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Den Haag, 22-2-12

KPN announces its intention to issue a benchmark Eurobond under its Global Medium Term Note programme. The proceeds of this bond will be used for general corporate purposes. The issue supports KPN’s aim of extending its debt maturity profile.

KPN’s financial policy aims to offer the company the flexibility to invest in and grow its business, in a way that maximises returns to shareholders while protecting the interest of bondholders. KPN’s optimum capital structure, as set out in its financial framework, involves maintaining a net debt to EBITDA (*) ratio within the range of 2.0 to 2.5x and a minimum credit rating of Baa2 (Moody's) and BBB (S&P).

KPN’s net debt amounted to EUR 11.7 billion and the net debt to EBITDA (*) ratio stood at 2.3x at the end of Q4 2011. KPN has a credit rating of BBB with a stable outlook by S&P and Baa2 with a negative outlook by Moody's.

Citigroup, ING, Société Générale and UBS have been appointed to act as joint book runners for this transaction.


*) 12 months rolling total, excluding book gains/losses, release of pension provisions and restructuring costs, when over EUR 20 million