPO) (2012, in million €)
Sources: Annual Reports, PostNL Team Analysis
1,144
1,168
1,508
1,739
1,833
1,897
2,319
4,657
9,582
11,410
13,972
PostNord (DK)
Itella
Austrian Post
Correos
PostNord (SE)
bpost
PostNL
Poste Italiane
Royal Mail
La Poste
Deutsche Post
-2
74
86
91
273
313
684
1,051
PostNord (DK)
Itella
PostNL
PostNord (SE)
Austrian Post
Royal Mail
La Poste
Deutsche Post

Financial comparison Public Postal Operators
Mail revenue development* (PPO) 2011 - 2012
 Mail revenues of Austrian Post, bpost,
La Poste and PostNL do not include
parcels
 The revenues include domestic and
cross border activities
 The figure of PostNL excludes the
activities of the International division
 The presented developments exclude
currency effects; the figures of Royal
Mail (16.5%), PostNord SE (3.9%) and
PostNord DK (-6.2%) are higher when
currency effects are included
 bpost and Correos did not report their
Mail EBIT
 The Mail EBIT of Poste Italiane is
strongly influenced by financial
services and therefore not shown
 The RoS of La Poste does not include
the net costs of territorial presence
(€621 mln)
14
Mail return on sales (PPO) 2012
* Difference between 2011 and 2012 mail revenues in local currency,
as a % of 2011 mail revenues
Sources: Annual Reports, PostNL Team Analysis
-10.6%
-9.9%
-9.8%
-5.2%
-1.4%
-0.2%
0.0%
0.5%
1.3%
1.4%
8.0%
Correos
PostNord (DK)
Poste Italiane
PostNL
La Poste
PostNord (SE)
Deutsche Post
Austrian Post
bpost
Itella
Royal Mail
-0.2%
3.3%
3.7%
5.0%
6.0%
6.3%
7.5%
18.1%
PostNord (DK)
Royal Mail
PostNL
PostNord (SE)
La Poste
Itella
Deutsche Post
Austrian Post

Quality versus weighted postal rate
Sources: Annual Reports, National Regulators, OECD, PostNL Team Analysis, Websites of PPO’s, WIK (2013)
Note: The weighted postal rate is a weighted average of the CPL-corrected single item rates in the different weight and size categories.
Note: The 2011 domestic next-day delivery quality figure of bpost is taken as a best guess for the (unreported) 2012 figure.
Note: Correos is not included due to incomparability of data. Note: Average based on companies presented.
15
85%
90%
95%
100%
0.50 0.60 0.70 0.80 0.90 1.00 1.10 1.20
Royal Mail (UK)
Top end
Low end
PostNL (NL)
Austrian Post (AT)
Deutsche Post (DE)
Poste Italiane (IT)
La Poste (FR)
bpost (BE)European average
PostNord (SE)
PostNord (DK)
Domestic next-day delivery (2012)
Weighted domestic single item rate 2012 (D+1, in €, CPL corrected)
Itella (FI)

Return on sales (mail) versus weighted postal rate
Sources: Annual Reports, OECD, PostNL Team Analysis, Websites of PPO’s
Note: The weighted postal rate is a weighted average of the CPL-corrected single item rates in the different weight and size categories.
Note: Correos and Poste Italiane are not included due to incomparability or unavailability of data.
Note: The RoS of La Poste does not include the net costs of territorial presence (€621 mln). Note: Average based on companies presented.
16
-5%
0%
5%
10%
15%
20%
0.50 0.60 0.70 0.80 0.90 1.00 1.10 1.20
bpost (BE)
Top end
Low end
PostNL (NL)
Austrian Post (AT)
Deutsche Post (DE)
La Poste (FR)
Royal Mail (UK)
European average
PostNord (SE)
PostNord (DK)
RoS Mail (2012)
Weighted domestic single item rate 2012 (D+1, in €, CPL corrected)
Itella (FI)

Austria
Sources: Austrian Post, bmvit, IPC, PostNL Team Analysis, RTR, WIK (2013)
Incumbent: Austrian Post (52.8% state owned)
Value addressed postal market: € 1.1 billion (2012)
Market characteristics
18
Challenges Effect on market
 Postal law  Includes a strict licensing system with de
facto requirements on labour conditions
to be the same as Austrian Post.
 Postal law extremely hinders
competition in addressed market.
 Letterboxes in apartment-buildings
open for competition per 1-1-2013.
 Regulatory framework  Weak price regulation and extra strong
regulation on licensing.
 Austrian NRA has no authority to
collect compliance data from the
USP and does not do so.
 Competition  Last nationwide competitor, Redmail,
withdrawn from market as per 1-2-2011.
 Express organisations are considered as
postal competitors.
 Clients Redmail taken over by
Freiba (100% AP).
 Competitors with >€1 mln sales
participate in net costs.
 VAT exemption  Distortion of competition: Austrian Post is
exempt from charging VAT for Universal
Service Products, its competitors are not.
 Effect should be limited with single
item USO, but it is not since USO
interpretation is extended to bulk
services.

Austria – Austrian Post
19 Sources: CIA World Factbook, Eurostat, OECD, PostNL Team Analysis, Website of Austrian Post, Worldbank
2008 2009 2010 2011 2012 2013 2014 1yr 3yrs
Volume total mail items (in million items) 5,590 5,570 5,480 5,455 5,250 -3.8% -2.0%
addressed mail items (in million items) 1,890 1,770 1,680 1,655 1,650 -0.3% -2.3%
unaddressed mail items (in million items) 3,700 3,800 3,800 3,800 3,600 -5.3% -1.8%
Financials group revenue gf (in million €) 2,522 2,447 2,442 2,423 2,438 0.6% -0.1%
mail revenue m (in million €) 1,652 1,586 1,449 1,501 1,508 0.5% -1.7%
group EBIT (operating profit) gf (in million €) 170 149 157 168 182 8.4% 6.9%
mail EBIT (operating profit) m (in million €) 269 212 216 277 273 -1.7% 8.7%
profit gf (in million €) 119 80 118 123 123 0.0% 15.6%
Workforce group FTE gf 27,002 25,921 24,969 23,369 23,181 -0.8% -3.7%
mail FTE m 20,766 19,951 18,188 17,482 17,192 -1.7% -4.8%
group employees gf 29,326 28,209 - - - - -
mail employees m - - - - - - -
Quality domestic quality 96.1% 96.0% 95.4% 96.1% 96.0%
Postal rates domestic, up to 20g € 0.55 0.55 0.55 0.62 0.62 0.62 0.62 0.0% 0.0%
domestic, up to 50g € 0.75 0.75 0.75 0.90 0.90 0.90 0.90 0.0% 0.0%
domestic, up to 100g € 1.00 1.00 1.00 1.45 1.45 1.45 1.45 0.0% 0.0%
domestic, up to 250g € 1.25 1.25 1.25 1.45 1.45 1.45 1.45 0.0% 0.0%
international (Europe), up to 20g € 0.65 0.65 0.65 0.70 0.70 0.70 0.70 0.0% 0.0%
international (rest of the world), up to 20g € 1.40 1.40 1.40 1.70 1.70 1.70 1.70 0.0% 0.0%
Country exchange rate EUR/EUR 1.000 1.000 1.000 1.000 1.000 1.000 1.000
inhabitants million 8.21 8.21 8.21 8.22 8.22 0.0% 0.0%
households million 3.57 3.60 3.62 3.65 3.68 0.8% 0.7%
land area km² 82,444 82,445 82,445 82,443 82,445
households per square kilometer 1/km² 43.3 43.6 44.0 44.3 44.6 0.8% 0.7%
CPL 99 98 97 100 98 -2.0% 0.0%
GDP (in billion €) 282.8 276.6 285.0 297.0 307.4 3.5% 3.6%
internet access 54% 58% 64% 72% 77%
Key figures addressed volume per inhabitant items 230 216 205 201 201 -0.3% -2.4%
addressed volume per HH items 530 492 464 453 449 -1.1% -3.0%
addressed volume per FTE m (in 1000 items) 91.0 88.7 92.4 94.7 96.0 1.4% 2.7%
revenue per FTE m (in 1000 €) 79.6 79.5 79.7 85.8 87.7 2.2% 3.3%
gross margin m EBIT/revenue 16.3% 13.4% 14.9% 18.5% 18.1% -2.1% 10.6%
Notes Mail figures - At the beginning of 2012 the former Mail Division and Branch Network Division were merged to create the new Mail & Branch Network Division
Financials - Small restate in profit of 2011 is made by Austrian Post (without explanation)
CAGR

Belgium
Sources: BIPT, bpost, IPC, PostNL Team Analysis, Raad voor de Mededinging, WIK (2013)
Incumbent: bpost (50% + 488 shares state owned)
20
 USO  Large definition of USO.  USO with bpost until 2020.
 VAT exemption  Distortion of competition: bpost is exempt from charging VAT for Universal
Service Products, its competitors are not. This leads to a price difference for
customers who cannot settle VAT on purchases.
 Regulatory framework  Little regulatory power for BIPT
(Belgian regulator).
 Law is imposing licensing system with
conditions on delivery frequency and
80% coverage within 5 years.
 Labour conditions  The postal law states that postal companies are not allowed to use self-
employed.
 State aid  bpost is compensated for additional
services in the public interest.
 Example: newspaper distribution.

Belgium - bpost
21 Sources: CIA World Factbook, Eurostat, OECD, PostNL Team Analysis, Website of bpost, WIK (2013), Worldbank
2008 2009 2010 2011 2012 2013 2014 1yr 3yrs
Volume total mail items (in million items) - - - - - - -
unaddressed mail items (in million items) - - - - - - -
Financials group revenue gf (in million €) 2,262 2,250 2,318 2,365 2,416 2.2% 2.4%
mail revenue m (in million €) 1,830 1,813 1,862 1,874 1,897 1.3% 1.5%
group EBIT (operating profit) gf (in million €) 269 374 322 69 323 366.8% -4.7%
mail EBIT (operating profit) m (in million €) - - - - - - -
profit gf (in million €) 222 291 210 -57 174 - -15.7%
mail FTE m - - - - - - -
group employees gf 35,313 34,180 33,616 32,110 29,922 -6.8% -4.3%
Quality domestic quality 93.6% 93.2% 93.3% 92.3% -
domestic, up to 50g € 0.54 0.59 0.59 0.61 0.65 0.67 0.70 4.5% 4.7%
domestic, up to 100g € 1.08 1.18 1.18 1.22 1.30 1.34 1.40 4.5% 4.7%
domestic, up to 250g € 1.62 1.77 1.77 1.83 1.95 2.01 2.10 4.5% 4.7%
households million 4.51 4.57 4.62 4.65 4.64 -0.3% 0.5%
land area km² 30,278 30,278 30,278 30,278 30,278
households per square kilometer 1/km² 148.9 150.9 152.7 153.7 153.2 -0.3% 0.5%
CPL 104 102 104 105 102 -2.9% 0.0%
GDP (in billion €) 338.0 336.7 354.2 363.1 376.3 3.7% 3.8%
addressed volume per FTE gf (in 1000 items) 72.3 70.9 71.9 73.8 74.8 1.4% 1.8%
revenue per FTE gf (in 1000 €) 73.8 74.9 79.0 84.5 90.7 7.3% 6.6%
gross margin gf EBIT/revenue 11.9% 16.6% 13.9% 2.9% 13.4% 356.9% -7.0%
Notes Financials - Provisions in 2011 (€290.8 mln) and 2012 (€82.5 mln) to cover consequences of EC-decision negatively influence profit figures
Quality - In 2012 no D+1 quality figure was reported by bpost; reported overall delivery quality was 94%(not only D+1)
Quality - Quality figure of 2011 has been restated due to new information
CAGR

Denmark
Sources: IPC, Posten Norge, PostNL Team Analysis, PostNord, WIK (2013)
Incumbent: PostNord (100% state owned)
22
 Licensing  Licensing system for operators in USO- and
non-USO area. Post Danmark has individual
license for USO-area (2011).
 Possibility of introduction of
compensation fund for USO
net costs.
 Merger with Posten AB  In 2009 Post Danmark merged with Swedish
Posten AB.
 Consortium operates through Swedish holding
PostNord AB (100% state owned).
 Although 60% of PostNord is
owned by Swedish state and
40% by Danish state, the
voting ratio is 50/50.
 VAT exemption  Distortion of competition: Post Danmark is
exempt from charging VAT for Universal
Service Products, its competitors are not. This
leads to a price difference for customers who
cannot settle VAT on purchases.
 Bring Citymail (owned by
Posten Norge) discontinued
its operations in Denmark at
the end of 2009.
 E-substitution  The number of letter post items in 2012 was
about one-quarter of the volume in 1988.
 Effect of e-substitution on
volume much greater than
competition.

Denmark - PostNord
23 Sources: CIA World Factbook, Eurostat, OECD, PostNL Team Analysis , Website of PostNord, Worldbank
2008 2009 2010 2011 2012 2013 2014 1yr 3yrs
Volume total mail items (in million items) 2,673 2,536 2,229 1,958 - - -
addressed mail items (in million items) 1,083 985 885 777 685 -11.8% -11.4%
unaddressed mail items (in million items) 1,590 1,551 1,344 1,181 - - -
Financials group revenue g (in million €) 4,800 4,241 4,401 4,394 4,510 2.6% 2.1%
mail revenue mp (in million €) 1,487 1,388 1,332 1,220 1,144 -6.2% -6.2%
group EBIT (operating profit) g (in million €) 305 27 144 174 42 -75.9% 16.0%
mail EBIT (operating profit) mp (in million €) 124 42 67 39 -2 - -
profit g (in million €) 284 228 108 135 30 -78.2% -49.4%
Workforce group FTE g 51,783 47,624 44,060 41,714 39,713 -4.8% -5.9%
mail FTE mp 17,649 16,320 15,187 13,766 12,521 -9.0% -8.5%
group employees g - - - - - - -
mail employees mp - - - - - - -
domestic, up to 50g € 0.74 0.74 0.74 0.74 1.08 1.07 1.21 12.5% 17.8%
domestic, up to 100g € 1.34 1.61 1.68 1.68 2.15 2.15 2.41 12.5% 12.9%
domestic, up to 250g € 2.15 2.42 2.48 2.48 3.36 3.35 3.75 12.0% 14.8%
Country exchange rate SEK/EUR 9.665 10.582 9.535 9.044 8.686 8.666 8.666
households million 2.42 2.39 2.31 2.32 2.33 0.3% -0.9%
land area km² 42,394 42,434 42,434 42,434 42,434
households per square kilometer 1/km² 57.2 56.3 54.5 54.8 54.9 0.3% -0.9%
CPL 135 136 138 134 131 -2.2% -1.2%
GDP (in billion €) 232.8 222.5 235.2 236.1 245.2 3.9% 3.3%
addressed volume per FTE mp (in 1000 items) 61.4 60.4 58.3 56.4 54.7 -3.1% -3.2%
revenue per FTE mp (in 1000 €) 84.3 85.0 87.7 88.6 91.4 3.1% 2.4%
gross margin mp EBIT/revenue 8.3% 3.0% 5.0% 3.2% 0.2%- - -
Notes Financials - Increase in group revenue of 2012 is due to exchange rate effect (group revenue decreased with 1.4%in local currency)
Financials - Group EBIT and profit 2012 are impacted with significant restructuring costs and extraordinary write-downs (together accounting for €162 mln)
Postal rates - The decrease of domestic postal rates in 2013 is explained by a currency effect
Country - Exchange rate applies to financials from the annual report. Postal rates are based on DKK exchange rate
CAGR

Finland
Sources: ECORYS (2008), Ficora (2011), IPC, Itella, PostNL Team Analysis, WIK (2013)
Incumbent: Itella Posti Oy (100% state owned)
24
 Regulatory framework  A very strict licensing system was
applicable but abandoned under the
2011 postal law.
 Finland renewed the postal regulation
in June 2011, which is now up to date
and aligned with the latest postal
directive. Quality requirement is
changed from D+1 to D+2.
 Licensing  Under the 2011 act, government must
grant a license if the licensee meets
minimal qualifications and the area for
which the license is sought must be
uniform.
 Government must impose license
conditions, but this is unclear because
no license has been granted under the
new act.
 Price discrimination  Some problems with access tariffs: mail consolidators are not offered the same
tariffs as similar bulk mailers, despite legislation change.
 Competition  As yet, the company has no direct
competitors in basic mail delivery.
 Potentially some competition in
package delivery.
 Market • Itella Bank started as a deposit bank
in the beginning of 2012.
• Entire share capital of Itella Bank Ltd in
2013 divested to Savings Banks.

Finland - Itella
25 Sources: CIA World Factbook, Eurostat, OECD, PostNL Team Analysis, Website of Itella, WIK (2013), Worldbank
2008 2009 2010 2011 2012 2013 2014 1yr 3yrs
Volume total mail items (in million items) 1,990 2,005 2,045 1,950 2,090 7.2% 1.4%
unaddressed mail items (in million items) 790 900 950 850 1,030 21.2% 4.6%
mail revenue m / mp (as of '09) (in million €) 918 1,168 1,142 1,152 1,168 1.4% 0.0%
group EBIT (operating profit) g (in million €) 69 47 32 -6 39 - -5.8%
mail EBIT (operating profit) m / mp (as of '09) (in million €) 90 64 48 31 74 135.7% 5.2%
profit g (in million €) 19 -5 14 -31 14 - -
mail FTE m / mp (as of '09) - - - - - - -
group employees g 28,163 29,568 29,022 27,585 27,816 0.8% -2.0%
mail employees m / mp (as of '09) 19,745 19,168 19,314 17,883 17,844 -0.2% -2.4%
domestic, up to 50g € 0.70 0.80 0.80 0.75 0.75 0.80 1.00 25.0% 10.1%
domestic, up to 100g € 1.05 1.10 1.10 1.05 1.05 1.10 1.40 27.3% 10.1%
domestic, up to 250g € 1.50 1.60 1.60 1.50 1.50 1.60 2.00 25.0% 10.1%
land area km² 304,473 303,815 303,815 303,815 303,815
CPL 121 119 119 114 115 0.9% -1.1%
GDP (in billion €) 184.3 170.7 181.0 188.8 192.8 2.1% 4.1%
addressed volume per FTE g (in 1000 items) 54.2 50.2 52.2 50.6 52.6 4.0% 1.6%
revenue per FTE g (in 1000 €) 88.3 81.9 86.2 88.6 97.9 10.5% 6.1%
gross margin m / mp (as of '09) EBIT/revenue 9.8% 5.4% 4.2% 2.7% 6.3% 132.5% 5.2%
Notes Mail figures - As of 2009 parcels are included in the mail figures
Financials - Group revenues as of 2009 include other operating income
Financials - The EBIT and profit of 2011 are negatively influenced by the initial costs of a cost cutting program
Quality - Small restate in quality figure of 2010 due to new information
Postal rates - As of June 1 in 2011, VAT is no longer applicable on letters and postal parcels paid in cash
CAGR

France
Sources: Arcep, IPC, La Poste, PostNL Team Analysis, WIK (2013)
Incumbent: La Poste (100% state owned)
26
 Price discrimination  Mail consolidators are not offered the same
tariffs as comparable bulk mailers.
 Practice approved by French
competition authority.
 Access  Difficulties in cities with access to apartments that use La Poste’s entry system.
 Regulatory framework  Full liberalisation as of 1-1-2011. Terms, rules and procedures for contributing to
a compensation fund are defined, with a clear role for Arcep (French regulator).
 Government subsidy  Incumbent is subsidised for distributing
press items and keeping a certain presence
in rural areas with post offices.
 European Commission
authorized this on 25-01-2012.
 VAT exemption  Distortion of competition: La Poste is exempt from charging VAT for Universal
Service Products, which cover the complete mail market. Its competitors are not.
This leads to a price difference for customers who cannot settle VAT on
purchases.

France – La Poste
27 Sources: Arcep, CIA World Factbook, Eurostat, OECD, PostNL Team Analysis, Website of La Poste, Worldbank
2008 2009 2010 2011 2012 2013 2014 1yr 3yrs
unaddressed mail items (in million items) 7,049 6,694 6,513 6,355 5,733 -9.8% -5.0%
mail revenue m (in million €) 12,023 11,665 11,538 11,568 11,410 -1.4% -0.7%
group EBIT (operating profit) gf (in million €) 886 757 784 670 816 21.8% 2.5%
mail EBIT (operating profit) m (in million €) 545 661 651 757 684 -9.6% 1.1%
profit gf (in million €) 535 537 537 467 481 3.0% -3.6%
mail FTE m - - - - - - -
group employees gf - - - - - - -
domestic, up to 50g € 0.88 0.90 0.95 0.95 1.00 1.05 1.10 4.8% 5.0%
domestic, up to 100g € 1.33 1.35 1.40 1.45 1.45 1.55 1.65 6.5% 4.4%
domestic, up to 250g € 2.18 2.22 2.30 2.30 2.40 2.55 2.65 3.9% 4.8%
land area km² 545,630 549,970 549,970 549,970 549,970
CPL 104 102 103 104 100 -3.8% -0.7%
GDP (in billion €) 1,938.1 1,903.7 1,939.9 1,968.2 2,034.7 3.4% 2.2%
addressed volume per FTE gf (in 1000 items) 54.6 53.4 53.5 53.3 51.5 -3.4% -1.2%
gross margin m EBIT/revenue 4.5% 5.7% 5.6% 6.5% 6.0% -8.4% 1.9%
Note Volume - Volumes of La Poste are based on an ARCEP-report (La Poste volumes are assumed to be the same as market volumes)
Volume - Small restate in volume figures of 2010 and 2011 due to new information
Financials - The mail EBIT does not include the net costs of territorial presence (€665 mln in 2009, €642 mln in 2010, €606 mln in 2011, €621 mln in 2012)
Quality - Small restate in quality figure of 2011 due to new information
CAGR

Germany
Incumbent: Deutsche Post (21% state owned)
Sources: BBD, Bundesnetzagentur (2012), IPC, PostNL Team Analysis, WIK (2013)
28
 Minimum wage  Will come under the coalition
Government of SPD and CDU/CSU.
• Proposed level is what is usual in the postal
sector in Germany.
 VAT exemption  Bulk mail is not VAT exempt anymore.
 Competition  Infopost (DM) tariffs unauthorised
used for letter mail.
 The appeal of DPAG against the decision of
the Federal Network Agency is in court.
 Competition  Possible hindering competition on
the letter services market.
 The proceedings against the Deutsche Post
AG for the discounted prices for large
volume mailings will be completed by the
Federal Cartel Office in 2014.
 Regulatory
framework
 Weak regulation, e.g. ex ante price
control.
 Renewal of legislation is not to be expected.

Germany – Deutsche Post
29 Sources: CIA World Factbook, Eurostat, OECD, PostNL Team Analysis, Website of Deutsche Post, Worldbank
2008 2009 2010 2011 2012 2013 2014 1yr 3yrs
unaddressed mail items (in million items) 4,940 4,580 4,285 4,105 4,197 2.2% -2.9%
mail revenue mp (in million €) 14,393 13,912 13,913 13,973 13,972 0.0% 0.1%
group EBIT (operating profit) gf (in million €) -966 231 1,835 2,436 2,665 9.4% 126.0%
mail EBIT (operating profit) mp (in million €) 2,179 1,391 1,120 1,107 1,051 -5.1% -8.9%
profit gf (in million €) -1,266 261 2,630 1,266 1,780 40.6% 89.6%
Workforce group FTE gf 451,515 424,686 418,946 423,502 428,129 1.1% 0.3%
mail FTE mp 142,674 144,968 146,005 147,487 145,850 -1.1% 0.2%
group employees gf 512,536 477,280 467,088 471,654 473,626 0.4% -0.3%
domestic, up to 50g € 0.90 0.90 0.90 0.90 0.90 0.90 0.90 0.0% 0.0%
domestic, up to 100g € 1.45 1.45 1.45 1.45 1.45 1.45 1.45 0.0% 0.0%
domestic, up to 250g € 1.45 1.45 1.45 1.45 1.45 1.45 1.45 0.0% 0.0%
inhabitants million 82.37 82.33 82.28 81.47 81.31 -0.2% -0.4%
land area km² 349,223 348,672 348,672 348,672 348,672
CPL 100 98 98 96 94 -2.1% -1.4%
GDP (in billion €) 2,481.4 2,404.8 2,508.0 2,534.3 2,669.6 5.3% 3.5%
addressed volume per FTE mp (in 1000 items) 105.8 98.5 95.2 94.5 92.2 -2.4% -2.2%
revenue per FTE mp (in 1000 €) 100.9 96.0 95.3 94.7 95.8 1.1% -0.1%
gross margin mp EBIT/revenue 15.1% 10.0% 8.1% 7.9% 7.5% -5.1% -9.1%
Notes Mail figures - As of 2009 mail figures are reported differently due to a change in organisational structure
Financials - As of 2009 the group revenue includes other operating income
CAGR

Italy
Sources: AGCM, IPC, PostNL Team Analysis, Website of Poste Italiane, WIK (2013)
Incumbent: Poste Italiane (100% state owned)
30
 VAT exemption  Distortion of competition: Poste Italiane is
exempt from charging VAT (22%) for
Universal Service Products, its competitors
are not. This leads to a price difference for
customers who cannot settle VAT on
purchases.
 Direct Mail was excluded from
the Italian USO as of 1 June
2012. A reserved area still
remains for judicial acts and
fines.
 Regulatory framework  Focuses on protecting the interests of the
market, including competitors.
 Regulator appointed with power
of parliament.
 Government subsidy  Incumbent is subsidised for USO. Low
Poste Italiane tariffs lead to a loss which is
compensated for via government subsidy.
 EU Postal Directive prohibits
this kind of subsidy, just USO
net costs may be compensated.
 Competition distortion  Complaints at Italian competition authority
(AGCM) against Post Italiane.
 Poste Italiane does not apply
VAT to negotiated agreements.

Italy – Poste Italiane
31 Sources: CIA World Factbook, Eurostat, OECD, PostNL Team Analysis, Website of Poste Italiane, Worldbank
2008 2009 2010 2011 2012 2013 2014 1yr 3yrs
unaddressed mail items (in million items) 591 579 684 616 535 -13.2% -2.6%
group EBIT (operating profit) gf (in million €) 1,470 1,599 1,870 1,641 1,382 -15.8% -4.7%
mail EBIT (operating profit) mp (in million €) -57 -208 -153 -263 - - -
profit gf (in million €) 883 904 1,018 846 1,032 22.0% 4.5%
mail FTE mp - - - - - - -
group employees gf - - - - - - -
domestic, up to 50g € 1.40 1.40 1.40 1.40 1.40 1.90 1.90 0.0% 10.7%
domestic, up to 100g € 1.50 1.50 1.50 1.50 1.50 2.10 2.10 0.0% 11.9%
domestic, up to 250g € 2.00 2.00 2.00 2.00 2.00 2.60 2.60 0.0% 9.1%
land area km² 294,020 294,140 294,140 294,140 294,140
CPL 101 101 101 90 95 5.6% -2.0%
GDP (in billion €) 1,557.6 1,518.1 1,554.5 1,557.8 1,568.9 0.7% 1.1%
addressed volume per FTE gf (in 1000 items) 37.7 35.2 33.2 31.2 27.6 -11.6% -7.8%
gross margin mp EBIT/revenue -1.0% -3.8% -2.9% -5.1% - - -
Notes Volume - As of 2009 a new reporting standard is used for the addressed volume figures
Financials - Mail revenue of 2011 is restated due to a change in organisational structure
Financials - Mail EBIT 2012 is not presented as the reported figure (€416 mln) is strongly influenced by intersegment revenues mainly consisting of financial services
Financials - Increase in profit in combination with decrease in group EBIT is explained by an income tax correction for previous years following a change in legislation
CAGR

The Netherlands
 Labour conditions  At least 80% of mail deliverers must have a labour agreement. This percentage
is formalised in a Ministerial decree, linked to a Collective Labour Agreement.
 The minimum wage will also become the norm for self-employed workers.
 VAT exemption  Equal treatment of all providers with VAT on bulk mail, i.e. no distortion of
competition (due to small USO definition).
 Competition  Procedures that PostNL had misused its
market position were – after conclusions of
the supervisor that this was not the case –
ended in 2013.
 Significant market power
regulation is introduced as from
01-01-2014.
 Access  All mail senders (including competitors of
PostNL) are treated equally in terms and
conditions.
 No discrimination.
 Consolidation  Since Sandd took over Deutsche Post daughter Selektmail, the market is
stabilised.
Sources: ACM, IPC, OPTA, PostNL Team Analysis, WIK (2013)
Incumbent: PostNL (0% state owned)
32

The Netherlands – PostNL
33 Sources: CIA World Factbook, Eurostat, OECD, PostNL Team Analysis, Website of PostNL, Worldbank
2008 2009 2010 2011 2012 2013 2014 1yr 3yrs
Volume total mail items (in million items) 11,666 11,428 - - - - -
unaddressed mail items (in million items) 6,973 6,955 - - - - -
mail revenue mp / m (as of '09) (in million €) 4,245 2,720 2,549 2,446 2,319 -5.2% -5.2%
group EBIT (operating profit) g (in million €) 982 587 480 417 291 -30.2% -20.9%
mail EBIT (operating profit) mp / m (as of '09) (in million €) 633 456 188 234 86 -63.2% -42.7%
profit g (in million €) 560 297 282 -423 678 - 31.7%
mail FTE mp / m (as of '09) 39,935 27,825 26,245 24,780 23,930 -3.4% -4.9%
group employees g 154,085 79,874 77,155 65,508 66,411 1.4% -6.0%
mail employees mp / m (as of '09) 76,892 58,181 56,409 55,622 55,370 -0.5% -1.6%
domestic, up to 50g € 0.88 0.88 0.88 0.92 1.00 1.08 1.28 18.5% 11.6%
domestic, up to 100g € 1.32 1.32 1.32 1.38 1.50 1.62 1.92 18.5% 11.6%
domestic, up to 250g € 1.76 1.76 1.76 1.84 2.00 2.16 2.56 18.5% 11.6%
inhabitants million 16.65 16.72 16.78 16.85 16.73 -0.7% 0.0%
land area km² 33,883 33,893 33,893 33,893 33,893
CPL 100 100 100 100 100 0.0% 0.0%
GDP (in billion €) 584.4 569.2 593.7 593.5 600.1 1.1% 1.8%
addressed volume per FTE mp / m (as of '09) (in 1000 items) 117.5 160.8 155.1 152.4 143.6 -5.8% -3.7%
revenue per FTE mp / m (as of '09) (in 1000 €) 106.3 97.8 97.1 98.7 96.9 -1.8% -0.3%
gross margin mp / m (as of '09) EBIT/revenue 14.9% 16.8% 7.4% 9.6% 3.7% -61.2% -39.5%
Notes General - As of 2009 the presented group figures exclude express services; the presented mail figures exclude parcels, international and mail other (restated)
Financials - Decrease in 2011 profit is due to impairments of investments in TNT Express (€636 mln) and negative results of investments in TNT Express (€25 mln)
Financials - Increase in 2012 profit (while EBIT is decreasing) is due to a partial reversal of the impairment charges (€570 mln)
Financials - Revenues include other income for comparison with other countries; in 2012 other income was €32 mln (group) and €14 mln (mail)
Key figures - Addressed volume per HH diverges from the figure as shown in the annual report; annual report uses delivery adresses instead of households
Key figures - Addressed volume per FTE diverges from the figure as shown in the annual report due to a different definition of mail FTE
CAGR

Spain
Sources: CNC, Correos, ECORYS (2008), IPC, PostNL Team Analysis, WIK (2013)
Incumbent: Correos (100% state owned)
34
 Liberalisation  At full liberalisation Correos was appointed to
provide the USO for a period of 15 years.
 Market has been liberalised from the beginning
of 2011.
 License for 15 years not in
line with EU Directive says
Competition authority.
 VAT exemption  Distortion of competition: Correos is exempt
from charging VAT for Universal Service
Products, its competitors are not. This leads to
a price difference for customers who cannot
settle VAT on purchases.
 Currently more services
under USO, i.e. enlarging the
VAT-effects.
 Regulation  Postal regulator Comisión Nacional del Sector
Postal merged with competition authority
Comisión Nacional de la Competencia.
 Separation of regulation and
supervision.
 Government subsidy  Correos receives an operating contribution for
the universal service from the government.
 EU Postal Directive prohibits
this kind of subsidy, just USO
net costs may be
compensated.

Spain - Correos
35 Sources: CIA World Factbook, Eurostat, OECD, PostNL Team Analysis, Website of Correos, Worldbank
2008 2009 2010 2011 2012 2013 2014 1yr 3yrs
addressed mail items (in million items) - - - - - - -
unaddressed mail items (in million items) - - - - - - -
Financials group revenue gf (in million €) 2,387 2,343 2,239 2,174 1,964 -9.7% -5.7%
group EBIT (operating profit) gf (in million €) 84 -9 -5 -10 -14 - -
mail EBIT (operating profit) mp (in million €) 81 -4 - - - - -
profit gf (in million €) 79 3 6 0 -4 - -
Workforce group FTE gf - - - - - - -
mail FTE mp - - - - - - -
group employees gf 67,661 65,781 63,401 60,784 57,275 -5.8% -4.5%
mail employees mp 65,924 64,037 61,819 58,952 55,775 -5.4% -4.5%
domestic, up to 50g € 0.43 0.43 0.45 0.50 0.51 0.52 0.52 0.0% 1.3%
domestic, up to 100g € 0.63 0.65 0.69 0.80 0.85 0.90 0.90 0.0% 4.0%
domestic, up to 250g € 1.75 1.81 1.90 1.95 2.00 2.00 2.00 0.0% 0.8%
land area km² 499,542 498,980 498,980 498,980 498,980
CPL 93 89 90 91 90 -1.1% 0.4%
GDP (in billion €) 1,089.7 1,049.3 1,066.5 1,058.1 1,030.2 -2.6% -0.6%
Key figures addressed volume per inhabitant items - - - - - - -
addressed volume per HH items - - - - - - -
addressed volume per FTE gf (in 1000 items) - - - - - - -
revenue per FTE gf (in 1000 €) - - - - - - -
gross margin gf EBIT/revenue 3.5% -0.4% -0.2% -0.5% -0.7% - -
Notes Financials - As of 2009 group revenue includes other income
Postal rates - The listed rates are based on a D+3 service level as these are the standard single item rates in Spain; the D+1 rate up to 20g is relatively high (€3.10)
CAGR

Sweden
Sources: ECORYS (2008), IPC, PostNL Team Analysis, PostNord, PTS, WIK (2013)
Incumbent: PostNord (100% state owned)
36
 Price discrimination  Some problems with access tariffs: mail consolidators are not offered the same
tariffs as similar bulk mailers, despite legislation change.
 VAT exemption  Equal treatment for all players. ECJ-ruling is not applicable in Sweden, since all
postal products are VAT-charged.
 Merger with Post
Danmark
 Posten AB has merged with Post
Danmark.
 Consortium operates as PostNord AB
(previously Posten Norden).
 Although 60% is owned by Sweden
and 40% by Denmark, the voting
ratio is 50/50.
 Regulation  A new postal law came into force.  Swedish NRA PTS decided to oblige
Posten AB in its license conditions to
publish information on prices and
discounts for universal services in full
detail on its Internet site.

Sweden - PostNord
37 Sources: CIA World Factbook, Eurostat, OECD, PostNL Team Analysis, Website of PostNord, Worldbank
2008 2009 2010 2011 2012 2013 2014 1yr 3yrs
Volume total mail items (in million items) 4,965 4,554 4,571 4,491 - - -
unaddressed mail items (in million items) 2,482 2,221 2,260 2,260 - - -
group EBIT (operating profit) g (in million €) 305 27 144 174 42 -75.9% 16.0%
mail EBIT (operating profit) mp (in million €) 100 38 92 98 91 -7.2% 34.5%
profit g (in million €) 284 228 108 135 30 -78.2% -49.4%
mail FTE mp 21,937 20,197 19,010 18,311 17,686 -3.4% -4.3%
group employees g - - - - - - -
domestic, up to 50g € 1.14 1.13 1.26 1.33 1.38 1.38 1.38 0.0% 1.4%
domestic, up to 100g € 1.14 1.13 1.26 1.33 1.38 1.38 1.38 0.0% 1.4%
domestic, up to 250g € 2.28 2.27 2.52 2.65 2.76 2.77 2.77 0.0% 1.4%
Country exchange rate SEK/EUR 9.665 10.582 9.535 9.044 8.686 8.666 8.666
land area km² 410,934 410,335 410,335 410,335 410,335
CPL 114 99 109 112 123 9.8% 7.5%
GDP (in billion €) 326.1 291.8 347.1 381.9 407.9 6.8% 11.8%
addressed volume per FTE mp (in 1000 items) 113.1 115.5 121.6 121.8 120.0 -1.5% 1.3%
revenue per FTE mp (in 1000 €) 82.1 77.3 89.7 96.3 103.7 7.6% 10.3%
gross margin mp EBIT/revenue 5.6% 2.4% 5.4% 5.6% 5.0% -10.7% 27.5%
Notes Financials - Increase in group revenue of 2012 is due to exchange rate effect (group revenue decreased with 1.4%in local currency)
Financials - Group EBIT and profit 2012 are impacted with significant restructuring costs and extraordinary write-downs (together accounting for €162 mln)
CAGR

United Kingdom
Sources: Ofcom, PostNL Team Analysis
38
Incumbent: Royal Mail (37.8% state owned)
Value total postal market: € 8.9 billion (2012)
 VAT exemption  Royal Mail is exempt from VAT for its USO and
regulated wholesale services: its competitors’ services
are not exempt. This leads to a price difference for
customers who cannot recover VAT on purchases.
 In April 2014, the High Court
in London will decide on the
case or send a further
question to the Court of
Justice of the EU.
 Pricing  Royal Mail has considerable pricing flexibility which is subject to overview by the
regulator Ofcom.
 End-to-end
competition
 Royal Mail proposed different prices to different types
of competitors and to decrease prices in areas where
competition is expected. Thus hindering the
development of end-to-end competition.
 In January 2014, TNT Post
UK filed a formal complaint
against unfair, discriminatory
and exclusionary pricing by
Royal Mail.

United Kingdom – Royal Mail
39 Sources: CIA World Factbook, OECD, PostNL Team Analysis, Website of ONS, Website of Royal Mail, Worldbank
2008 2009 2010 2011 2012 2013 2014 1yr 3yrs
unaddressed mail items (in million items) 2,970 2,832 3,181 3,079 3,307 7.4% 5.3%
group EBIT (operating profit) g (in million €) 215 170 -35 109 448 312.0% 38.2%
mail EBIT (operating profit) mp (in million €) -157 28 -184 -10 313 - 123.5%
profit g (in million €) -286 -362 -336 172 703 309.7% -
Workforce group FTE g - - 171,611 166,762 164,118 -1.6% -
mail FTE mp - - 158,376 153,751 151,191 -1.7% -
group employees g 193,653 177,393 172,602 168,444 167,616 -0.5% -1.9%
mail employees mp 162,310 160,291 155,181 151,156 149,940 -0.8% -2.2%
domestic, up to 50g € 0.45 0.44 0.48 0.47 0.57 0.71 0.71 0.0% 14.6%
domestic, up to 100g € 0.45 0.44 0.48 0.47 0.57 0.71 0.71 0.0% 14.6%
domestic, up to 250g € 0.97 1.01 1.12 1.10 1.34 1.41 1.41 0.0% 8.7%
Country exchange rate GBP/EUR 0.802 0.890 0.857 0.874 0.810 0.850 0.850
land area km² 241,590 241,930 241,930 241,930 241,930
CPL 93 83 88 102 110 7.8% 9.8%
GDP (in billion €) 1,797.2 1,562.5 1,702.0 1,725.9 1,924.9 11.5% 7.2%
internet access 62% 69% - 83% 86%
addressed volume per FTE mp (in 1000 items) - - 64.8 60.1 53.6 -10.9% -
revenue per FTE mp (in 1000 €) - - 50.7 53.5 63.4 18.4% -
gross margin mp EBIT/revenue -1.9% 0.4% -2.3% -0.1% 3.3% - 109.3%
Notes General - Figures as of 2009 have been restated due to a change in the internal organisation
Volume - Reported addressed mail figures concern commercial (end-to-end) volumes
Financials - In 2010 the group EBIT contains modernisation costs of £207 mln and other exceptional items of £88 mln
Financials - Compared to last year, price increases, productivity improvements and tight cost management caused profit to increase
Postal rates - International (rest of the world) rates are until 10g; tariff for letters between 10g and 20g is higher (€1.28 in 2014)
Reporting period - The financial year ended at March 31, 2013
CAGR

Main sources
CIA World Factbook
The World Factbook provides information for 267 countries on the people, government, economy, and geography, including the countries' number of
inhabitants and land area.
Website: https://www.cia.gov/library/publications/the-world-factbook/
Copenhagen Economics (2010)
Main Developments in the Postal Sector (2008 – 2010), Part B: Country Fiche Appendix, Copenhagen Economics, 29 November 2010.
Digital version: http://ec.europa.eu/internal_market/post/doc/studies/2010-main-developments-country_en.pdf
ECORYS (2008)
Main developments in the Postal Sector (2006-2008), ECORYS, 11 September 2008.
Digital version: http://ec.europa.eu/internal_market/post/doc/studies/2008-ecorys-final_en.pdf
European Postal Directive (2008)
Directive 2008/6/EC of the European Parliament and of the Council of 20 February 2008 amending Directive 97/67/EC with regard to the full
accomplishment of the internal market of Community postal services.
Digital version: http://ec.europa.eu/internal_market/post/doc/legislation/2008-06_en.pdf
Eurostat
Eurostat offers detailed statistics on the EU and candidate countries, including the number of private households and the share of the population that
has internet access.
Website: http://ec.europa.eu/eurostat
IPC
IPC Postal Regulatory Database.
Website: http://www.ipc.be/en/Programmes/regulation/regulatory-database
OECD
The Organisation for Economic Co-operation and Development (OECD) publishes comparable statistics and economic and social data at country level,
including the Comparative Price Level (CPL).
Website: http://www.oecd.org
WIK (2013)
Main Developments in the Postal Sector (2010-2013), Country Reports, WIK-Consult, 21 August 2013.
Digital version: http://ec.europa.eu/internal_market/post/doc/studies/20130821_wik_md2013-country-reports_en.pdf
Worldbank
The World Bank is an international financial institution, which also offers a list of gross domestic products per country.
Website: http://data.worldbank.org/data-catalog/GDP-ranking-table
40

Explanatory notes
41
Abbreviations
CAGR Compound Annual Growth Rate
CPL Comparative Price Level
PPO Public Postal Operator
PPP Purchasing Power Parity
USO Universal Service Obligation
Definitions
Comparative Price Level Comparative price levels are defined as the ratios of PPO’s to
exchange rates
Value addressed postal market Value of domestic addressed letter market, excluding
newspapers and cross-border mail (if possible)
Postal Rates Postal rates as per 1 January of the referred year (for 2014,
exchange rates and CPLs are assumed to be constant)
Classification of figures in “Postal Operator Information” (page 18 – 39)
g group figures
gf group (including financial services) figures
m mail division figures
mp mail division (including parcels) figures

Published by PostNL, 24 February 2014
For more information, please contact
Public Affairs:
publicaffairs@postnl.nl
No responsibility is taken for the accuracy of the information contained in the publication.
Although every effort has been made to compile correct and up-to-date information, neither
the editor nor the publisher and editorial staff will assume responsibility for possible
inaccuracies and their consequences. No indemnities can be claimed for printing or
typesetting mistakes or mistakes resulting from misinterpretation during research.

European postal markets: an overview of volume, rates and quality in 2014

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