Press Release

Shareholders meeting decides to demerge KPN

Publish Date : 26 June 1998 at 11:31 CET - The general meeting of shareholders of Royal PTT Nederland NV (KPN) decided in an extraordinary meeting on 26 June in The Hague to split KPN up into a telecommunications business and a mail, express and logistics business. The demerger will be achieved by demerging the mail, express and logistics activities of KPN to TPG. The telecommunications business will henceforth be called Royal KPN NV.

KPN has now met all conditions precedent to the demerger, which will take place on 28 June after the signing of the notarial deed of demerger. On Monday 29 June the TPG shares will be listed on the Amsterdam, New York, London and Frankfurt stock exchanges.

From that date the executive bodies of the new businesses will be as follows: The TNT Post Group Board of Management will consist of A.J. Scheepbouwer (Chairman), M.P. Bakker, L.Th. van Doorn, J.A. Fellows and C.M. Paauwe.

The TNT Post Group supervisory Board will be comprised of the following members: A. Maas (Chairman), M. Tabaksblat (Vice Chairman), J.M.T. Cochrane, W. Dik, Prof. V. Halberstadt, J.H.M. Hommen, Prof. C.J. Oort and Dr R.W.H. Stomberg.

The Royal KPN Board of Management will consist of W. Dik (Chairman), C. Griffioen, H.R. van den Bosch, J.G. Drechsel, J. Kooij and P. Morley.

The Royal KPN Supervisory Board will be made up of the following members: K. Hubée (Chairman), H.J. Bruggink (Vice Chairman), Prof. V. Halberstadt, Prof. W.C.L. Zegveld, C.H. van der Hoeven, Prof. C.J. Oort and A.J. Scheepbouwer.

His Royal Highness Prince Claus has resigned because he has reached the statutory retirement age. At their own requests, J. Groenendijk and Dr G. Bresser have also stepped down.

Page publication date: 26 June 1998 at 11:31 CET