DHL Corporation and Subsidiaries - Page 90

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          Iwai 4,686 shares for $20,212,870 and 2.5 percent of MNV’s                  
          shares);                                                                    
               8.  under the asset transfer agreement, International would            
          sell all its remaining assets to Newco in exchange for (1) the              
          assumption by Newco of the designated liabilities, (2)                      
          $142,356,262 in cash (subject to a closing adjustment) and (3)              
          31,779 Newco shares;                                                        
               9.  International would declare and pay as a dividend to               
          Mattawan the $142,356,262 and 31,779 Newco shares received in               
          step 8;                                                                     
               10.  Mattawan would transfer to Express B.V. all of its                
          outstanding shares of International (11,305,000 shares directly             
          owned by Mattawan and 1,615,000 shares indirectly owned by                  
          Mattawan pursuant to step 5) in exchange for the payment by                 
          Express B.V. of $15,055,000.                                                
               The steps of the Newco Share Alternative pursuant to the               
          amended share purchase and option agreement, as amended, were               
          depicted schematically as follows:                                          


          [REPORTER'S NOTE:  SCHEMATIC ILLUSTRATION ACCOMPANYING OPINION              
          WAS NOT ELECTRONICALLY REPRODUCIBLE.]                                       











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Last modified: May 25, 2011