Exhibit 99.(a)(5)(xvii)
Work in progress kpn Project Celtic Board of Management The Hague, 28 May 2009Strictly private & confidential JX 197 Q1 2008 Highly ConfidentialKPN000183749
Mergers & Acquisitions Work in progress kpn Agenda Summary Situation overview Options going forward Valuation Recommendation Q1 2008 Highly ConfidentialKPN00183750
Work in progress kpn Summary Celtic performance to date is behind expectations Integration KGCS / TDC finalized, financial and shareholding performance lacking initial expectations Strategy partly executed, strategic flexibility restricted by current listing, governance structure and share price Value KPN stake diminished from $ -300 mn (€ 220 mn(1)) to $ - -40 mn (€ 30 mn11) in the period 2007 to 2009 Options going forward Buy remaining 44% shares (free float) Sell current 56% stake Keep stake (status quo) Buying remaining stake and delisting is considered preferred option Enables implementation of optimal governance structure Creates room for strategic flexibility through delisting and full ownership Makes realisation upside potential more likely Comprehensive post deal plan elements to capture value upside Change governance structure Refocus management team and selectively change management team members - Execute growth strategy by investing in both organic and non-organic growth We ask the Management Board to Start preparing a possible tender offer (TO) for the remaining outstanding shares in Celtic Inform Supervisory Board regarding the possible TO Note: the formal request to launch the TO will be made at a later stage 1.USD — EUR exchange rate of 0.74 as of 15 May 2009 Q1 2008 Highly ConfidentialKPN00183751
Mergers & Acquisitions Work in progress kpn Agenda Summary Situation overview Options going forward Valuation Recommendation Q1 2008 Highly ConfidentialKPN00183752
Mergers & Acquisitions Work in progress kpn Mergers & Acquisitions Profile Celtic Activities Celtic is a carrier of international voice traffic, headquartered in Burlington, Boston MA, USA Founded in 1996 and listed on the Nasdaq in 1999 Celtic operates VolP and TDM technology based platforms In 2007 Celtic was the number 2 world wide Carrier in terms of traffic minutes Network spans over 100 countries and delivers approximately 2 bn minutes of International call termination per month Customers include KPN, AT&T, Verizon, Vodafone, China Mobile, China, Unicom, IDT, Qwest, Skype, Telefonica and Yahoo As of 31 December 2008 Celtic employed 372 people Strategy Create sustainable international carrier activities through: Exploiting scalable systems and processes enabling active role in continued industry consolidation Focusing on operational efficiency Manage at finer granularity than typical incumbent players Exploit advanced business analytics Building economies of scale Become market share leader in multiple countries Exploit low cost of operation and transmission through VolP to create value in future acquisitions and outsourcing deals Management team Ofer Gneezy, CEO and Chairman of the Board(*) Gordon VanderBrug, Executive Vice President(*) Richard Tennant, CFO(*) Mark Flynn, Chief Legal Officer Paul Floyd, Global products, Networks and Systems Edwin van Ierland, Sales and Purchase Ajay Joseph, CTO Tamah Rosker, HR (*) executive director Financials(1) $ mn 2006PF 2007PF 2008A Revenues 1,298.9 1,390.6 1.323.6 Growth 7.1% (4.9%) Gross profit 133.4 142.3 136.3 Margin 10.3% 10.2% 10.3% Adjusted EBITDA(2) 52.5 49.7 42.3 Margin 4.0% 3.6% 3.2% Adjusted EBITDA(2) Capex 37.7 n.a. 26.3 % of revenue 2.9% n.a. 2.0% 1. Source: 2006PF Volcano Supervisory Board presentation 14 June 2006, 2007PF and 2008A Celtic investor presentation 2008 results 2. EBITDA adjusted for merger related expenses, acquisition activity related expenses, option analysis expense, retroactive regulatory fees & other, and purchase accounting adjustments. Stock based compensation expenses included Q1 2008 Highly ConfidentialKPN00183753
Mergers & Acquisitions Work in progress kpn Profile Celtic (cont’d) Share price Celtic share price Nasdaq (rebased) Ownership(1) Name Amount held (mn) %held 1 KPN 40.1 56.3% 2 Naugatuck Valley Holding Company 4.2 5.9% 3 Singer Children Management 2.9 4.1% 4 Millennial Management 2.7 3.916 5 Lampe. Conway &Co. 1.9 2.7% 6 GMT Capital Corp 1.6 2.3% 7 Barclays Global investors 1.5 2.1% 8 Ofer Gneezy 1.4 2.0%. 9 Paradigm Capital Management 1.2 1.6% 10 Dimensional Fund0.91.3% Rest 12.7 17.9% Total 71.2 100.0% CEO Celtic Milestones A. Announcement transaction with KPN B. Closing transaction with KPN C. Dividend payment D. Start share buy back 2008 E. Completion share buy back 2008 $ 15 mn of common stock repurchased KPN’s share increased from 51% to 56% F. Lehman bankruptcy G. Closing price 15 May 2009: $ 1.07 Performance year-to-date: (24%) Celtic - KPN transaction 2007 Announcement date 21 June 2005 (A) Closing date 1 October 2007 (B) KPN obtained 40.1 mn (or 51%) new shares in Celtic for the consideration consisting of: $ 55 mn cash payment Contribution of 100 % shares in KGCS $ 21 mn cash on KPN GCS balance sheet Framework services agreement with KGCS License to use KPN’s portfolio of patents Total value of the combination upon close was $ 585 mn of which KPN share was $ 298 mn(2) 1. Source: Bloomberg, 15 May 2009 2. Based on a closing share price of $7.82 on 9 October 2007, post dividend payout of $113 million to non-KPN Celtic shareholders Q1 2008 Highly ConfidentialKPN00183754
Mergers & Acquisitions Work in progress kpn Market developments Traffic volumes increasing and shifting to VoIP; traffic prices declining CAGR 14% 36% 10% Traditional minutes (bn) VoIP minute (bn) (x%) Percentage traditional minutes of total minutes International decline Average Revenue per minute (ARPM) CAGR 14% 36% 10% Traditional revenue (€ bn)VoIP revenue (€ bn) (x%) Percentage traditional revenue of total revenue Traffic trends Modest growth in traditional minutes VoIP share of global traffic is increasing Price trends Steady price erosion of 5 — 10% per annum due to price competition Current conditions Economic slowdown results in lower traffic volumes due to less long distant calls Outlook International voice traffic is expected to grow in long-term with lower mid-term growth Price erosion expected to continue Revenue development not fully clear Source: TeleGeography 2009 Q1 2008 Highly ConfidentialKPN000183755
Mergers & Acquisitions Work in progress kpn Market overview International carrier market is fragmented, consolidation expected to continue bn minutesInt. carrier market 2007 Verizon 31.1 9% Celtic 26.18% Tata 21.1 6% DT 17.5 5% Telecom Italia 16.8 5% Orange 16.1 5% IDT 14.9 4% Belgacom 13.8 4% BT 13.5 4% Sprint 13.3 4% C&W 10.6 3% Telmex 9.5 3% Other 134 40% Currently the international carrier market is highly fragmented, consisting of Independent players Traditional (incumbent) players Success in international carrier voice business is becoming more dependent on Economies of scale Efficient VoIP platforms Several consolidations have taken place VSNL / Teleglobe / ITXC (2004/2005) IDT / Net2phone (2006) Belgacom / Swisscom (2005) Celtic / KGCS (2007) Celtic / TDC (2008) Further consolidation is expected to continue Implementing VoIP poses challenges to established carriers (BT, TI Sparkle, etc) Carrier business considered subscale and non-core by traditional players Source: TeleGeography 2009 Q1 2008 Highly ConfidentialKPN00183756
Mergers & Acquisitions Work in progress kpn Operational performance Celtic Decreasing volume partly offset by margin increase in latest quarter bn minutesMinutes of use Total minutes of useY-on-Y growth Celtic has not been able to benefit from increase in international traffic volume One time increase in minutes in Q2 ’08 caused by outsourcing deal with TDC Decline in minutes is mainly caused by apparent limited operational focus US$ centsAverage revenue per minute Average revenue per minuteAverage margin per minute Celtics average revenue per minute has been falling over last quarters However, margin recovered in Q2 and Q3 ’08 as the integration with KGCS appears to come together In Q1 ‘09 Celtic experienced a significant increase in margin due to a focus on more valuable minutes Q1 2008 Highly ConfidentialKPN00183757
Mergers & Acquisitions Work in progress kpn Financial and share price performance Celtic Declining revenues and underperforming share price USS mnRevenue Revenue and other incomeAdjusted EBITDA margin(1) Key performance metrics have deteriorated during last several quarters driven by price and volume declines One time revenue increase in Q2 ‘08 is caused by outsourcing deal with TDC EBITDA margin uplift visible since Q3 ‘08 due to focus on more valuable minutes Indexed share price overview Overall market sentiment deteriorated since Q3 2007 after Lehman collapse Celtic has no (pure play) listed peers Network based communication services providers are included for comparison reasons Performance Celtic in line with broader sector 1 Adjusted EBITDA calculated as adjusted.EBITDA according Celtic’s definition less stock based compensation Q1 2008 Highly ConfidentialKPN00183758
Mergers & Acquisitions Work in progress kpn Situation overview - - recap Situation pre 2007 Celtic - KPN transaction European carriers facing price pressure, scale required to operate sustainable at low cost KPN’s sub-scale operation necessitated exit or partnership to create sustainable position Celtic - KPN transaction in 2007 KPN contributed 100% of the international carrier business (KGCS) into Celtic Celtic issued new shares to KPN representing 51% of fully diluted shares (now 56%) 51% of shares represented value of $ 298 mn at closing Plan post Celtic - KPN transaction Capturing cost synergies offered by larger scale and operational efficiencies Creation of tier 1 carrier through further acquisitions and outsourcing Current status Celtic Integration KGCS / TDC finalized, financial and operational performance lacking initial expectations Strategy partly executed, strategic flexibility restricted by current governance structure, listing and low share price 56% of share holding represents market cap of $ 43 mn(1) Current situation Celtic seems unsustainable Options going forward Buy remaining 44% shares Sell current 56% stake Keep stake (status quo) 1. Based on share price of $1.07 (14 May 2009) Q1 2008 Highly Confidential KPN00183759
Mergers & Acquisitions Work in progress kpn Agenda Summary Situation overview Options going forward Valuation Recommendation Q1 2008 Highly Confidential KPN 00183760
Mergers & Acquisitions Work in progress kpn Options going forward Buying remaining stake and delisting considered most attractive option Buy remaining 44% shares Pro’s Strategic flexibility through full ownership and delisting Optimal governance structure can be implemented Realisation upside potential more likely Capture 100% of upside potential Moment seems interesting] Con’s Additional investment required Time and effort for delisting process Relatively high transaction costs vs. anticipated deal size Preferred Option Sell Current 56% stake Pro’s No management focus required for managing / governing Celtic (commercial / operational relationship remains) Con’s Possible damage to reputation No opportunity to capture upside potential Loss of revenue (6.3% of total FY 2008) and EBITDA contribution Potential value loss through multiple difference Celtic and KPN Fallback option Keep stake (status quo) Pro’s No further investment needed to acquire remaining stake Con’s Limited flexibility to improve business performance Continued management focusviable option required Capture only 56% of upside potential Seems no viable option Q1 2008 Highly ConfidentialKPN00183761
Mergers & Acquisitions Work in progress kpn Performance improvement potential NPV in $ mn EB to comment on 2% revenue growth Value per share $ 1.44 $0.15 $0.10 $0.27 $0.65 $1.17 $ 1.07 $ 1.54 Implied share price (cumulative) $1.44 $1.59 $ 1.69 $ 1.96 $ 2.61 $2.61 $1.07 $2.61 1. 1% decline in revenue growth results in a value loss of $ 21 mn 2. Equity value based on closing share price of $1.07 on 15 May 2009 and 71.2 mn shares outstanding Q1 2008 Highly ConfidentialKPN00183762
Mergers & Acquisitions WORK IN PROGRESS [kpn logo] Redacted for Business Strategy Immunity |
| Q1 2008 | 15 |
| Highly Confidential | KPN00183763 |
Mergers & Acquisitions Work in progress kpn Agenda Summary Situation overview Options going forward Valuation Recommendation Q1 2008 Highly ConfidentialKPN00183764
Mergers & Acquisitions Work in progress kpn Indicative stand alone valuation Enterprise Value Equity Value ClarificationEV/EBITDA multiples 2008A 2009E 52 week high $ 281 mn $ 308 mn 52 week high of $4.32 per share (12 August 2008) 6.6x 6.8x 52 week low $ 12 mn $ 38 mn 52 week high of $0.54 per share (3 March 2009) 0.3x 0.3x 3 Mo. Avg. $33 mn $59 mn 3 Month trading average of $0.83 per share 0.8x 0.8x Current trading $ 50 mn $76 mn Share price of $1.07 per share (15 May 2009) 1.2x 1.2x Base case $76 mn $103 mn Base case projections, implied share price of $1.44 per share 1.8x 1.8x Jefferies: target. price $64 mn $105 mn Target price of $1.25 per share (27 Jan 2009)1.5x 1.5x Q1 2008 Highly ConfidentialKPN00183765
Mergers & Acquisitions Work in progress kpn Indicative value creation potentialconceptual Value creation potential depends on share price, premium and deal costs NPV in $ mn 1. Equity value based on closing share price of $1.07 on 14 May 2009 and 71.2 mn shares outstanding Q1 2008 Highly ConfidentialKPN000183766
Mergers & Acquisitions Work in progress kpn Indicative value creating potential (cont’d) € mn unless noted otherwise Share price ($) Offer price ($) Value non-KPN Equity share Value premium Deal costs Base case Upside potential to cost savings Effeciencies Total upside potential Q1 2008 Highly ConfidentialKPN00183767
Mergers & Acquisitions Work in progress kpn High level process description check by legal Preparation tender offer Obtain mandate from KPN Board and Supervisory Board to make initial (friendly) tender offer (TO) for remaining outstanding shares Celtic Prepare documentation required to launch TO [Decide to make TO in due course after Supervisory Board discussion and conditional on market circumstances] Redacted for Business Strategy Immunity Q1 2008 Highly ConfidentialKPN00183768
Mergers & Acquisitions WORK IN PROGRESS [kpn logo] Redacted for Business Strategy Immunity |
| Q1 2008 | 21 |
| Highly Confidential | KPN00183769 |
Mergers & Acquisitions WORK IN PROGRESS [kpn logo] Redacted for Business Strategy Immunity |
| Q1 2008 | 22 |
| Highly Confidential | KPN00183770 |
Mergers & Acquisitions Work in progress kpn Summary Situation overview Options going forward Valuation Recommendation Q1 2008 Highly ConfidentialKPN00183771
Mergers & Acquisitions Work in progress kpn Recommendation and next steps We recommend the buy option Next steps Start preparation for possible TO and TO announcement Inform Supervisory Board regarding the possible TO We ask the Management Board to Start preparing a possible tender offer (TO) for the remaining outstanding shares in Celtic Inform Supervisory Board regarding the possible TO Note: the formal request to launch the TO will be made at a later stage Q1 2008 Highly ConfidentialKPN00183772
Mergers & Acquisitions WORK IN PROGRESS [kpn logo] Appendix |
| Q1 2008 | 25 |
| Highly Confidential | KPN00183773 |
Mergers & Acquisitions Work in progress kpn Base case financials and valuation(1) ($ mn) 2004PF 2005PF 2006PF 2007PF 2008A 2009E 2010E 2011E 2012E 20135 2014E 2015E Revenue 694.2 1,140.6 1,298.9 1,390.6 1,323.6 1,015.6 1,023.2 1,037.4 1,053.9 1,070.8 1,089.0 1,107.5 Growth 14.7% 13.9% 7.1% (4.8%) (23.3%) 0.8% 1.4% 1.6% 1.6% 1.7% 1.7% Gross margin 120.6 103.3 133.4 142.3 138.3 121.8 117.1 116.9 116.5 116.6 118.5 120.4 Margin 12.1% 9.1% 10.3% 10.2% 10.3% 12.0% 11.4% 10.3.4 11.1% 10.9% 10.9% 10.9% Operating expenses 57.2 64.4 80.9 92.6 94.0 80.3 79.0 80.1 81.4 82.7 84.1 85.5 Operating EBITDA 634 38.9 52.5 49.7 42.31°41.5 38.0 36.8 35.1 33.9 34.4 30.9 Margin 6.4% 3.4% 4.0% 3.6% 3.2% 4.1% 3.7% 3.5% 3.3% 3.2% 3.2% 3.1% Depreciation and amort. 246 18.8 174 30.1 32.0 34.4 33.0 31.7 28.1 19.7 19.1 18.4 Operating EBIT 38.9 20.1 35.1 19.6 10.3 7.1 5.0 5.1 7.0 14.2 15.3 16.5 Margin 3.9% 1.8% 2.7% 1.4% 0.8% 0.7% 0.5% 0.5% 0.7% 1.3% 1.4% 1.5% Capex (7.5) (8.3) (14.8) n.a. (05.1) (15.3) (15.6) (15.8) (16.1) (16.4) EBITDA - Capex 55.9 30.6 37.7 n.a. 2.63(2) 26.5 22.9 21.4 19.6 18.1 18.3 18.5 Base case valuation WACC 15% Terminal growth rate 0% PV Terminal Value 8.3 Firm Value ($ mn) 76.3 Net debt (cash) (26.6) Equity value 102.8 Per share 1.44 1. Actual figures for 2004 - 2007 are based on pro forma figures. 2004 2005 and 2006 pro forma figures based on Volcano Supervisory Board presentation dated 6 Dec 2006. 2007 pro forma stated in iBasis investor presentation dated 1 May 2009. Projections are based on KPN M&A estimates. 2. Excludes goodwill impairment of $214.8 mn. Q1 2008 Highly ConfidentialKPN00183774
Mergers & Acquisitions Work in progress kpn Jefferies and Co. financials and valuation(1) ($ mn) 2004PF 2005PF 2006PF 2007PF 2008A 2009E 2010E 2011E 20126 20136 2014E Revenue 994.2 1,140.6 1,298.9 1,390.6 1,323.8 1,257.1 1,275.4 1,289.2 1,303.6 1,316.1 1,328.8 Growth 14.7% 13.9% 7.1% (4.8%) (5.0%) 1.5% 1.1% 1.1% 1.0% 0.9% Gross margin 120.6 103.3 133.4 142.3 136.3 133.4 1374 139.0 140.6 142.0 143.4 Margin 12.1% 9.1% 10.3% 10.2% 10.3% 10.6% 10.8% 10.8% 10.8% 10.8% 10.8% Operating expenses 57.2 64.4 80.9 92.6 94.0 95.6 96.6 97.8 98.9 99.9 100.8 Operating EBITDA 63.4 38.9 52.5 49.7 4230, 37.8 40.6 41.2 41.7 42.1 42.6 Margin 6.4% 3.4% 4.0% 3.6% 3.2% 3.0% 3.2% 3.2% 3.2% 3.2% 3.2% Depreciation and amort. 24.6 18.8 17.4 30.1 32.0 32.2 32.9 33.3 31.2 28.8 27.6 Operating EBIT 38.8 20.1 35.1 n.a. 10.3w 5.6 7.7 7.9 10.5 13.3 15.0 Margin 3.9% 1.8% 2.7% n.a. 0.8% 0.4% 0.6% 0.6% 0.8% 1.0% 1.1% Capex. (7.5) (8.3) (14.8) n a. (18.0) (21.0) (24.0) (26.3) (28.3) EBITDA Capex 55.9 30.6 37.7 n.a. 26.3(2) (15.0) 22.6 20.2 17.7 15.8 14.3 Jefferies DCF valuation WACC 15% Terminal growth rate 0% PV Terminal Value 28.3 Finn Value ($ mn) 84.0 Net debt (cash) (41.0) Equity value 105.0 Public market discount 15% Public market equity value 89.3 Per share 1.25 1. Source: Years 2004PF - 2006PF Volcano Supervisory Board presentation dated 6 Dec 2006, 2007PF and 2009E - 2015E Jefferies & Co. report dated 27 Jan 2009 and 2008A 10-K 2008 iBasis 2. Excludes goodwill impairment of $214.8 mn Q1 2008 Highly Confidential KPN00183775
Mergers & Acquisitions Work in progress kpn Financial comparison base case vs. Jefferies case $ mnRevenue
Base case Jefferies and Co. $mn Gross margin Base case Jefferies and CO(2) 1. Actual figures for 2004 — 2007 are based on pro forma figures. 2004, 2005 and 2009 pro forma figures based on Volcano Supervisory Board presentation dated 6 Dec 2006. 2007 pro forma figure based on Jefferies & Co. report dated 27 January 2009. Base case projections based on KPN M&A estimates. 2. Jefferies & Co. report dated 27 January 2008 Q1 2008 Highly ConfidentialKPN00183776
Mergers & Acquisitions Work in progress kpn Financial comparison base case vs. Jefferies case (cont’d) $ mnEBITDA Base case(1) Jefferies and Co. (2) $mn Cash flow(3) Base case(1) Jefferies and Co.(2) 1. Actual figures for 2004 - 2007 are based on pro forma figures. 2004, 2005 and 2006 pro forma figures based on Volcano Supervisory Board presentation dated 6 Dec 2006. 2007 pro forma figure based on Jefferies & Co. report dated 27 January 2009. Base case projections based on KPN MBA estimates. 2. Jefferies & Co. report dated 27 January 2009 3. Defined as EBITDA Q1 2008 Highly ConfidentialKPN00183777
Mergers & Acquisitions Work in progress kpn Financial comparison base case vs. Jefferies case (cont’d) Gross margin Base case(1) Jefferies and Co.(2) EBITDA margin Base case(1) Jefferies and Co.(2) 1. Actual figures for 2004 - 2007 are based on pro forma figures. 2004, 2005 and 2006 pro forma figures based on Volcano Supervisory Board presentation dated 6 Dec 2006. 2007 pro forma figure based on Jefferies & Co. report dated 27 January 2000. Base case projections based on KPN MA estimates. 2. Jefferies &Co. report dated 27 January 2009. Q1 2008 Highly ConfidentialKPN00183778
Mergers & Acquisitions WORK IN PROGRESS [kpn logo] Redacted for Privilege |
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| Highly Confidential | KPN00183779 |
Mergers & Acquisitions WORK IN PROGRESS [kpn logo] Redacted for Privilege |
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| Highly Confidential | KPN00183780 |
Mergers & Acquisitions Work in progress kpn Indicative stand alone valuation Sensitivity analysis base case Additional annual revenue growth Additional annual gross margin (2.0%) (1.0%) 0.0% 1.0% 2.0% (1 0%) 14 39 62 83 106 (0.5%) 39 63 84 105 128 0.0% 61 82 103 125 149 0.5% 79 100 122 145 170 1.0% 97 118 141 165 192 WACC Terminal growth 14.0% 14.5% 15.0% 15.5% 16.0% (1.0%) 111 107 103 99 96 (0.5%) 111 107 103 99 96 0.0% 111 107 103 99 96 0.5% 111 107 103 99 96 1.0% 111 107 103 99 96 Q1 2008 Highly ConfidentialKPN00183781
Mergers & Acquisitions Work in progress kpn Precedent minority Buy-ins Indicative Premium to EV 1 day Premium to share price 1 day 1 Mo Avg 3 Mo Avg 6 Mo Avg LTM High LTM Low Initial Mean 32.3% 29.0% 29.9% 23.7% 18.1% (25.4%) (157.2%) Median 13.2% 21.5% 25.8% 17.4% 12.7% (18.9%) 62.2% High 468.5% 98.5% 125.6% 100.3% 121.8% 87.1% 1749.1% Low (39.0%) (7.9%) (6.5%) (25.2%) (51.2%) (88.4%) 20.8% Final Mean 45.1% 40.7% 413% 40.1% 36.3% (14.0%) 189.2% Median 17.9% 32.8% 37.6% 30.1% 25.6% (7.0%) 83.5% High 641.1% 140.0% 96.5% 111.4% 121.8% 87.1% 1749.1% Low (67.6%) 6.7% (4.4%) (13.6%) (9.5%) (87.0%) 20.8% Average initial premium -30% to Enterprise Value Average final premium -45% to Enterprise Value Source: Morgan Stanley, 13 May 2009 Q1 2008 Highly ConfidentialKPN00183782
Mergers & Acquisitions Work in progress kpn Premium considerations Indicative In general premiums are paid over the equity value The equity value includes the cash/debt position Celtic has a positive net cash position of $ 26.6 mn (Q1 2009) Premiums should not be paid over positive cash positions To correct for positive cash position, enterprise value should be used as basis for premium Premium to EV 1 Day Premium to Share price 1 day 1 Mo Avg 3 Mo Avg 6 Mo Avg LTM High LTM Low Enterprise Value Equity Value Buy-In Amount Other Price Q1 2008 Highly ConfidentialKPN00183783
Mergers & Acquisitions WORK IN PROGRESS [kpn logo] Back-up |
| Q1 2008 | 36 |
| Highly Confidential | KPN00183784 |
Mergers & Acquisitions Work in progress kpn Premium considerations Indicative Premium to EV 1 Day Premium to share price 1 day 1 Mo Avg 3 Mo Avg 6 Mo Avg LTM High LTM Low Enterprise Value Equity Value Buy-In Amount Offer Price Precedent minority Buy-Ins(2) Premium to EV 1 Day Premium to share price 1 day 1 Mo Avg 3 Mo Avg 6 Mo Avg LTM High LTM Low Initial Mean Median High Low Final Mean Median High Low 1. Enterprise value based on closing share price of $1.07 on 14 May 2009 and 71.2 mn shares outstanding 2. Source: Morgan Stanley, 13 May 2009 Q1 2008 Highly ConfidentialKPN00183785
Slide 39 Cell: A1 Comment: Highly Confidential KPN00183787
Slide 40 Cell: B1 Comment: 151037 Cell: A2 Comment: Highly Confidential KPN00183788
Slide 41 Cell: A3 Comment: Highly Confidential KPN00183789
Slide 42 Cell: A4 Comment: Highly Confidential KPN00183790
Slide 43 Cell: A5 Comment: Highly Confidential KPN00183791
Slide 44 Highly Confidential KPN00183792
Slide 45 175 150 125 100 75 50 25 0 Jun-06 Oct-06 Feb 07 May-07 Sep-07 Jan-08 May-08 Sep-08 Dec-08 May-09 Celtic Level 3 Global Crossing Vonage IDT S&P 500 Nasdaq Highly Confidential KPN00183793
Slide 46 Celtic level 3 Global Crossing Vonage IDT S&P 500 Nasdaq Jun-2006 Jun-2006 Jun-2006 Jun-2006 Jun-2006 Jun-2006 Jun-2006 Jun-2006 Jul-2006 Jul-2006 Jul-2006 Jul-2006 Jul-2006 Jul-2006 Jul-2006 Jul-2006 Jul-2006 Jul-2006 Jul-2006 Jul-2006 Jul-2006 Jul-2006 Jul-2006 Jul-2006 Jul-2006 Jul-2006 Jul-2006 Jul-2006 Jul-2006 Aug-2006 Aug-2006 Aug-2006 Aug-2006 Aug-2006 Aug-2006 Aug-2006 Aug-2006 Aug-2006 Aug-2006 Aug-2006 Aug-2006 Aug-2006 Aug-2006 Aug-2006 Aug-2006 Aug-2006 Aug-2006 Aug-2006 Aug-2006 Aug-2006 Aug-2006 Aug-2006 Sep-2006 Sep-2006 Sep-2006 Sep-2006 Sep-2006 Sep-2006 Sep-2006 Sep-2006 Sep-2006 Sep-2006 Sep-2006 Sep-2006 Sep-2006 Sep-2006 Highly Confidential KPN00183794
Slide 47 Sep-2006 Sep-2006 Sep-2006 Sep-2006 Sep-2006 Sep-2006 Sep-2006 Oct-2006 Oct-2006 Oct-2006 Oct-2006 Oct-2006 Oct-2006 Oct-2006 Oct-2006 Oct-2006 Oct-2006 Oct-2006 Oct-2006 Oct-2006 Oct-2006 Oct-2006 Oct-2006 Oct-2006 Oct-2006 Oct-2006 Oct-2006 Oct-2006 Oct-2006 Nov-2006 Nov-2006 Nov-2006 Nov-2006 Nov-2006 Nov-2006 Nov-2006 Nov-2006 Nov-2006 Nov-2006 Nov-2006 Nov-2006 Nov-2006 Nov-2006 Nov-2006 Nov-2006 Nov-2006 Nov-2006 Nov-2006 Nov-2006 Nov-2006 Nov-2006 Dec-2006 Dec-2006 Dec-2006 Dec-2006 Dec-2006 Dec-2006 Dec-2006 Dec-2006 Dec-2006 Dec-2006 Dec-2006 Dec-2006 Dec-2006 Dec-2006 Dec-2006 Dec-2006 Highly Confidential KPN00183795
Slide 48 Dec-2006 Dec-2006 Dec-2006 Dec-2006 Dec-2006 Jan-2007 Jan-2007 Jan-2007 Jan-2007 Jan-2007 Jan-2007 Jan-2007 Jan-2007 Jan-2007 Jan-2007 Jan-2007 Jan-2007 Jan-2007 Jan-2007 Jan-2007 Jan-2007 Jan-2007 Jan-2007 Jan-2007 Jan-2007 Jan-2007 Jan-2007 Jan-2007 Feb-2007 Feb-2007 Feb-2007 Feb-2007 Feb-2007 Feb-2007 Feb-2007 Feb-2007 Feb-2007 Feb-2007 Feb-2007 Feb-2007 Feb-2007 Feb-2007 Feb-2007 Feb-2007 Feb-2007 Feb-2007 Feb-2007 Feb-2007 Mar-2007 Mar-2007 Mar-2007 Mar-2007 Mar-2007 Mar-2007 Mar-2007 Mar-2007 Mar-2007 Mar-2007 Mar-2007 Mar-2007 Mar-2007 Mar-2007 Mar-2007 Mar-2007 Mar-2007 Mar-2007 Mar-2007 Highly Confidential KPN00183796
Slide 49 Mar-2007 Mar-2007 Mar-2007 Apr-2007 Apr-2007 Apr-2007 Apr-2007 Apr-2007 Apr-2007 Apr-2007 Apr-2007 Apr-2007 Apr-2007 Apr-2007 Apr-2007 Apr-2007 Apr-2007 Apr-2007 Apr-2007 Apr-2007 Apr-2007 Apr-2007 Apr-2007 Apr-2007 May-2007 May-2007 May-2007 May-2007 May-2007 May-2007 May-2007 May-2007 May-2007 May-2007 May-2007 May-2007 May-2007 May-2007 May-2007 May-2007 May-2007 May-2007 May-2007 May-2007 May-2007 May-2007 May-2007 Jun-2007 Jun-2007 Jun-2007 Jun-2007 Jun-2007 Jun-2007 Jun-2007 Jun-2007 Jun-2007 Jun-2007 Jun-2007 Jun-2007 Jun-2007 Jun-2007 Jun-2007 Jun-2007 Jun-2007 Jun-2007 Jun-2007 Jun-2007 Highly Confidential KPN00183797
Slide 50 Jun-2007 Jul-2007 Jul-2007 Jul-2007 Jul-2007 Jul-2007 Jul-2007 Jul-2007 Jul-2007 Jul-2007 Jul-2007 Jul-2007 Jul-2007 Jul-2007 Jul-2007 Jul-2007 Jul-2007 Jul-2007 Jul-2007 Jul-2007 Jul-2007 Jul-2007 Aug-2007 Aug-2007 Aug-2007 Aug-2007 Aug-2007 Aug-2007 Aug-2007 Aug-2007 Aug-2007 Aug-2007 Aug-2007 Aug-2007 Aug-2007 Aug-2007 Aug-2007 Aug-2007 Aug-2007 Aug-2007 Aug-2007 Aug-2007 Aug-2007 Aug-2007 Aug-2007 Sep-2007 Sep-2007 Sep-2007 Sep-2007 Sep-2007 Sep-2007 Sep-2007 Sep-2007 Sep-2007 Sep-2007 Sep-2007 Sep-2007 Sep-2007 Sep-2007 Sep-2007 Sep-2007 Sep-2007 Sep-2007 Sep-2007 Sep-2007 Oct-2007 Highly Confidential KPN00183798
Slide 51 Oct-2007 Oct-2007 Oct-2007 Oct-2007 Oct-2007 Oct-2007 Oct-2007 Oct-2007 Oct-2007 Oct-2007 Oct-2007 Oct-2007 Oct-2007 Oct-2007 Oct-2007 Oct-2007 Oct-2007 Oct-2007 Oct-2007 Oct-2007 Oct-2007 Oct-2007 Nov-2007 Nov-2007 Nov-2007 Nov-2007 Nov-2007 Nov-2007 Nov-2007 Nov-2007 Nov-2007 Nov-2007 Nov-2007 Nov-2007 Nov-2007 Nov-2007 Nov-2007 Nov-2007 Nov-2007 Nov-2007 Nov-2007 Nov-2007 Nov-2007 Nov-2007 Dec-2007 Dec-2007 Dec-2007 Dec-2007 Dec-2007 Dec-2007 Dec-2007 Dec-2007 Dec-2007 Dec-2007 Dec-2007 Dec-2007 Dec-2007 Dec-2007 Dec-2007 Dec-2007 Dec-2007 Dec-2007 Dec-2007 Dec-2007 Dec-2007 Jan-2008 Jan-2008 Highly Confidential KPN00183799
Slide 52 Jan-2008 Jan-2008 Jan-2008 Jan-2008 Jan-2008 Jan-2008 Jan-2008 Jan-2008 Jan-2008 Jan-2008 Jan-2008 Jan-2008 Jan-2008 Jan-2008 Jan-2008 Jan-2008 Jan-2008 Jan-2008 Jan-2008 Jan-2008 Jan-2008 Feb-2008 Feb-2008 Feb-2008 Feb-2008 Feb-2008 Feb-2008 Feb-2008 Feb-2008 Feb-2008 Feb-2008 Feb-2008 Feb-2008 Feb-2008 Feb-2008 Feb-2008 Feb-2008 Feb-2008 Feb-2008 Feb-2008 Feb-2008 Feb-2008 Mar-2008 Mar-2008 Mar-2008 Mar-2008 Mar-2008 Mar-2008 Mar-2008 Mar-2008 Mar-2008 Mar-2008 Mar-2008 Mar-2008 Mar-2008 Mar-2008 Mar-2008 Mar-2008 Mar-2008 Mar-2008 Mar-2008 Mar-2008 Mar-2008 Apr-2008 Apr-2008 Apr-2008 Apr-2008 Highly Confidential KPN00183800
Slide 53 Apr-2008 Apr-2008 Apr-2008 Apr-2008 Apr-2008 Apr-2008 Apr-2008 Apr-2008 Apr-2008 Apr-2008 Apr-2008 Apr-2008 Apr-2008 Apr-2008 Apr-2008 Apr-2008 Apr-2008 Apr-2008 Apr-2008 May-2008 May-2008 May-2008 May-2008 May-2008 May-2008 May-2008 May-2008 May-2008 May-2008 May-2008 May-2008 May-2008 May-2008 May-2008 May-2008 May-2008 May-2008 May-2008 May-2008 May-2008 May-2008 Jun-2008 Jun-2008 Jun-2008 Jun-2008 Jun-2008 Jun-2008 Jun-2008 Jun-2008 Jun-2008 Jun-2008 Jun-2008 Jun-2008 Jun-2008 Jun-2008 Jun-2008 Jun-2008 Jun-2008 Jun-2008 Jun-2008 Jun-2008 Jun-2008 Jul-2008 Jul-2008 Jul-2008 Jul-2008 Jul-2008 Jul-2008 Highly Confidential KPN00183801
Slide 54 Jul-2008 Jul-2008 Jul-2008 Jul-2008 Jul-2008 Jul-2008 Jul-2008 Jul-2008 Jul-2008 Jul-2008 Jul-2008 Jul-2008 Jul-2008 Jul-2008 Jul-2008 Jul-2008 Jul-2008 Aug-2008 Aug-2008 Aug-2008 Aug-2008 Aug-2008 Aug-2008 Aug-2008 Aug-2008 Aug-2008 Aug-2008 Aug-2008 Aug-2008 Aug-2008 Aug-2008 Aug-2008 Aug-2008 Aug-2008 Aug-2008 Aug-2008 Aug-2008 Aug-2008 Sep-2008 Sep-2008 Sep-2008 Sep-2008 Sep-2008 Sep-2008 Sep-2008 Sep-2008 Sep-2008 Sep-2008 Sep-2008 Sep-2008 Sep-2008 Sep-2008 Sep-2008 Sep-2008 Sep-2008 Sep-2008 Sep-2008 Sep-2008 Sep-2008 Sep-2008 Oct-2008 Oct-2008 Oct-2008 Oct-2008 Oct-2008 Oct-2008 Oct-2008 Highly Confidential KPN00183802
Slide 55 Oct-2008 Oct-2008 Oct-2008 Oct-2008 Oct-2008 Oct-2008 Oct-2008 Oct-2008 Oct-2008 Oct-2008 Oct-2008 Oct-2008 Oct-2008 Oct-2008 Oct-2008 Nov-2008 Nov-2008 Nov-2008 Nov-2008 Nov-2008 Nov-2008 Nov-2008 Nov-2008 Nov-2008 Nov-2008 Nov-2008 Nov-2008 Nov-2008 Nov-2008 Nov-2008 Nov-2008 Nov-2008 Nov-2008 Nov-2008 Nov-2008 Nov-2008 Dec-2008 Dec-2008 Dec-2008 Dec-2008 Dec-2008 Dec-2008 Dec-2008 Dec-2008 Dec-2008 Dec-2008 Dec-2008 Dec-2008 Dec-2008 Dec-2008 Dec-2008 Dec-2008 Dec-2008 Dec-2008 Dec-2008 Dec-2008 Dec-2008 Dec-2008 Dec-2008 Jan-2009 Jan-2009 Jan-2009 Jan-2009 Jan-2009 Jan-2009 Jan-2009 Jan-2009 Highly Confidential KPN00183803
Slide 56 Jan-2009 Jan-2009 Jan-2009 Jan-2009 Jan-2009 Jan-2009 Jan-2009 Jan-2009 Jan-2009 Jan-2009 Jan-2009 Jan-2009 Jan-2009 Jan-2009 Feb-2009 Feb-2009 Feb-2009 Feb-2009 Feb-2009 Feb-2009 Feb-2009 Feb-2009 Feb-2009 Feb-2009 Feb-2009 Feb-2009 Feb-2009 Feb-2009 Feb-2009 Feb-2009 Feb-2009 Feb-2009 Feb-2009 Mar-2009 Mar-2009 Mar-2009 Mar-2009 Mar-2009 Mar-2009 Mar-2009 Mar-2009 Mar-2009 Mar-2009 Mar-2009 Mar-2009 Mar-2009 Mar-2009 Mar-2009 Mar-2009 Mar-2009 Mar-2009 Mar-2009 Mar-2009 Mar-2009 Mar-2009 Apr-2009 Apr-2009 Apr-2009 Apr-2009 Apr-2009 Apr-2009 Apr-2009 Apr-2009 Apr-2009 Apr-2009 Apr-2009 Highly Confidential KPN00183804
Slide 57 Apr-2009 Apr-2009 Apr-2009 Apr-2009 Apr-2009 Apr-2009 Apr-2009 Apr-2009 Apr-2009 Apr-2009 May-2009 May-2009 May-2009 May-2009 May-2009 May-2009 May-2009 Highly Confidential KPN00183805
