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• KPN Vandaag

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Den Haag, 6-11-07

KPN announces its intention to issue a benchmark Eurobond under its Global Medium Term Note programme. The proceeds of this bond will be used to redeem the drawdowns on the credit facilities and for general corporate purposes. KPN intends to issue this bond in EUROs.

In the interest of maintaining flexibility to invest in and grow KPN's business and to maximize returns to shareholders whilst protecting the interest of bondholders, KPN targets an optimum capital structure as set out in its financial framework which involves a net debt to EBITDA ratio within the range of 2 to 2.5 times. Furthermore, KPN intends to maintain a minimum credit rating of Baa2 (Moody's) and BBB (S&P).

KPN’s net debt amounted to EUR 10.0 bn whilst the net debt to EBITDA ratio stood at 2.1x by the end of Q3. KPN has a credit rating of BBB+ with a negative outlook by S&P and Baa2 with a stable outlook by Moody's.

Citi, ING and RBS have been appointed to act as joint book runners for this transaction.