Compulsory Publication in Accordance with Section 14
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NON-BINDING ENGLISH TRANSLATION Mandatory publication pursuant to sections 34, 14 paras. 2 and 3 of the German Securities Acqui- sition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz – WpÜG) Shareholders of Kabel Deutschland Holding AG, in particular those who have their place of residence, seat (Sitz) or place of habitual abode outside the Federal Republic of Germany should pay particular attention to the information contained in Section 1 “General infor- mation and notes for shareholders”, Section 6.8 “Possible parallel acquisitions” and Sec- tion 11.9 “Note to holders of American Depositary Receipts” of this Offer Document. OFFER DOCUMENT VOLUNTARY PUBLIC TAKEOVER OFFER (Cash Offer) by Vodafone Vierte Verwaltungsgesellschaft mbH (whose change of legal form into a German stock corporation under the company name Vodafone Vierte Verwaltungs AG has been resolved upon) Ferdinand-Braun-Platz 1, 40549 Düsseldorf, Germany to the shareholders of Kabel Deutschland Holding AG Betastraße 6 – 8, 85774 Unterföhring, Germany to acquire all no-par value bearer shares of Kabel Deutschland Holding AG for a cash consideration of EUR 84.50 per Kabel Deutschland Holding AG share In addition, the shareholders of Kabel Deutschland Holding AG shall benefit from the dividend for the financial year ending on 31 March 2013 in the amount of EUR 2.50 per Kabel Deutschland Holding AG share as proposed by Kabel Deutschland Holding AG. If the settlement of the Takeover Offer occurs prior to the day on which Kabel Deutschland Holding AG’s general meeting resolving on the distribution of profits for the financial year ending on 31 March 2013 is held, the cash con- sideration will be increased by EUR 2.50 per Kabel Deutschland Holding AG share to EUR 87.00 per Kabel Deutschland Holding AG share. Acceptance Period: 30 July to 11 September 2013, 24:00 hrs (Frankfurt am Main local time) KDH Shares: ISIN DE000KD88880 Tendered KDH Shares: ISIN DE000KD88872 Table of contents page 1 GENERAL INFORMATION AND NOTES FOR SHAREHOLDERS .................................... 1 1.1 Implementation of the Takeover Offer pursuant to the German Securities Acquisition and Takeover Act ................................................................................................................ 1 1.2 Special information for KDH Shareholders whose place of residence, seat or habitual abode is in the United States .............................................................................. 1 1.3 Publication of the decision to make the Takeover Offer ................................................. 2 1.4 Publication and dissemination of the Offer Document ................................................... 2 1.5 Acceptance of the Takeover Offer outside the Federal Republic of Germany ............. 3 2 INFORMATION REGARDING STATEMENTS CONTAINED IN THE OFFER DOCUMENT .............................................................................................................................................. 3 2.1 General ................................................................................................................................. 3 2.2 Status and source of information on KDH Group............................................................ 4 2.3 Forward-looking statements, intentions of the Bidder and Vodafone .......................... 4 2.4 No updates ........................................................................................................................... 5 3 SUMMARY OF THE TAKEOVER OFFER ........................................................................... 5 4 TAKEOVER OFFER ............................................................................................................. 7 5 ACCEPTANCE PERIOD ...................................................................................................... 8 5.1 Duration of the Acceptance Period ................................................................................... 8 5.2 Extension of the Acceptance Period ................................................................................. 8 5.3 Additional Acceptance Period ........................................................................................... 9 6 DESCRIPTION OF THE BIDDER AND VODAFONE GROUP .......................................... 10 6.1 Legal basis of the Bidder ................................................................................................. 10 6.2 Legal basis of Vodafone Group ....................................................................................... 11 6.3 Overview of the business activities of Vodafone Group .............................................. 11 6.4 Board and Executive Committee of Vodafone ............................................................... 11 6.5 Persons acting jointly with the Bidder ............................................................................ 12 6.6 KDH Shares currently held by the Bidder or persons acting jointly with the Bidder and their subsidiaries, attribution of voting rights ........................................................ 13 i 6.7 Particulars of securities transactions ............................................................................. 13 6.8 Possible parallel acquisitions .......................................................................................... 14 7 DESCRIPTION OF KDH AG AND KDH GROUP .............................................................. 14 7.1 Legal basis of KDH AG ..................................................................................................... 14 7.2 Overview of the business activities of KDH Group ....................................................... 16 7.3 Boards of KDH AG ............................................................................................................ 17 7.4 Persons acting jointly with KDH AG ............................................................................... 18 8 BACKGROUND TO THE TAKEOVER OFFER ................................................................. 18 8.1 Economic and strategic background of the Takeover Offer ........................................ 18 8.2 Business Combination Agreement ................................................................................. 19 9 INTENTIONS OF THE BIDDER AND VODAFONE ........................................................... 20 9.1 Future business activities of KDH AG ............................................................................ 20 9.2 Future use of assets of KDH AG ..................................................................................... 21 9.3 Future obligations of KDH AG ......................................................................................... 21 9.4 Management Board and Supervisory Board of KDH AG .............................................. 21 9.5 Employees, terms and conditions of employment and employee representation..... 22 9.6 Registered office of KDH AG, location of material parts of the business ................... 22 9.7 Possible structural measures .......................................................................................... 23 9.8 Future business activities of the Bidder and Vodafone Group, seat of the Bidder ... 25 10 EXPLANATION OF THE DETERMINATION OF THE OFFER CONSIDERATION .......... 25 10.1 Minimum consideration .................................................................................................... 25 10.2 Offer Consideration .......................................................................................................... 26 10.3 Adequacy of the Offer Consideration ............................................................................. 29 10.4 No compensation for loss of certain rights .................................................................... 30 11 ACCEPTANCE AND SETTLEMENT OF THE TAKEOVER OFFER................................. 30 11.1 Central Settlement Agent ................................................................................................. 30 11.2 Acceptance of the Takeover Offer ................................................................................... 30 11.3 Further declarations by KDH Shareholders accepting the Takeover Offer ................ 30 ii 11.4 Legal consequences of acceptance ................................................................................ 32 11.5 Acceptance of the Takeover Offer during the Additional Acceptance Period ............ 33 11.6 Settlement of the Takeover Offer and receipt of the Offer Consideration .................. 33 11.7 Costs .................................................................................................................................. 34 11.8 Stock exchange trading in Tendered KDH Shares ........................................................ 34 11.9 Note to holders of American Depositary Receipts ........................................................ 34 11.10 Lapse in case of non-fulfilment of Completion Conditions .......................................... 35 11.11 Exercise of sell-out right by KDH Shareholders ............................................................ 35 12 OFFICIAL APPROVALS AND PROCEEDINGS ................................................................ 35 12.1 Merger control clearance proceedings ........................................................................... 35 12.2 Other regulatory proceedings.......................................................................................... 37