KPN Starts Share Buyback

KPN commences previously announced €1 billion share repurchase program

March 20, 2006

1 Min Read

THE HAGUE, The Netherlands -- Following the successful launch of EUR 1.25 billion of bonds to refinance bonds maturing in April and July, KPN today commences the EUR 1 billion share repurchase programme announced on February 7, 2006. To this end, KPN has mandated an intermediary to repurchase KPN shares in the open market on KPN's behalf, starting today and ending December 31 2006, also allowing the execution of share repurchases during the closed periods. With this increased flexibility to repurchase shares KPN continues to deliver on its commitment to return excess cash to shareholders.

The repurchase programme will be executed in accordance with the terms of the mandate granted by KPN's Annual General Meeting of Shareholders of April 12, 2005. KPN will request approval for the extension of this mandate at the next Annual General Meeting of Shareholders, which will be held on April 11, 2006. All repurchased shares will be cancelled.

KPN Telecom NV (NYSE: KPN)

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