Good 2009 full-year results

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Den Haag, 26-1-10



Focus on EBITDA, free cash flow and market shares continues to deliver

Highlights

• Full-year guidance met on EBITDA and free cash flow, revenues slightly below guidance
• Impact of economic downturn mitigated by cost reductions
• Strong profitability growth of Dutch Telco business, continued market outperformance
at Mobile International
• Outlook 2010 confirmed, EUR 1bn share repurchase program for 2010
• Dividend per share of at least EUR 0.85 for 2011









* All non-IFRS terms are explained in the safe harbour section at the end of the condensed consolidated financial report
** Profit for the period impacted by increase in deferred tax asset in Germany of EUR 705m. Reference is made to note [4] income taxes in the condensed consolidated financial statements.

“We are pleased with KPN’s performance in 2009. Despite the generally difficult economic environment, we have continued to invest in our business. While revenues declined, our focus on EBITDA, free cash flow and market shares continued to pay off. Our Dutch Telco business maintained positive momentum starting in 2008 and generated strong EBITDA growth in 2009. Mobile International again outperformed competition and we expect it will continue to do so in 2010. In the first two years of our ‘Back to Growth’ strategy, KPN has shown strong cash flow generation and we are confirming our outlook for 2010. Our commitment to industry-leading shareholder returns is reflected in the announcement today of a new EUR 1 bn buyback program for 2010. We believe our current strategy is the right one, not only for this year, but also for next year, and will lead to growth in EBITDA, FCF and dividend per share for 2011.”
Ad Scheepbouwer, CEO KPN

Press release for download here:www.kpn.com/results.htm