TINC participation GlasDraad obtains approval from Dutch competition
authority to join forces with Glaspoort (KPN/ABP)

Antwerp, May 22, 2023, 07:30 CET


On April 17, 2023, TINC, the infrastructure investor listed on Euronext Brussels, announced the
cooperation between its fiber company GlasDraad and the Dutch company Glaspoort, a joint venture
between KPN and APG (the pension administrator of ABP) that is also active in the rollout of fiber
networks in the Netherlands. The announced partnership was subject to customary conditions
precedent including approval by the Dutch competition authority.

The Dutch competition authority has granted its approval, allowing the proposed joining of forces with
the KPN and ABP joint venture Glaspoort to start.

From now onwards, GlasDraad and Glaspoort can speed up the provision of high-speed fiber enabled
internet in the Netherlands. There is a perfect match between the activities of both companies with
GlasDraad mainly active in underserved rural areas and Glaspoort in smaller municipalities, villages
and business parks. As part of this cooperation, Glaspoort acquires a 50 % participation in GlasDraad,
with the possibility of acquiring full ownership of GlasDraad over time. Together, TINC and Glaspoort
will now invest in the development capacity of GlasDraad to jointly realise the rollout ambitions. Good
news for the digitization of the Netherlands. The cooperation bundles the expertise of Glaspoort and
GlasDraad, allowing to offer an even better customer experience based on the latest and best
technologies. The 'open network' of both companies will continue to welcome all telecom providers.
This means a huge step forward for the internet experience and freedom of choice for Dutch
households and businesses.

Financial details of the transaction are not disclosed.

The completion of the transaction has a positive impact for TINC of approximately € 0,30 on the latest
published NAV per share (€ 12,80 on 31 December 2022), part of which is in the form of an earn-out
payment. TINC achieves an above average return relative to the weighted average discount rate used
to value its digital infrastructure participations. The transaction further strengthens the cash position
of TINC by approximately € 40 million.




TINC NV – Karel Oomsstraat 37, 2018 Antwerpen, België – T +32 3 290 21 73 – www.tincinvest.com Pagina | 1
About GlasDraad
GlasDraad was founded in 2017 on the initiative of TINC with the ambition to provide households and
businesses in underserved areas in the Netherlands access to superfast, reliable, and affordable fiber
connections. GlasDraad realizes network connections in function of effective demand by households
and businesses who do not yet have access to broadband internet. GlasDraad operates these networks
based on an "open network" model. Multiple service providers can thus offer customized "content"
and packages via GlasDraad's network to their customers. GlasDraad is geographically present
throughout the Netherlands and includes networks that are in various stages (built, under
construction and in demand bundling) and already allow more than 90,000 households to connect in
the near future to superfast internet.

About Glaspoort
Glaspoort is a joint venture of KPN and ABP. To this end, together with APG – the pension
administrator of ABP – Glaspoort was established. With this joint venture, Glaspoort accelerates the
roll-out of fiber connections in the Netherlands. Over the next years it aims to provide approximately
1.2 million households and businesses with a future-proof internet fiber connection. For Glaspoort,
fiber connections will become the standard and everyone will be ready for the future.




Contact
Manu Vandenbulcke, CEO TINC
T +32 3 290 21 73 – manu.vandenbulcke@tincinvest.com
Bruno Laforce, Investor Relations TINC
T +32 3 290 21 73 – bruno.laforce@tincinvest.com


About TINC

TINC is a listed investment company that seeks to create sustainable value by investing in the infrastructure for
the world of tomorrow. TINC participates in companies that are active in the realization and operation of
infrastructure and holds a diversified portfolio of participations in focus areas such as public infrastructure,
energy infrastructure, digital infrastructure and selective real estate in Belgium, the Netherlands and Ireland.
For more information, please visit: www.tincinvest.com



TINC NV – Karel Oomsstraat 37, 2018 Antwerpen, België – T +32 3 290 21 73 – www.tincinvest.com Pagina | 2