OFFER MEMORANDUM Dated 14 September 2005 RECOMMENDED CASH OFFERS TELE2 FINANCE B.V.

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1 ~ - The Offers expire at 15:00 hours, Amsterdam time (Y00 hours, New York time), on 7 Octohcr 2005, unless extcnded OFFER MEMORANDUM Dated 14 September 2005 RECOMMENDED CASH OFFERS BY 1 ' 1 1 1,'\ TELE2 FNANCE B.V. (a private mmpany with limitcd liabiliq incorporateil in ihe Neiherlands) FOR ALL THE SSUED AND OUTSTANDNG ORDNARY SHARES WTH A NOMNAL VALUE OF EUR 0.02 EACH AND ALL THE SSUED AND OUTSTANDNG PER CENT. CONVERTBLE SENOR NOTES DUE 2011 CONVERTBLE NT0 ORDNARY SHARES N THE CAPTAL OF ve rsa Fe VERSATEL TELECOM NTERNATONAL N.V. - ~ = E g= - zt!zez <og- o e!rzzz5 (a public company with iimited liability incorparatcd in the Netherlands) 1 ~- 'Thir offcr mcmorandum (ihe "Offeer Memorandum") contains the details of the recommended cash offm by Teie2 Finance B.V (the "Offeror") iu uil hulden of the issucd and outstanding ordinary shares in the capiial of Versatcl Telecom nternational N.V ("Verralel" OT the "Company", ihc urdinary shares bcing rcfcrrcd 10 as "Shares" and holden of such Shares heing refeircd tu as "Shareholders") and 10 al1 holders of ihe issued and outstiinding pcr cent. convcrtiblr senior noles due 2011 convertible into Shares (SN: XS020175OOi4) (thr "Bonds"; holders of such Bonds bcing referred 10 as "Bundholdors"; Shareholders and Bondholders collectiurly referred 10 as '~Se<.untiei-holders") 10 purchase for cash the Shares and the Bonds (1ogcther"Seruritics") held hy ihcm, on the tcrms and subject 10 the conditions and restriction5 cuntained in this Offer Memorandum (thc offcr fur the Sharcs heing referred 10 as "Offer ", the offer for thï Bonds being referred 10 as "Offer 11". Offer and Offer 11 heing ~oil~~ti~cly referred 10 8s [he "Offers"). Capitaliscd terms used in this Offer Memorandum have thc meiiningr as set out in Sectiun 2 (Definitions) or elsewhere in this Offer Memorandum. Sharehnlders tendering their Shares undcr Offer wil1 be paid, on the term6 and suhjcct 10 [he condilions and restrictions comaincd in ihis Oficr Mcmorandum. in omsidertilion of cach Share vnlidly tendcrcd (or defectivcly iendcrcd provided that such defect ha5 heen wnived hy the Oïfcrur) und a cash om<iuni uf EUR 2.20 (he "Offer Price por Share"). c, 1, Bandhalders tendering their Bonds under Offer 1 wil1 be paid un the tcrms and subject 10 the canditirmr and rcslrictions coniaincd in this Offcr Memorandum, in consideratiun of each Band wlidly tendered (or defectively tendercd provided that such defect has bccn waived by thc Offeror) and.j':' a cash amount per Bond of EUR 132, ess an amnunt of EUR 3,875 ifany intcrïst is paid or payahlï U rhe Bondholder in respect i uf thc annual interest pcriod cnded on 28 October 2005 (ihe 'Offer Prier per Bond"). /, The Offer Price per Bond is hascd on ihe cash equivalent wluc uf the Shares and calculated as follaws: (a) a conversion pricc of EUR per Sharc. representing the convcrsion price thar wauld apply if convmion would take placc on or hefare 28 Octoher 'T 2005 in comection with a Change of Control as definrd in the Bonds Terms and Conditions, maning that each Bond cm he cunvorted inro, 59,988 Shares: multiplied hy t, -' (b) the Offer Price pcr Share; plus c:, (c) an addiriimal incentive fee af 0.30 per cent. af thc principal amount of thc Bond, heing an amount of EUR 300. ',L' Thc Supervisory Board and thc Management Board unanimously recommend the Offers 10 the Shiirïhulders and the Bondholden respcctively for :,ll acceptance. SCC Scction 7 (Recommendaiion hy the Supervisoiy Board nnd the Management Bi8nrd). 'lalpa Capital B.V ("ialpa"), pruvided certain custumary conditions are met, has irrevocahly undertaken 10 tendcr al1 Shares held hy i1 under Offer. This underiaking is in respect uf a total of 217,976,416 Shares with an aggregiite nomina1 value of EUR 4,359,529.52, representing approximately per cent. of the total issued and outstanding sharc ciipital of Versatel at Y September The Acceptance Pcriud under the Offers bcgins i31 Y:U0 hours, Amstcrdani time (3:oO hours, Ncw York time), on 14 Septemhcr 2005 imd ends 81 15:tltJ hows, Amsterdam time (Y1111 houcs, New York lime), on 7 Octuber 2005, udess entended (the "Aeïepfance Ciorinp Uatë). Acceptance undcr thc Oflus must he made in ihe mannrr specified in this Offer Memorandum. Sccurities tendered on or prior 10 thc Acccptance Clnsing Dilie may nol he withdrnwn. subject 10 thr right of withdrawal af any tender during any exlension of the Accrpiance Pcriod in accordance with ihc provisions of artide 90. paragriiph 5 of the Securities Markcts Supervision Decrec 1995 (Beslui1 loeichr effectenverkeer "Ble 1995"). ï'he Offeror rcscwes the righr 10 extcnd rhe Accept;incc Period. f the Acceptmce Pcriod is entended, ihc Offcrrx wil1 make an mnuuncement 10 ihat elfcct hy no later than 1500 hours. Ams1crd;im time (YUU hnurs, New York lime) on the third Business Day following thï Acceptance Closing Date in acrordancc with ihe provisions uf.article 90. paragraph 5 uf the Bte Sec Sectiun 6A (invitation to the Shareholders) and Section 6H (nvilaiion to the üondhalders). By no later than 5:UU huurs, Amsterdam time (Y00 huurs, New York time) un ihe fifth Business Day following the Acceptancc Closing Daie, rhc Offcror wil1 announce whether the Offcrs are declared worden gedaan) (the ''unconditionai Uaie"). The Ofïcrur reserves ihc right 10 waivc my uf the Offer Conditions (as set out in Section 8.2). Als" see Sections ha.6 and 68.6 (Declaring thï Offers Unconditi<inal). Any iinnounremcnt that is rrquired 10 be made in rrlatiun 10 the Offccrs wil1 he issued hy press release and wil1 bc published in ai leiui /lei Financieele Dogblnd and the Daily Official List, as appropriaie, and released i0 Dow nner News Scivice. See Sections 6A.12 and hb.14 (Announcements). n the even1 ihat thï Offeror announces that thc Offers are declared uncondirional (Eesrand wrdengednan), thc Shurchulders tendering thcir Shares and the Bondholdcrs tendering their Bands for acceptance purruant tu rhe relevant Offcr wil1 receive within five Business Days following the Uncondiiionnl Dite (the "Sertlrment Uale") the Offer Pricc per Share andinr thc Offer Price per Bond, in respect of cach Share andior each Bond validly tendcred (or defectively tendered pravided that such defect has been waived hy thc Offerur) and delivcrcd (Xelevwd) under thc ierms acid conditions of thc Offers. At 10:UU huurs, Amsterdam time, o" 29 September 2005, ihe Extraordinary General Meeting of Shareholderr. 10 which the Bimdhoiders wil1 ulso he invitcd, wil1 bc convened at the Hilion Hutrl, Amsterdam, 81 which meeiing the Offers, among "thw miiiters, wil1 he discussed in accordance wirh the provisions uf imicle Yq, paragraph 1 of the Bte Sec Srction 14A (Diiraordinary General Mceting uf Shareholdcrs of Versatel). Suhject ti> the Offers hcing declared unconditional, a Meeting of Bondholders may he canvened upon the request uf the Company, at which meeting ;in ameiidmcntlo the Bunda Terms and Candiiions wil1 bc resolvrd upun. Should such amendmenr be approved, then the Company shdl pursuani 10 the reviscd Bonds Termi and Conditions, redcem illl Bonds. See Section 148 (Meeting of Bondhulders of Verratcl). 1T1 _-

2 1. RESTRCTONS AND MPORTANT NFORMATON 1.1 Restrictions The Offers are not heing made, and Securities wil1 not be accepted for purchase from or on behalf of any Securities-holders, in any jurisdiction in which the making or acceptance thereof would not he in compliance with the securities or other laws or regulations of such jurisdiction or would require any registration, approval or filing with any regulatory authority not expressly contemplated by the terms of this Offer Memorandum. Persons obtaining the Offer Memorandum are required to take due note and observe al1 such restrictions and ohtain any necessary authorisations, approvals or consents. Neither the Offeror, nor the Company, nor any of their advisers accepts any liahility for any violation by any person of any such restriction. Any person (including, without limitation, custodians, nominees and trustees) who would otherwise intend to forward this Offer Memorandum or any related document to any jurisdiction outside the Netherlands should carefully read this Section 1 (Restrictions and mportant nformation) before taking any action. Cana&, Austraia anà Japan The Offers are not heing made, directly or indirectly, in or into, or by use of the mails of, or by any means or instrumentality (including, without limitation, telephone, facsimile, telex or electronic transmission) of interstate or foreign commerce of, or of any faciliiy of a securities exchange of Canada, Australia or Japan, and the Offers cannot be accepted by any such use, means, instrumentality or facility or from within Canada, Australia or Japan. Accordingly, this Offer Memorandum and any related documents are not being and must not be mailed or otherwise distributed or sent in or into Canada, Australia or Japan and persons receiving such documents (inchding, without limitation, custodians, nominees and trustees) must not distribute or send them into such jurisdictions. Republic of taiy The Offers are not being made, directly or indirectly, in or into the Republic of taly and have not been submitted to the clearance procedure of the Commissione Narionaie per le societa e la Borsa or the Bank of taly pursuant to talian laws and regulations. Accordingly, Securities-holders are hereby notified that, to the extent such Securities-holders are persons resident and/or located in the Republic of taly, the Offers are not available to them and they may not accept the Offers and, as such, any tenders of Securities received from such persons shall be ineffective and void, and neither the Offer Memorandum nor any other offering material relating to the Offers or the Securities may be distributed or made available in the Republic of taly. United Kingdom This Offer Memorandum is directed only at persons who (i) are persons falling within Article 49(2) (a) to (d) ( high net worth companies, unincorporated associations, etc. ) of The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the Order ) or (ii) are investment professionals as in the meaning of Article 19(5) of the Order or have professional experience in matters relating to investments or (iii) are outside the United Kingdom (al1 such persons together being referred to as relevant persons ). This Offer Memorandum must not be acted on or relied on by persons who are not relevant persons. he Offers may only be accepted by, and any investment activity to which this communication relates is available only to and wil1 be engaged in only with, relevant persons. C,.,:i ici v 1 li,- CZ C$ 1,r United States of America The Offers are being made for the securities of a Dutch company and this Offer Memorandum complies with Dutch disclosure requirements, and is in Dutch format and style, which may differ from U.S. disclosure requirements, format and style. Versatel s consolidated financial information which is derived from the financial statements for the years 2004, 2003 and 2002 included or incorporated in this Offer Memorandum, has been prepared in accordance with Dutch generally accepted accounting principles. Versatel s condensed consolidated financial information for the 6 months ended 30 June 2005 has been prepared in accordance with nternational Financial Reporting Standards (FRS). Versatel s condensed consolidated fjnancjal information for :he 6 months ended 30 June 2005 and consolidated financial information for the years 2004,2003 and 2002 thus may not be comparahle to financial statements of U.S. companies or companies whose financial statements are prepared in accordance with U.S. generally accepted accounting principles. 1

3 Each of the Offeror and Versatel is incorporated under the laws of the Netherlands. Some or al1 of the officers and directors of each of the Offeror and Versatel are residents of countries other than the U.S. and al1 or a substantial proportion of the assets of the Offeror and Versatel are located outside the United States. As a result, it may not be possible for U.S. Securities-holders to effect service of process within the United States upon Versatel or the Offeror or such persons or to enforce against any of them judgments of U.S. courts predicated upon the civil liability provisions of the federal securities laws of the United States. 1.2 mportant nformation This Offer Memorandum contains important information that should be read carefully before any decision is made to tender Securities in connection with the Offers. The Securities-holders are advised to seek independent advice where necessary. n addition, the Securities-holders may wish to consult with their tax advisers regarding the tax consequences of participating in the Offers. The information included in Sections 1, 2, 3, 4.1, 4.5, 4.6, 4.7, to (inclusive), 4.9, 4.10, 6A, 6B, 8.3, to (inclusive), 8.10 to 8.12 (inclusive), 10.1 and 15 of this Offer Memorandum has been solely provided by the Offeror. The information included in Sections 4.3, 4.4, 5, 7, 8.4, 8.5, 9 and 18 of this Offer Memorandum has been solely provided by Versatel. The information included in Sections 4.8.7, 8.1, 8.2, 8.8.7, 8.9, 12, 14A, 14B and 16.2 of this Offer Memorandum has been jointly provided by the Offeror and Versatel. The information included in Sections 4.2, 8.7, 16.1 and 16.3 of this Offer Memorandum has been jointly provided by the Offeror, Versatel and Apax. The information included in Sections 4.8.1, 4.8.2, 8.6, and of this Offer Memorandum has been jointly provided by the Offeror and Apax: The information included in Section 10.2 has been solely provided hy Apax. The information included in Section 13 of this Offer Memorandum has been extracted from The fairness opinion included in Section 11 of this Offer Memorandum has heen solely provided hy Lazard. The Offeror, Versatel and Apax are exclusively responsihle for the accuracy and completeness of the information provided in this Offer Memorandum, except for Section 11, for which fairness opinion Lazard is exclusively responsible, each with respect to such information as it has provided, and together with respect to the information they have provided jointly. Each of the Offeror and Versatel confirms, with respect to such information it has provided in this Offer Memorandum, that to the best of its knowledge and belief as of the date hereof the information contained in this Offer Memorandum is true and accurate in al1 material respects and there are no facts the omission of which would make any statement in this Offer Memorandum misleading in any material respect. Please he aware that certain financial and statistical information in this Offer Memorandum may be rounded up or down and should therefore not be regarded as definitive. The information included in this Offer Memorandum reflects the situation as at the date of this Offer Memorandum. Neither the issue nor the distrihution of this Offer Memorandum shall under any circumstances imply that the information contained herein is accurate and complete as of any time suhsequent to this date or that there has been no change in the information set out in this Offer Memorandum or in the affairs of Versatel and/or its affiliates since the date of this Offer Memorandum. The foregoing does not affect the obligation of both the Offeror and Versatel, each in so far as it concerns them, to make a public announcement pursuant to article 9b, paragraph 1 of the Bte 1995, if applicable. No person, other than the Offeror and Versatel and without prejudice to the auditors reports issued by Ernst & Young and the faimess opinion for Offer 1 issued by Lazard included in this Offer Memorandum, is authorised in connection with the Offers to provide any information or to make any statements on behalf of the Offeror or Versatel in connection with the Offers or any information contained in this Offer Memorandum. f any such information or statement is provided or made by parties other than the Offeror or Versatel, such information or statements should not he relied upon as having been provided by or made by or on behalf of the Offeror or Versatel. Any information or representation not contained in this Offer Memorandum must not he relied upon as having been provided by or made by or on hehalf of the Offeror or Versatel. This Offer Memorandum and the Offers are, and any tender, purchase, acceptance or delivery of Securities wil1 be, governed by and construed in accordance with the laws of the Netherlands. The District Court of Amsterdam (Rechtbank Amsterdam) and its appellate courts are to have exclusive jurisdiction to settle any disputes which might arke out of or in connection with this Offer Memorandum, the Offers and/or any tender, purchase, acceptance or delivery of Securities. Accordingly, any legal action or proceedings arising out of or in connection with the Offer Memorandum, the Offers and/or any tender, purchase, acceptance or delivery of Securities must be hrought exclusively in such courts. 2

4 The Offer Memorandum is published in English and a Dutch summary is included as Section 17. n the event of any differences, whether or not in interpretation, between the English text of the Offer Memorandum and the Dutch summary thereof in this Offer Memorandum, the English text of the Offer Memorandum shall prevail. Copies of this Offer Memorandum, the Versatel Articles of Association as wel1 as the Proposed Versatel Articles of Association, which documents are incorporated hy reference in, and form an integral part of, this Offer Memorandum, are availahle free of charge at the offices of Versatel and the Settlement Agent and can be obtained by contacting Versatel or the Settlement Agent at the addresses below. Versatel Versatel Telecom nternational N.V. Attn. nvestor Relations Department Hullenbergweg CL Amsterdam The Netherlands P.O. Box DD Amsterdam Z - O The Netherlands Tel: +31 (0) Fax: +31 (0) The Settlement Agent ABN AMRO Bank N.V. Attn. Servicedesk MF 7020 Kemelstede ST Breda The Netherlands P.O. Box DE Breda The Netherlands Tel: +31 (0) Fax: +31 (0) This Offer Memorandum includes forward-looking statements that involve risk and uncertainty. Generally, words such as may, will, expect, intend, estimate, anticipate, believe, plan, seek, continue or similar expressions identify forward-looking statements. Although each of the Offeror, Versatel and Apax, each with respect to the statements it has provided, believes the expectations reflected in such forwardlooking statements are hased on reasonable assumptions, no assurance can be given that such statements wil1 be fulfilled or prove to be correct, and no representations are made as to the accuracy and completeness of such statements. Any such forward-looking statements must he considered together with the fact that actual events or results may vary materially from such forward-looking statements due to, among other things, political, economic or legal changes in the markets and environments in which the Offeror andior Versatel does business, to competitive developments or risks inherent to Versatel's business plans and to uncertainties, risk and volatility in financial markets and other factors affecting the Offeror and/or Versatel. The Offeror and Versatel undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required hy applicahle laws and regulations or by any appropriate regulatory authority (such as the Euronext Rulebook, Book and 1 of Euronext Amsterdam). Morgan Stanley is acting as financial adviser exclusively to the Offeror and to no-one else in connection with the Offers and wil1 not regard any other person (whether or not a recipient of this Offer Memorandum) as a client in relation to the Offers and will not be responsible to anyone other than the Offeror for providing the protections afforded to the clients of Morgan Stanley or for providing advice in relation to the Offers. Lazard is acting as financial adviser exclusively to Versatel and to no-one else in connection with the Offers and wil1 not be responsible to anyone other than Versatel for providing the protections afforded to the clients of Lazard or for providing advice in relation to the Offers. ABN AMRO is acting as financial adviser exclusively to Apax Partners Worldwide LLP, and as settlement agent exclusively to the Offeror and to no-one else in connection with the Offers and wil1 not regard any other person (whether or not a recipient of this Offer Memorandum) as a client in relation to the Offers and wil1 not be responsihle to anyone other than Apax or the Offeror respectively for providing the protections afforded to the clients of ABN AMRO or for providing advice in relation to the Offers. 3

5 2. DEFNTONS Defined terms used in this Offer Memorandum shall have the following meaning: ABN AMRO ABN AMRO Bank N.V., a Dutch public limited liability company (naamloze vennootschap), with its statutory seat in Amsterdam, the Netherlands Acceptance Closing Date Acceptance Period Admitted nstitution(s) AFM APax Back to Back Agreement Benelux Business Bond(s) Bondholder(s) Bonds Terms and Conditions Bte 1995 Business Day(s) Call Option(s) Clearstream Luxembourg Clearing Systems the time and date on which the Acceptance Period expires, being at 15:OO hours, Amsterdam time (9:00 hours, New York time), on 7 October 2005, unless extended in accordance with article 90, paragraph 5 of the Bte 1995, in which case the Acceptance Closing Date wil1 be such later time and date the period during which the Securities-holders can tender their Securities to the Offeror, which begins on 14 September 2005 and ends on the Acceptance Closing Date admitted institution(s) (aangesloten instellingen) as defined in article 1 of the Securities Giro Act (Wet giraal efectenverkeer) the Netherlands Authority for the Financial Markets (Stichting Autoriteit Financiële Markten) Apax Europe V LP, Apax Europe VLA LP and Apax Europe V-1 LP (individually and collectively) the consortium and back to back agreement between (a group company of) the Offeror and Ganymed dated 8 July 2005 regarding the terms and conditions of the German Transaction thc business conductcd by Versatel Nederland B.V. and Versatel Belgium N.V. (and their directly and indirectly owned subsidiaries and participations) the issued and outstanding per cent. convertible senior note(s) due 2011 convertible int0 ordinary shares in the capital of Versatel a holder of Bond(s) and in whose name such Bond(s) are registered or a beneficial owner of Bond(s) holding such Bond(s) in accounts with a Direct Participant acting on the beneficial owner's behalf the terms and conditions of the Bonds as set out in an Offering Circuiar of the Company dated 22 October 2004 the Securities Markets Supervision Decree 1995 (Besluit toezicht efectenverkeer 1999, as amended from time to time a day on which Euronext Amsterdam is open for trading each of the cal1 option held by the Foundation Continuity to subscribe for a number of preference-b shares in the capital of Versatel, and the eall option held by the Foundation Priority to subscribe for a priority share in the capital of Versatel, collectively referred to as the Call Options Clearstream Banking, société anonyme Clearstream Luxembourg and Euroclear collectively 4 i'

6 Company Completion Distrihution Daily Official List Dealer Manager Direct Participant Electronic Acceptance Notice Electronic Withdrawal nstruction Ernst & Young EUR Euroclear Euronext Amsterdam Executive Board Extraordinary General Meeting of Shareholders Financial Year 2002 Financial Year 2003 Financial Year 2004 Financial Year 2005 Foundation Continuity Foundation Priority Ganymed Versatel Telecom nternational N.V., a public limited liabiiity company (naamloze vennootschap) incorporated under Dutch law, with its statutory seat in Amsterdam, the Netherlands the distribution of freely distrihutahle reserves by Versatel to the Offeror and to Shareholders that have not tendered their Shares under Offer on or after the Settlement Date in relation to the German Transaction, as set out in Section the Daily Official List (Oficiële hijscourant) of Euronext Amsterdam Morgan Stanley & Co. ntemational Limited each person who is shown in the records of any of the Clearing Systems as a holder of Bond(s) a notice to accept Offer 1 in the manner specified in this Offer Memorandum a notice to withdraw an Electronic Acceptance Notice Ernst & Young Accountants, Drentestraat 20, 1083 HK Amsterdam, the Netherlands Euro, the legal currency of the European Monetary Union Euroclear Bank S.A./N.V. (as operator of the Euroclear System) Euronext Amsterdam N.V. or Eurolist hy Euronext Amsterdam, as appropriate the board of executive officers of the Company comprising Mr. R.M. Raithatha, Mr. M. Lazar, Mr. M. van der Heijden, Mr. A. Beekhuis and Mr. J. van Berne the extraordinary general meeting of Shareholders, to which the Bondholders wil1 also be invited, to be convened at 1000 hours, Amsterdam time, on 29 September 2005, at the Hilton Hotel, Amsterdam, at which meeting the Offers, among other matters (see Section 14A), wil1 he discussed, in accordance with the provisions of article 9q, paragraph 1 of the Bte 1995 tbe financial year of Versatel ended on 31 December 2002 the financial year of Versatel ended on 31 December 2003 the financial year of Versatel ended on 31 December 2004 the financial year of Versatel ending on 31 December 2005 Stichting Continuiteit Versatel Telecom nternational, a foundation established under Dutch law, with its statutory seat in Amsterdam, the Netherlands Stichting Prioriteit Versatel Telecom nternational, a foundation established under Dutch law, with its statutory seat in Amsterdam, the Netherlands Ganymed 345. W GmbH, a wholly owned subsidiary of Apax Europe V-A, L.P. and being a private limited company incorporated under German law, having its statutory seat in Frankfurt am Main, Germany 5

7 German Business German Transaction ssuing Entity Lazard Loan Note Management Board Material Adverse Change Meeting of Bondholders Merger Agreement Minimum Acceptance Condition Minority Morgan Stanley Offer Offer 1 Offer Conditions Offer Memorandum Offeror the business conducted by Versatel Deutschland Holding GmbH (and its directly and indirectly owned subsidiaries and participations) a transaction pursuant to which the shares in Versatel Deutschland Holding GmbH, along with certain intra-group loans, are sold and transferred to Ganymed as set out in Section has the meaning as set out in Sections and Lazard Frères S.A.S., a societe par actions simplifee, incorporated under the laws of France, with its registered office in Paris, France has the meaning as set out in Section and the management board (raad van bestuur) of Versatel any event or circumstance as referred to in Section 8.2(c) (Offer Conditions) the meeting of Bondholders to he convened in accordance with Section 14B the merger agreement between Versatel Telecom nternational N.V. and Tele2 (Netherlands) B.V. has the meaning attrihuted to it in Section has the meaning attributed to it in Section and Morgan Stanley & Co. Limited, a private limited liability company incorporated under the laws of England and Wales the offer for the Shares described in this Offer Memorandum the offer for the Bonds described in this Offer Memorandum the conditions to the Offers as set out in Section 8.2 (Offer Conditions) this offer memorandum relating to the Offers Tele2 Finance B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) incorporated under Dutch law, with its statutory seat in Amsterdam, the Netherlands, being an indirectly wholly owned suhsidiary of Tele2 AB Offer Price per Bond Offer Price per Share Offers Options a cash amount for each Bond validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) and delivered (geleverd) under the terms and conditions of Offer 1 which wil1 be a sum per Bond of EUR 132, less an amount of EUR 3,875 if any interest is paid or payable to the Bondholder in respect of the annual interest period ended on 28 October 2005 a cash amount of EUR 2.20 for each Share validly tendered (or defectively tendered provided that such defect has heen waived by the Offeror) and delivered (geleverd) under the terms and conditions of Offer Offer and Offer 1 collectively the outstanding rights to suhscribe for the issue or delivery of ordinary shares by the Company under the Company s employee stock option schemes 6

8 Proposed Versatel Articles of Association Securities Securities-holder(s) SEK Settlement Agent Settlement Date Share(s) Sharehoider(s) Supervisoiy Board Talpa Tele2 Tele2 AB Tender Agent Transaction Unconditional Date U.S. Versatel the articles of association (statuten) of Versatel, which are subject to the Offers being declared unconditional and are to be submitted for adoption to the Extraordinary General Meeting of Shareholders and, if adopted, wil1 be effective at the Settlement Date the Shares and Bonds collectively the holder(s) of Securities Swedish Kronen, the legal currency of Sweden ABN AMRO the date on which, in accordance with the terms and conditions of the Offers, the Offeror shall pay (i) the Offer Price per Share to the Shareholders who have validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) and delivered (geleverd) their Shares under Offer and (ii) the Offer Price per Bond to the Bondholders who have validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) and delivered (geleverd) their Bonds under Offer 11, in the case of both (i) and (ii) being no later than the fifth Business Day following the Unconditional Date the issued and outstanding ordinary shares in the share capital of Versatel, with a nomina1 value of EUR 0.02 each the holder(s) of one or more Share(s) the supervisory board (raad van commissarissen) of Versatel Talpa Capital B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) incorporated under Dutch law with its corporate seat in Hilversum, the Netherlands Tele2 (Netherlands) B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) incorporated under Dutch law, with its statutory seat in Amsterdam, the Netherlands, being a directly wholly owned subsidiary of Tele2 AB a public limited liability company incorporated under Swedish law, with its statutory seat in Stockholm, Sweden The Bank of New York and, where applicable, NG Bank N.V. as Dutch tender agent the transactions that wil1 result in the Offeror acquiring control over the Company and the German Transaction collectively the date on which the Offeror publicly announces whether the Offers are declared unconditional (gestand worden gedaan), being by no later than 15:OO hours, Amsterdam time (9:OO hours, New York time) on the fifth Business Day foilowing the Acceptance Closing Date, in accordance with article 9t, paragraph 4 of the Bte 1995 United States of America Versatel Telecom nternational N.V., a public limited liability company (naamloze vennootschap) incorporated under Dutch law, with its statutory seat in Amsterdam, the Netherlands

9 Versatel Articles of Association Warrants WMZ Wte 1995 the articles of association (statuten) of Versatel, as most recently amended on 8 June 2005 the issued and outstanding warrants with rights to subscribe for ordinaq shares in the capital of Versatel Disclosure of Major Holdings in the Listed Companies Act 1996 (Wet melding zeggenschap in ter beurze genoteerde vennootschappen 1996), as amended from time to time the Securities Markets Supervision Act 1995 (Wet toezicht eflectenverkeer 1999, as amended from time to time 8

10 ~ - Chapter A 6B TABLE OF CONTENTS Restrictions and mportant nformation.... :..,..,.., Definitions... 4 Tahle ofcontents... 9 Summary Letter to the Securities-holders , nvitation to the Shareholders , nvitation to the Bondholders Recommendation hy the Supervisory Board and the Management Board Explanation of the Offers nformation regarding Versatel.,..,..,.....,..,,.,,..,..,..,...,..,,......, 42 nformation on the Offeror and Apax Fairness Opinion Further Declarations pursuant to the Bte ,..,..,,..,.., Share Prices of Versatel A. Extraordinary General Meeting of Shareholders of Versatel.. 14B. Meeting of Bondholders of Versatel Tax aspects of the Offers...,..,.., PressReleases a 17. Nederlandse samenvatting van de Biedingen.....,......,..,..,,..,......,...,, Versatel Telecom nternational N.V.-ndex to consolidated Financial nformation i- Wge 54 (

11 4. SUMMARY This summary is qualified in its entirety by, and should he read in conjunction with the more detailed information appearing elsewhere in this Offer Memorandum. Securities-holders are advised to review the Offer Memorandum in detail and to seek independent advice where appropriate in order to reach a reasoned judgement in respect of the contents of the Offer Memorandum and the Offers themselves. Unless the context requires othenvise, capitalised terms used in this Offer Memorandum shall have the meanings set out in Section 2 (Definitions). 4.1 The Offers The Offeror is making Offer to purchase from the Shareholders al1 the Shares and Offer 1 to purchase from the Bondholders al1 the Bonds, on the terms and subject to the conditions and restrictions contained in this Offer Memorandum. Shareholders tendering their Shares under Offer wil1 be paid in cash the Offer Price per Share of EUR 2.20 in respect of each Share validly tendered (or defectively tendered provided that such defect has heen waived by the Offeror) and delivered (geleverd), subject to the Offers being declared unconditional. Bondholders tendering their Bonds under Offer 1 wil1 be paid the Offer Price per Bond for each Bond validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) and delivered (geleverd) in a cash amount per Bond of EUR 132,273.61, less an amount of EUR 3,875 if any interest is paid or payahle to the Bondholder in respect of the annual interest period ended on 28 October 2005, subject to the Offers being declared unconditional. The Offer Price per Share represents a: (a) 14 per cent. premium over the closing Share price of EUR 1.93 on 15 July 2005, the last Business Day prior to the joint press release published by Versatel and the Offeror that announced that the expectation was justified that agreement could be reached in connection with the Offers; (b) 47 per cent. premium over the closing Share price of EUR 1.50 on 28 April 2005, the day prior to the first reports on discussions with Belgacom N.V. and Talpa; and (c) 29 per cent. premium over the average closing Share price of EUR 1.70 for the 12 montbs prior to, and including, 28 April 2005, the day prior to the first reports on discussions with Belgacom N.V. and Talpa. The Offer Price per Bond is based on the cash equivalent value of the Shares and calculated as follows: (a) a conversion price of EUR per Share, representing the conversion price that would apply if conversion would take place on or before 28 Octoher 2005 in connection with a Change of Control as defined in the Bonds Terms and Conditions, meaning that each Bond can be converted into 59,988 Shares; multiplied by (b) the Offer Price per Share; plus (c) an additional incentive fee of 0.30 per cent. of the principal amount of the Bond, being an amount of EUR 300. See also Section 8.6 (Substantiation of the Offer Price) and Section 13 (Share Prices of Versatel). 4.2 Rationale for the Offers Subject to the Offers being declared unconditional (gestanddoening), it is intended that the German Business wil1 he sold and transferred to Apax. The Offeror wil1 thrhgh Versatel hold the Benelux Business. With regard to the Benelux Business, the main transaction rationale lies in the creation of a stronger platform which wik (i) achieve critical mass in the Benelux: the comhination of Tele2 s existing operations in the Benelux market area with the Benelux Business wil1 have pro forma revenues of approximately EUR 800 rnillion and EBTDA of approximately EUR 112 million (on the basis of 2004 financial data); (ii) improve efficiencies of the comhined businesses hy integrating the Tele2 and Versatel operations and migrating Tele2 s clients and traffic onto Versatel s network, thereby achieving significant synergies; 10

12 (iii) contribute significant resources to further develop the business notably in the strategic broadband segment; and (iv) combine two complementary businesses to create additional possibilities to improve long term profitability by cross selling existing products to existing clients and to reduce businesslmarket risk. Apax wil1 further expand the German Business broadband business in tbe covered regions focusing on both business and residential customers. Apax goal is to continue to invest in future growth and seek to participate in the consolidation of alternative carriers in Germany to create one of the leading operators in Germany. Apax envisages the German Business as the platform for further acquisitions in that market. Apax strategic goal is to consolidate the German alternative carrier market landscape and create a strong player to compete nationwide with, among otbers, Deutsche Telekom AG. Finally, the Offeror provides current Securities-holders the opportunity to sell their interest in Versatel at an attractive premium and realise immediate value in cash for their holdings. See also Section 8.6 (Substantiation of the Offer Prices), Section 8.7 (Transaction Rationale) and Section (Strategy). 4.3 Recommendation by tbe Supervisory Board and the Management Board The Supervisory Board and the Management Board have duly considered the strategic, financial and social aspects of the Offers and have reached the conclusion that the Offers are in the best interests of Versatel, the Shareholders, Bondholders and other stakeholders in Versatel. The Supervisory Board and the Management Board are of the opinion that the Offers are reasonable and fair to tbe Shareholders and Bondholders. n this respect, reference is made to the fairness opinion rendered by Lazard in respect of Offer, as included in Section 11 (Fairness Opinion). Therefore, the Supervisory Board and the Management Board support the Offers and unanimously recommend the Offers to the Shareholders and Bondholders for acceptance. See Section 7 (Recommendation by the Supervisory Board and the Management Board). 4.4 Shares and Options held by Members of tbe Supervisory Board and the Management Board On the date of this Offer Memorandum, 1,624,979 Shares and 3,940,000 Options are held by Mr. R.M. Raithatha, sole member of the Management Board. According to the information from the public registers of tbe AFM on the date of this Offer Memorandum, no Shares or Options are held by any of the members of the Supervisory Board. 4.5 rrevocable Undertaking Talpa, provided certain customary conditions are met, has irrevocably undertaken to tender al1 Shares held by it under Offer. This undertaking is in respect of a total of 217,976,476 Shares with an aggregate nomina1 value of EUR 4,359,529.52, representing approximately per cent. of the total issued and outstanding share capital of Versatel at Y September Offer Conditions, Acceptance Period, Declaring the Offers Unconditional, Extension and Settlement Offer Conditions The Offers shall be declared unconditional if the Offer Conditions as set out in Section 8.2 (Offer Conditions) are fulfilled or, if relevant, waived by the party entitled to waive such conditions Acceptance Period The Acceptance Period begins on 14 September 2005 and ends, subject to extension in accordance with Article 90, paragraph 5 of the Bte 1995, on 7 October 2005 at 15:OO hours, Amsterdam time (9:OO bours, New York time). f one or more of the Offer Conditions is not fulfilled by the Acceptance Closing Date, the Offeror may, from time to time, extend the Acceptance Period until al1 such Offer Conditions have been satisfied or waived. See also Section 6A.7 (Extension) and Section 6B.11 (Extension). 11

13 Securities tendered on or prior to the Acceptance Closing Date may not he withdrawn, subject to the right of withdrawal of any tender during any extension of the Acceptance Period in accordance with the provisions of article 90, paragraph 5 of the Bte f al1 Offer Conditions are satisfied or, where appropriate, waived, the Offeror wil1 accept al1 Securities that have been validly tendered and not previously withdrawn pursuant to the terms of the Offers in accordance with, for the Shares, the procedures set forth in Section 6A.2 (Acceptance of Offer ) and for the Bonds, the procedures set forth in Section 6B.3 (Acceptance of Offer 11) Declaring the Offers Unconditioml (gestanààoening) The Offers shall he subject to the fulfilment of the Offer Conditions, including, hut not limited to, the condition that at least 95 per cent. of al1 Shares and at least 85 per cent. of al1 Bonds have been tendered at the Acceptance Closing Date under the terms and conditions of tbe Offers as set out in Section 8.2(a) and 8.2(b) (the Minimum Acceptance Condition ). The Offeror reserves the right to waive Offer Conditions. See Section 8.2 (Offer Conditions). The Offeror wil1 determine by no later than 15:OO hours, Amsterdam time (900 hours, New York time) on the fifth Business Day following the Acceptance Closing Date, such date being the Unconditional Date, whether the Offer Conditions have been fulfilled or are to he waived by the Offeror and wil1 announce whether (i) the Offers have been declared unconditional, (ii) there is still uncertainty as to the fulfilment of any of the Offer Conditions, or (iii) the Offers are terminated, as a result of the Offer Conditions not having been fulfilled or waived by the Offeror, al1 in accordance with article 9t, paragraph 4 of the Bte The announcement, if any, by the Offeror that there is still uncertainty as to the fulfillment of any of the Offer Conditions, does not mean that any Securities-bolder wil1 have the right to withdraw any tender of Securities or that any tender of Securities or, in the case of the Bonds, corresponding Electronic Acceptance, Notices shall he deemed to he automatically withdrawn Extension The Offeror may extend the Acceptance Period past the Acceptance Closing Date, in which case al1 references in this Offer Memorandum to 15:OO hours, Amsterdam time (9:OO hours, New York time), on 7 October 2005 shall, unless the context requires othenvise, he moved to the latest date and time to which the Acceptance Period has been so extended. f the Acceptance Period is extended, so that the obligation pursuant to article 9t of the Bte 1995 to announce whether the Offers have been declared unconditional is postponed, a public announcement to that effect shall he made not later than 15:OO hours, Amsterdam time (9:OO hours, New York time) on the third Business Day following the Acceptance Closing Date in accordance with the provisions of article 90, paragraph 5 of the Bte During any such extension of the Acceptance Period, any Securities previously tendered and not withdrawn wil1 remain subject to the Offers Seniement n the event that the Offeror announces that the Offers are declared worden gedaan), the Shareholders having tendered their Shares and the Bondholders having tendered their Bonds for acceptance wil1 receive within five Business Days following the Unconditional Date (the Settlement Date ), the Offer Price per Share and/or the Offer Price per Bond, in respect of each Share and/or Bond validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) and delivered (geleverd) under the terms and conditions of the Offers. 4.7 Offeror The Offeror, a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid), with its statutory seat in Amsterdam, the Netherlands, was incorporated under Dutch law on 9 September The Offeror is an indirectly wholly owned subsidiary of Tele2 AB, a Swedish public limited liability company, having its statutory seat at Stockholm, Sweden. The Offeror is registered with the Commercial Register of the Chamber of Commerce and ndustry of Amsterdam under no See Section 10 (nformation on the Offeror and Apax). The Offeror wil1 finance acceptances under the Offers through a combination of financing provided pursuant to bank facilities, equity funding and a financing commitment of Ganymed under the Back to Back Agreement. See Section (Divestiture of the German Business) and Section 8.10 (Financing of 12

14 ~ the Offers), Tele2 AB has given a binding financing commitment in respect of such funding, other than the funding to be provided by Ganymed, as further described in Section (Divestiture of the German Business). 4.8 Consequences of the Offers Divestiture of the German Business t is intended that, subject to the Offers being declared unconditional kesranddoening), Versatel wil1 divest the German Business. The German Business wil1 be sold and transferred to Ganymed for an estimated price of approximately EUR 539 million (which is based on an enterprise value of EUR 565 million). The estimated price of approximately EUR 539 million wil1 be adjusted for, inter alia, changes in the halance of intra-group loans and distributions by the German Business to Versatel, in al1 cases subsequent to 31 March Apax may subsequently syndicate some of the equity in the German Business. The Offeror will, through Versatel, retain the Benelux Business as wel1 as those suhsidiaries of Versatel that do not form part of the German Business or Benelux Business. The divestment of the German Business wil1 be achieved by means of the sale and transfer of al1 of the shares in the capital of Versatel Deutschland Holding GmhH (the holding company of the German Business) along with al1 intra-group loans made hy Versatel or its suhsidiaries to the German Business. The sale and transfer wil1 occur simultaneously with, or immediately after, the settlement of the Offers. n anticipation of such sale and transfer Ganymed wil1 make a loan to the Offeror in an amount of approximately EUR 539 million to be paid out on the Settlement Date, which wil1 be used hy the Offeror, along with other funds available to it, to make the necessary payments to Securities-holders at the Settlement Date. The consideration for the German Business wil1 be payable in accordance with a loan note to be issued by Ganymed to Versatel (the ban Note ). Subject to approval of the Extraordinary General Meeting of Shareholders (see Section 14A, Extraordinary General Meeting of Shareholders of Versatel), Versatel will distribute to the Offeror and the Shareholders that have not tendered their Shares under Offer (the Minority ) an amount per Share equivalent to (i) the principal amount of, plus any interest accrued on, the Loan Note divided by (ii) the number of Shares held by the Offeror at the time the distribution is declared (the distribution to the Offeror and the Minority is referred to as the Completion Distribution ). The Offeror and Versatel have agreed that that portion of the Completion Distribution payable to the Offeror wil1 be settled by means of an assignment of the Loan Note. The Offeror and Ganymed intend that following such assignment the claim against Ganymed under the ban Note be set-off against the claim by Ganymed against the Offeror under the loan to be provided by Ganymed in connection with the financing of the Offers. The payment of the relevant portion of the Completion Distribution to the Minority may be subject to dividend withholding tax. Whether and when such tau is recoverable wil1 depend upon the tax profile of each Shareholder that has not tendered its Shares under Offer. See Section 15 (Tax Aspects of the Offers). The Shareholders wil1 be requested (at the Extraordinary General Meeting of Shareholders), inter alia, to (i) authorise the Management Board to enter into the German Transaction and (ii) to approve the Completion Distribution, both (i) and (ii) subject to the condition precedent that the Offers have been, declared unconditional (gesrand zijn gedaan). See Section 14A (Extraordinary General Meeting of Shareholders of Versatel) Strategy of P2rsaîel Benelux and the Benelux Business and German Business Both the Offeror and Apax have endorsed the key elements of Versatel s strategy in their respective markets. As such the strategy of Versatel in the Benelux and Germany wil1 remain substantially unchanged and the principal elements thereof wil1 remain to: (a) continue to connect customers to its network. Versatel intends to continue to seek to directly connect as many customers as possible to its network using its own fibre, DSL technology, wireless technology, ieased lines and other technologies to the extent such technologies hecome cost effective and available. Versatel believes directly connected customers represent a long-term asset. n addition, Versatel believes that it can better control the quality and profitability of its services and the amount and types of services that are provided to directly connected customers; (b) provide bundled services. Versatel intends to continue to provide bundled services (i.e., voice, data, internet and video) over a single connection. Versatel believes that providing multiple services over a single connection to a customer provides a competitive advantage in its target markets and allows Versatel to provide additional or enhanced services with limited incremental expenditures, which improves profitability and value for the customers; 13

15 (c) maintain focus on target customer segment. n each of its core markets, Versatel aims to be a full service provider to business, residential and carrier customers. Prior to the construction of its infrastructure, Versatel focused on providing indirect access services to small- and medium-sized businesses. However, since 1999, Versatel has also been able to provide services to large husinesses with more sophisticated service requirements. Versatel believes it is wel1 positioned to successfully compete in the bidding processes generally conducted for these larger customers as a result of its service capabilities and the cost advantages associated with its dense local network. n addition, Versatel intends to continue to pursue the small-medium-sized business market with a bundled service offering. n order to appeal to the mass consumer market and to generate a large volume of sales, Versatel has focussed on providing broadband services over DSL technology. Versatel also intends to continue to leverage its network to provide services to other credihvorthy carriers; (d) leverage its existing nehvork. n addition to the deployment of a dense backbone and local access infrastructure network in the Netherlands, Germany and Belgium, Versatel has also made significant investments in Central Offices ( Cos ) for the deployment of DSL infrastructure. As at 30 June 2005 Versatel had approximately 310 COS operational in the Netherlands, covering approximately 65% of the Dutch market. As of 30 June 2005, Versatel operates 588 COS with SDN and/or DSL infrastructure in Germany. n Belgium, Versatel has 57 operational COS. As a result, Versatel believes that it is wel1 positioned to deliver local access services cost effectively to a large segment of the business and residential market in the Netherlands, Germany and Belgium; and (e) focus on superior customer service. Versatel strives to maintain a competitive advantage by providing superior customer service in term of responsiveness, accuracy and quality. Versatel believes that providing a high level of customer service is a key element to attracting and retaining customers. Therefore, Versatel continues to invest in its customer care and operational support systems in order to maintain its competitive advantage. With regard to the Benelux Business, the Offeror wil1 seek to integrate the existing Tele2 operations with the Versatel business. The combination of the Benelux Business and Tele2 wil1 create the leading alternative telecommunications operator in the Netherlands and Belgium. For Versatel customers in al1 segments, this combination wil1 help extract efficiencies of scale that wil1 lead to an optimum combination of high quality and innovative services, strong customer base and competitive prices. The Offeror intends to continue Versatel s triple-play strategy in the Netherlands. n respect of the German Business, Apax currently envisages that the German Business wil1 form the platform for further acquisitions in that market. Apax strategic goal is to consolidate the German alternative carrier market landscape and to create a strong player capable of competing with Deutsche Telekom AG, among others, on a national basis Liquidity and deüsting The purchase of Securities by the Offeror pursuant to the Offers, among other things, wil1 reduce the number of Securities-holders and the number of Securities that are traded publicly thus adversely affecting the liquidity and market value of the Securities not tendered. Subject to the Offers heing declared unconditional, the Offeror further intends, in consuitation with Euronext Amsterdam, to terminate the listing of the Securities on Euronext Amsterdam as soon as possihle. This would further adversely affect the liquidity and market value of any Securities not tendered. Following the settlement of the Offers and subject to the provisions of Section (Legal Structure of Versatel following the Offers), it is the Offeror s intention that Versatel be converted into a private limited iiabiiity company (besloten vennootschap met beperkte aansprakelijkheid). Following such a conversion, the Shares wil1 not be freely transferable and the Bonds wil1 only be convertible into shares with such restricted transferability Legal Structure of Versatel following the Offers Legal Structure $Minimum Acceptance Condition in respect of the Shares fuljîlled n the event that upon the Settlement Date the Minimum Acceptance Condition in respect of the Shares has been fulfilled and the Offeror holds 95 per cent. or more of the Shares (excluding Shares held 14

16 by Versatel andior its subsidiaries), the Offeror s current intention is to acquire the remaining Shares not tendered (and not held hy Versatel or its suhsidiaries) hy means of a squeeze-out procedure in accordance with article 292a or 2201a of the Dutch Civil Code. The Offeror anticipates that the amount per Share payable to the Minority in the event of a squeeze-out procedure wil1 be equivalent to the Offer Price per Share less the amount of the Completion Distrihution per Share. See Section (Divestiture of the German Business). Despite the Minimum Acceptance Condition in respect of the Shares heing fulfilled, the Offeror may also, and instead of proceeding with a squeeze-out, by a simple majority vote of the general meeting of shareholders of Versatel resolve that a legal merger (juridkchefwie) between the Offeror and Versatel wil1 be entered into in accordance with articles 2309 and 2334 of the Dutch Civil Code or take any of the other steps set out under Additional Means of Acquiring Minority s Shares in Section The legal consequences of a legal merger, including the possibility to pursue a squeeze out thereafter, are the same as set out helow under Legal Structure if Minimum Acceptance Condition waived in Section l ~ Legal Structure if Minimum Acceptance Condition in respect of the Shares waived n the event that the Offeror has waived the Minimum Acceptance Condition in respect of the Shares and declared the Offers unconditional, hut does not acquire 95 per cent. or more of the Shares (excluding Shares held by Versatel or its suhsidiaries) following the Settlement Date, the Offeror intends hy simple majority vote of the general meeting of shareholders of Versatel to effect a legal merger (juridische fisie) hetween the Offeror and Versatel in accordance with articles 2309 and 2334 of the Dutch Civil Code (which articles refer to a so called triangular merger pursuant to which the shareholders of the disappearing company wil1 become shareholders of a group company of the surviving company). Pursuant to any such legal merger, the Offeror would continue to exist and Versatel would cease to exist. The Minority would become, by operation of law, shareholders in Tele2 Netherlands Holdings B.V., the sole shareholder of both the Offeror and Tele2 (the ssuing Entity ). The shares distributed to the Minority by the ssuing Entity pursuant to any such legal merger wil1 have, notwithstanding any dilution in the proportion of the aggregate voting rights exercisahle hy the Minority, a value equivalent to the value of the Shares held by the Minority as calculated immediately after completion of the German Transaction and distribution of the Completion Distribution. The composition of the share capital of the ssuing Entity is further descrihed below. The authorised share capital of the ssuing Entity consists of Wo separate classes of so called tracking shares, being ordinary shares A and ordinary shares B. The issued ordinary shares A are al1 held by Tele2 Europe S.A. and only give right to the value and profits of the ssuing Entity s subsidiaries Tele2 and Tango S.A. The aggregate value of Tele2 and Tango S.A. is at present approximately EUR 303 million. The ordinary shares A give no right to the value and profits of Versatel and the leverage used to acquire Versatel. The ordinary shares B are only entitled to the value and profits of the ssued Entity s leveraged interest (through the Offeror) in Versatel. The ordinary shares B give no right to the value and profits of Tele2 and Tango S.A. Upon such a legal merger, the percentage of ordinary shares B to he distributed to Minority shall be equal to the percentage of Shares held by the Minority immediately before the legal merger. t is anticipated that the Offeror or the ssuing Entity wil1 utilise debt financing to satisfy its obligations under the Offers. As a result, the Minority may, upon a legal merger, acquire ordinary shares B of a separate sub-class whicb include preference rights. Such preference rights entitle the Minority to a dividend yield sufficient to prevent a shortfall hehveen the value of their Shares prior to the legal merger and their shares in the ssuing Entity. Because of the existing interests of the ssuing Entity in Tele2 and Tango S.A. and the use by the Offeror of debt financing to fund its ohligations under the Offers, the Minority s percentage of the aggregate nominal value of al1 shares in the ssuing Entity (the issued ordinary shares A and ordinary shares B) wil1 reduce pursuant to such a legal merger, when compared to the percentage of the aggregate nominal value of the Shares held by Minority hefore the legal merger. By way of example, should the Minority hold 15 per cent. of the Shares prior to the legal merger, tbe Offeror anticipates that the Minority would hold less than 5 per cent. of the aggregate nominal value of the shares in the ssuing Entity following 15

17 the legal merger. Accordingly, the voting rights exercisable by the Minority in the ssuing Entity would be less than 5 per cent. Furthermore, it is anticipated that any debt financing provided to the ssuing Entity wil1 in due course be converted, at fair value, into newly issued ordinary shares, in the sarne class as those held by the Minority, in the capital of the ssuing Entity. Such conversion would dilute the Minority s shareholding in the ssuing Entity. Should the Minority at any time, including as a result of a legal merger and/or a conversion of debt financing in equity as described above, hold less than 5 per cent. of the aggregate nominal value of the shares in the capital of the ssuing Entity (the issued ordinary shares A and ordinary shares B) it would be possible for the other shareholders in the ssuing Entity to initiate a squeeze-out procedure in accordance with article 2201a of the Dutch Civil Code in order to acquire the remaining shares in the capital of the ssuing Entity. As the ssuing Entity is a private limited company under Dutch law (besloten vennootschap met beperkte aansprakelijkheid) al1 shares distributed to the Minority by the ssuing Entity wil1 be unlisted registered shares and wil1 nat be freely transferable. Following a legal merger in which the Offeror is the surviving entity, any remaining Bondholders wil1 hold bonds convertible into shares in the capital of the Offeror, which are not freely transferable, and othenvise in accordance with the Bands Terms and Conditions. Should, as is anticipated, such shares represent less than 5 per cent. of the aggregate nominal value of the shares in the Offeror, it would be possible for the ssuing Entity to initiate a squeeze-out procedure in accordance with article 2:201a of the Dutch Civil Code. The ssuing Entity s articles of association wil1 provide that the general meeting of shareholders of the ssuing Entity, with the approval of the holders of the class of shares concerned, by majority vote (upon a proposal from the management board of the ssuing Entity) may cancel each separate class of shares against (re)payment in accordance with the relevant provisions of the articles of association of the ssuing Entity. Should the class(es) of shares held by the Minority be cancelled, the Minority would cease to be shareholders in the ssuing Entity. For a period of six months after the legal merger becomes effective, the Minority shall have the right to sell and transfer their ordinary shares B in the ssuing Entity, while Tele2 Europe S.A. wil1 commit itself, for the Same six-month period to purchase and acquire the shares in the ssuing Entity held by the Minority should they elect to sell. The purchase price for such shares shall, during this limited period, be set at the Offer Price per share as adjusted for the German Transaction, the distribution of the Completion Distribution and any distributions out of the distrihutahle reserves of the ssuing Entity that may have decreased the preference rights attached to the ordinary shares B held by the Minority, for one ordinary share B. Any Minority shareholder requesting an independent valuation of its shares during this six-month period shall maintain the right to offer their shares in the ssuing Entity in accordance with the articles of association of the ssuing Entity but shall forfeit their right to require Tele2 Europe S.A. to purchase such shares. The articles of association of the ssuing Entity, which are available from Tele2 and the Settlement Agent upon request, provide further detail with respect to the share transfer restrictions and the provisions with respect to requesting an independent evaluation. n the event of a legal merger and any subsequent squeeze-out or cancellation of a class of shares, the fair value of the Shares or shares in the ssuing Entity held by the Minority wil1 need to he determined. The Offeror anticipates that the fair value of such shares wil1 be deterrnined by reference to the Offer Price per Share as adjusted for the German Transaction, distribution of the Completion Distribution (see Section (Divestiture of the German Business)) and any distributions out of the distributable reserves of the ssuing Entity that may have decreased the preference rights attached to the ordinary shares B held by the Minority. Additional means of acquiring Minority s Shares The Offeror also reserves the right to use any other legally permitted method to obtain 100 per cent. of the Shares or othenvise obtain full ownership of the Versatel s business, including by way of a liquidation, a de-merger as specified in article 2334a of the Dutch Civil Code, a sale of al1 or substantially al1 of the assets of Versatel or by way of a legal merger between Versatel and another member of Tele2 AB s group. Finally, the Offeror and Versatel reserve the right to have the Offeror contribute assets to Versatel against the issuance of ordinary shares in the capital of Versatel, in which circumstances the 16

18 pre-emptive rights (voorkeursrechten), if any, of other Shareholders would be excluded, al1 in accordance with Dutch law and Versatel's articles of association at that time. Actions to be taken in respect of the Bonds n the event that the Offers are declared unconditional and following any conversion, redemption, repurchase or cancellation of al1 Bonds held by the Offeror, less than 15 per cent. of the aggregate principal amount of the Bonds originally issued would remain outstanding, Versatel would be entitled to redeem al1 Bonds outstanding thereafter at 100 per cent. of their principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption in accordance with the Bonds Terms and Conditions. t is also possible that, in the event that the Offers are declared unconditional, a Meeting of Bondholders may be convened upon the request of Versatel at which an amendment to the mandatory redemption date contained in the Bonds Terms and Conditions wil1 be resolved upon. See Section 14B (Meeting of Bondholders). n order to resolve as proposed above, the necessary quorum for the Meeting of Bondholders wil1 be one or more persons holding or representing not less than 66% per cent. of the principal amount of Bonds outstanding at such time. At the Meeting of Bondholders, a resolution to accept the proposal to amend the Bonds Term and Conditions may be passed if adopted by at least 66% per cent. of the votes validly cast at such meeting. The Offeror intends to vote al1 votes attaching to the Bonds tendered in Offer 1 in favour of such amendment. Following such an amendment of the Bonds Terms and Conditions, Versatel would be obliged to redeem al1 Bonds not converted, redeemed, repurchased or cancelied prior to the amended mandatory redemption date at 100 per cent. of their principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption as set out in Section 14B (Meeting of Bondholders). The Offeror also reserves the right to use, or procure the use of, any other legally permitted method to obtain, convert, redeem, repurchase or cancel any Bonds, or procure any of the aforementioned. Changes to Versatel Articles of Association and Struciure n order to align the company structure of Versatel with the new holding and financing structure that wil1 exist if and once the Offers have been declared unconditional (gesimd zijn gedaan), the Offeror reserves the right to submit proposals to the Shareholders for one or several changes in Versatei's articles of association and company structure Dividend Policy No dividend has been declared in respect of the Financial Year Following the settlement of the Offers and the completion of the divestment of tbe German Business, it is the intention that Versatel makes a distribution to the Shareholders in connection with the German Transaction. The Offeror furthermore intends to continue Versatel's dividend policy and may not pay (cash) dividends to the Shareholders in the future Social Consequences The Offeror intends in due course to integrate the business operations of Versatel Benelux and Tele2. The details of such integration will, however, only be determined following the Settlement Date and once the Offeror has been able to better understand the consequences of such an integration. Positive advice has been obtained from the works council of Versatel Nederland B.V. in accordance with the Works Councils Act (Wei op de ondernemingsraden). The secretariat of the Social Economic Council (Sociaal-Economische Raad) has been informed of the Offers in accordance with the SER Merger Code 2000 (SER Fusiegedragsregels 2000). The group works council (Konzembetriebsrat) of the German Business of Versatel has been informed about the German Transaction. n addition, Versatel has informed the works council in its Belgian operations of the Transaction. 17

19 4.8.7 Supervisory Board and Management Board.. As from the Settlement Date, the Supervisory Board shall consist of four members, being Mr. J. Svedberg (CO0 of Tele2 AB), Mr. L.-J. Jarnheimer (CE0 of Tele2 AB), Mr. H. Zadler (CFO of Tele2 AB) and Mr. F. Berglund (President of Tele2 Sverige AB), The current Supervisory Board members Mr. L.W.A.M. van Doorne, Mr. H.H. Huber, Mr. L.M.H.A. Hermans, Mr. B.L.J.M. Beerkens and Mr. J.G. Drechsel intend to step down, effective upon the Settlement Date. Members of the Supervisory Board who step down wil1 receive their normal pre-determined compensation for the Financial Year No other compensation as meant in article 9i, paragraph p of the Bte 1995 wil1 be paid to resigning members of the Supervisory Board. Subject to the Offers heing declared unconditional, Mr. R.M. Raithatha, the sole member of the Management Board, will resign from the Management Board and Executive Board on or shortly after the Settlement Date, hut in any event no later than 31 December Subject to the same condition, Mr. R.M. Raithatha's employment agreement wil1 terminate on 31 December 2005, hut he wil1 in that case remain available as a consultant to Versatel and Tele2 until 30 June Subject to the same condition, the total compensation payahle to Mr. R.M. Raithatha in relation to the consultancy fees and the termination of his employment amounts to EUR 2,258,000. t is contemplated that Mr. P.G. Borgklint, the President of Tele2, wil1 succeed Mr. R.M. Raithatha as a sole member of the Management Board. 4.9 Announcernents Any announcement that is required to be made in relation to the Offers wil1 be issued by press release and wil1 be puhlished in at least Het Financieele Dagblad and the Daily Official List, as appropriate, and released to Dow Jones News Service. Subject to any applicable requirements of Dutch tender offer regulations and without limiting the manner in which the Offeror may choose to make any public announcement, the Offeror wil1 have no ohligation to communicate any public announcement other than as descrihed above 4.10 ndicative Tirnetable Expeeled Date and Time (ai1 times are Amsterdam time, New York time is six hours earlier) 09:OO hours, 13 September :OO hours, 14 September 2005.,, 10:OO hours, 29 September :OO hours, 7 Octoher 2005, subject to extension By no later than 15:OO hours, on the fifth Business Days following the Acceptance Closing Date... FW"t,. Publication of the advertisement announcing the availability of the Offer Memorandum as from 14 September 2005 and the Offers, in accordance with article 90, paragraph 2 of the Bte 1995 Commencement of the Acceptance Period Extraordinary General Meeting of Shareholders, to which the Bondholders will be invited, at which meeting the Offers, among other matters (see Section 14A), wil1 he discussed in accordance with the provisions of article 9q, paragraph 1 of the Bte 1995 Acceptance Closing Date Deadline for Securities-holders wishing to tender Securities. Unconditional Date The date on which the Offeror shall puhlicly announce whether the Offers are declared unconditional (gestand worden gedaan) in accordance with article 9t, paragraph 4 of the Bte

20 ~ following ~ Expected Date and Time (dl times are Amsterdam time, New York time is six hours earlier) No later than five Business Days the Unconditional Date. Settlement Date The date on which, in accordance with the term and conditions of the Offers, the Offeror shall pay (i) the Offer Price per Share to the Shareholders who have validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) and delivered (geleverd) their Shares under Offer and (ii) the Offer Price per Bond to the Bondholders who have validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) and delivered (geieverd) their Bonds under Offer 1 Subsequent to the Settlement Date (if held),..,..,..,,..,..,... EW"t Meeting of Bondholders at which meeting an amendment to the Bonds Terms and Conditions wil1 he discussed and resolved upon (see Section 14B, Meeting of Bondholders of Versatel). 19

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