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Den Haag, 15-9-10

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 refinance debt. Furthermore, KPN seeks to extend its maturity profile.

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 12.1 bn whilst the net debt to EBITDA ratio stood at 2.3 by the end of Q2 2010. KPN has a credit rating of BBB+ with a stable outlook by S&P and Baa2 with a stable outlook by Moody's.

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

For any further information please check our website: www.kpn.com/bond