Ann: Management Share Scheme Strategic Review, page-28

Hi TenX,

I totally agree Jeff is a great back office manager, not a public company CEO. Actually he is the type of guy TNT would need to bring together the businesses they acquired and make them work as one.

What is frustrating is that he built a team in the group for that exact purpose, yet we have been rather dormant on that front.

My view, as I have said here for ages is that the lack of selling a vision, costs us in the sp and dilutes us more than is necessary. Fundamentally we are a good business, but great businesses that make shareholders money, need to price expectation and realisation into the sp.

I'm not selling,, but as always just call it as I see it. However, it just takes that 1 good deal, 1 right move to get us back on track. Here's to hoping, as I have no faith left.

Cheets