After having received extensive external professional assistance and advice, and having given due
and careful consideration to the strategic, operational, financial and social aspects and consequences
of the unsolicited Offer, both the Supervisory Board and the Board of Management have reached the
conclusion that the Offer is not in the best interest of KPN and its stakeholders, including in
particular the Shareholders. Reference is made to the KPN Boards' assessment of the Offer, as
included in paragraph 5 (Assessment of the Offer) of this Position Statement.
Both the Supervisory Board and the Board of Management do not support the Offer, and
unanimously recommend to the Shareholders to take no action regarding the Offer.
As has always been common practice at KPN and furthermore to fully comply with their fiduciary
duties, the KPN Boards will maintain an open dialogue with all its shareholders, including AMX.
The KPN Boards intend to continue discussions on realizing synergies for both KPN and AMX.