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Den Haag, 26-3-08

KPN announces its intention to issue a benchmark Eurobond under its Global Medium Term Note program. The proceeds of this bond will be used to refinance bonds maturing in 2008, to redeem the temporary drawdowns on the credit facilities and for general corporate purposes.

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 (1) 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 11.0 bn whilst the net debt to EBITDA ratio stood at 2.3x by the end of Q4 2007. KPN has a credit rating of BBB+ with a negative outlook by S&P and Baa2 with a stable outlook by Moody's.

BNP Paribas, Rabobank and RBS have been appointed to act as joint book runners for this transaction.

(1) Based on 12 months rolling EBITDA excluding book gains/losses and restructuring costs, both over EUR 20 mn