Mannesmann Response to Offer

Vodafone AirTouch PLC 22 November 1999 MANNESMANN AG ('MANNESMANN') The following is the text of a press release made on 19 November by Mannesmann: 'After today's Supervisory Board meeting Mannesmann comments on Vodafone AirTouch offer The Supervisory Board has reviewed the report of the Executive Board regarding the interest of Vodafone AirTouch in the acquisition of Mannesmann. The Executive Board has substantiated its rejection of Vodafone AirTouch's first proposal to exchange one Mannesmann share for 43.7 Vodafone AirTouch shares as entirely unattractive. The Supervisory Board supports this decision. The Executive Board has emphasised that its focus on shareholder value also applies to takeover proposals against cash and/or shares. Any proposal will be examined with respect to the value potential of the Mannesmann share. Shareholder value management is focused on long term value maximisation while giving due consideration to the interests of customers, employees and the social environment. The Executive Board has reported to the Supervisory Board that the exchange ratio put forward today by Vodafone AirTouch of 53.7 Vodafone shares per Mannesmann share continues to undervalue the Mannesmann share. The Supervisory Board will meet again on 28.11.99 to discuss the future development of the take-over attempt.' Enquiries: MANNESMANN Manfred Soehnlein, Director, Media Relations Telephone: +49-211-820 2323 The members of the Management Board of Mannesmann accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the members of the Management Board of Mannesmann (who have taken all reasonable care to ensure that such is the case) such information is in accordance with the facts and does not omit anything likely to affect the import of such information. This announcement has been issued by, and is the sole responsibility of, Mannesmann AG ('Mannesmann') and has been approved for the purposes of section 57 of the Financial Services Act, 1986 by Merrill Lynch International ('Merrill Lynch') and Morgan Stanley & Co. Limited ('Morgan Stanley') which are regulated in the UK by the Securities and Futures Authority Limited and are financial advisers to Mannesmann in the connection with the offer for Orange PLC ('the Orange Offer') and the Vodafone AirTouch proposal to acquire Mannesmann ('the Mannesmann Proposal'). The Orange Offer is not being made in or into, and it may not be accepted in or from, the United States. Merrill Lynch and Morgan Stanley are advising Mannesmann in relation to the Orange Offer and the Mannesmann Proposal and no-one else and will not be responsible to anyone other than Mannesmann for providing the protections afforded to customers of Merrill Lynch and Morgan Stanley nor for providing advice in relation to the Orange Offer or the Mannesmann Proposal.
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