KPN Commences EUR 1 bn Share Repurchase Program

KPN has commenced a EUR 1 billion share repurchase program for 2009. In order to meet the interests of both shareholders and bondholders, KPN said it is committed to its self-imposed financial framework with a net debt to EBITDA ratio between 2.0x and 2.5x. Net debt to EBITDA stood at 2.4x at the end of Q3 2008 and is expected to be lower by the end of 2008.http://www.kpn.com