Koninklijke KPN (KPN) Partnership summary

Opening remarks and agenda

• KPN and APG/ABP announced a strategic partnership to form a new TowerCo, aligning with the Connect, Activate & Grow strategy to optimize passive infrastructure value, with key executives present for Q&A.

Objectives of the partnership

• The partnership aims to optimize the value of passive mobile infrastructure, support strategic flexibility, and maintain top-tier digital infrastructure in the Netherlands.

• Seeks to achieve operational efficiency by harmonizing leases into a single Master Service Agreement and resetting lease fees for a significant portion of the tower portfolio.

Partner introductions and roles

• KPN holds a 51% stake and APG/ABP 49% in TowerCo, with ABP represented by APG; TenneT exits its stake in NOVEC as part of the transaction.