Garmin Ltd. Intends to Make a Cash Offer for Tele Atlas N.V.

Garmin Ltd. Intends to Make a Cash Offer for Tele Atlas N.V.

October 31, 2007

    CAYMAN ISLANDS, Oct. 31 /Xinhua-PRNewswire / -- Garmin
Ltd. (Nasdaq: GRMN) announced today that it notified the
supervisory and managing boards (collectively the
"Boards") of Tele Atlas N.V. ("Tele
Atlas" or "the Company") today of its
intention to make a public offer for all the outstanding
shares of Tele Atlas N.V. on a fully diluted basis at an
indicative offer price of euro 24.50 in cash per share (the
"Offer"), implying an equity value for the Company
of euro 2.3 billion. The intended Offer will be subject to
customary conditions, such as receipt of the requisite
antitrust approvals and tender of at least 66.67% of the
issued share capital. In addition to its cash balance in
excess of $1 billion, Garmin has secured financing
commitments sufficient for the intended Offer. Garmin plans
to launch the offer before December 4, 2007 (the scheduled
expiry date of TomTom's offer).

    ( Logo: 
http://www.newscom.com/cgi-bin/prnh/20061026/CGTH082LOGO )

    Garmin believes that a combination of Garmin and Tele
Atlas provides the best value for all stakeholders for the
following reasons: 

    -- Garmin's intended offer is a materially higher cash
value for Tele 
       Atlas' shareholders than the offer made by TomTom,
15% higher than the 
       offer by TomTom and a 48% premium to the undisturbed
Tele Atlas share 
       price on July 20, 2007

    -- A combined company will allow Tele Atlas' employees
and customers to 
       leverage Garmin's large worldwide user base and
industry leading 
       technology to further contribute to the creation of
superior mapping 
       coverage, quality and shared content for all of Tele
Atlas' current and 
       future customers

    -- Garmin's broad international footprint, global
market share and strong 
       balance sheet will promote the growth ambitions and
prospects of Tele 
       Atlas and its employees

    -- In addition to the benefits associated with the
portable navigation 
       market, a combined company will expand Garmin's
ability to serve more 
       customers in wireless, in-dash automotive, internet,
and enterprise 
       markets by offering a broad range of solutions
including content, 
       applications, and devices.


    Commenting on the announcement, Garmin CEO Dr. Min Kao
said: "Given the high growth and rapid change the
navigation market has undergone to date, we feel that now
is the right time for Garmin to move ahead with this
proposed combination with Tele Atlas. Together, we believe
that we can create the best available mapping solutions for
our customers around the world. We also intend to make Tele
Atlas' content available to the entire navigation market on
a non-discriminatory basis, promoting healthy competition,
with significant benefits to the navigation market and all
its consumers."

    It is Garmin's intention that Tele Atlas, following the
completion of the strategic combination with Garmin, will
continue its business as a separate entity, based and
headquartered in the Netherlands. Garmin wishes to retain
the existing management team and all of the Tele Atlas
employees and would welcome them into its global family of
nearly 8,000 employees. It also strongly believes that the
increased scale of operations of the proposed combination
will offer exciting and enhanced career opportunities to
Tele Atlas' employees and will create additional jobs in
the Netherlands.

    Calls were placed earlier today by Garmin executives to
Tele Atlas executives. Prior to this there has been no
contact between the two companies or their respective
advisers concerning a strategic combination. In accordance
with section 9d(2) of the Dutch Securities Market
Supervision Decree 1995 (Besluit toezicht effectenverkeer
1995, the "Decree"), Garmin has invited the
Boards to meet with Garmin management within 7 days to
discuss the intended Offer and to determine whether the
intended Offer could receive the support and recommendation
of each of the Boards. Garmin prefers that the intended
Offer be supported by each of the Boards but such support
and recommendation is not a condition to launching and
consummating the Offer. 

    Garmin is a leading, worldwide provider of navigation,
communications and information devices with subsidiaries in
the United States, Canada, Taiwan, the United Kingdom,
Germany, France, Brazil and Singapore with pending
acquisitions in Denmark, Italy and Spain. Through its
operating subsidiaries the company designs, develops,
manufactures and markets a diverse family of hand-held,
portable and fixed-mount GPS-enabled products and other
navigation, communications and information products.
Garmin's projected FY 2007 revenues are nearly US$3
billion, and the company expects to ship more than 10
million devices in 2007. Garmin sells its products through
a worldwide network of approximately 3,000 independent
dealers and distributors in approximately 100 countries. 

    This is an announcement in accordance with section
9b(2)(b) and section 9d(2) of the Decree. 

    Garmin's key advisers are Credit Suisse Securities
(USA) LLC, Wachovia Capital Markets LLC, Allen & Overy,
Cleary Gottlieb Steen & Hamilton LLP, Ernst & Young,
KPMG and Finsbury.

    Garmin executives will discuss this transaction today
at 10.00 CST/11.00 EST/15.00 GMT/16.00 CET during its third
quarter earnings call. For more information, visit
http://www8.Garmin.com/aboutGarmin/invRelations/irCalendar.html
.

    Important Information

    Not for release, publication or distribution in whole
or in part in Canada, Australia, Japan or Italy. In
connection with the proposed Offer, Garmin expects to
produce definitive offer materials, including an Offer
Memorandum pursuant to Dutch law. Investors are urged to
read any documents regarding the proposed Offer if and when
they become available because they will contain important
information regarding the proposed Offer. Investors will be
able to obtain copies of such documents from Garmin, free of
charge, once they are available. This announcement shall not
constitute an offer to buy or the solicitation of an offer
to sell any securities, nor shall there be any purchase of
securities in any jurisdiction in which such offer,
solicitation, purchase or sale would be unlawful prior to
registration or qualification of the proposed Offer under
the securities laws of any such jurisdiction. The
information on Tele Atlas in this press release has been
sourced from public disclosure by Tele Atlas and has not
been verified by Garmin.

    About Garmin Ltd.

    Through its operating subsidiaries, Garmin Ltd.
designs, manufactures, markets and sells navigation,
communication and information devices and applications --
most of which are enabled by GPS technology. Garmin is a
leader in the consumer and general aviation GPS markets and
its products serve aviation, marine, outdoor recreation,
automotive, wireless and OEM applications. Garmin Ltd. is
incorporated in the Cayman Islands, and its principal
subsidiaries are located in the United States, Taiwan and
the United Kingdom. For more information, visit Garmin's
virtual pressroom at http://www.Garmin.com/pressroom or
contact the Media Relations department at 913-397-8200.
Garmin is a registered trademark of Garmin Ltd.

    Notice on Forward-Looking Statements

    This announcement includes forward-looking statements.
These statements are based on the current expectations of
Garmin Ltd. and are naturally subject to uncertainty and
changes in circumstances. Forward-looking statements
include, without limitation, statements containing words
such as "intends" or "intended". By
their nature, forward-looking statements involve risk and
uncertainty because they relate to events and depend on
circumstances that will occur in the future. There are a
number of factors that could cause actual results and
developments to differ materially from those expressed or
implied by such forward-looking statements. Other unknown
or unpredictable factors could cause actual results to
differ materially from those in the forward-looking
statements. These factors include those discussed or
identified in the filings by Garmin with the U.S.
Securities and Exchange Commission in its Annual Report on
Form 10-K. Garmin does not undertake any obligation to
update publicly or revise forward-looking statements,
whether as a result of new information, future events or
otherwise, except to the extent legally required.



    For more information, please contact:

    North America 
     Ted Gartner
     Garmin International Inc.
     Tel:   [phone]
     Email: [e-mail]

     Jessica Myers
     Garmin International Inc.
     Tel:   [phone]
     Email: [e-mail]

    Europe 
     Rollo Head or James Leviton
     Finsbury Group
     Tel:   [phone]