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Lucerne Capital’s proposed agenda items for Telenet’s EGM on September 26th 2018

September 4, 2018

Below please find Lucerne Capital’s formal request to include 2 items on the agenda of the upcoming shareholders meeting on September 26th of 2018. The items relate to questions regarding compliance by the Telenet Board members with the (personal and intrafund-group) conflict of interest rules, which, as of today, have remained unanswered; plus, a proposed capital allocation framework. Lucerne’s EGM proposals include a capital allocation framework for Telenet similar to Com Hem / Tele2 listed in Sweden including (i) Recurring Dividends based on FCF (ii) Special Dividends and/or Buybacks based on remaining leverage capacity. Under this framework, Telenet is expected to provide an annual capital return of €5 - €6 per share through recurring dividends and special dividends/buybacks while maintaining prudent financial leverage and significant financial flexibility.



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Lucerne Capital Management
35 Mason Street
Greenwich, Connecticut 06830
USA
+1 203 983 4455

Jonathan Larken
Chief Marketing Officer
+1 203 983 4455
irelations@lucernecap.com