Royal KPN N.V. — Earnings Release 2015

Oct 27, 2015

KPN Analyst consensus Q3 2015

For further information please contact KPN Investor Relations Phone +31 70 44 60986 ir@kpn.com www.kpn.com/ir

Please note that this analyst consensus is subject to the disclaimer below:

The analyst consensus provided is based on forecasts provided by various leading equity analysts covering the KPN share. The analyst consensusfor the Q3 2015 period and the full fiscal years 2015‐2017 is based on the non‐weighted average of 23 analyst forecasts (vs. 22 in Q2 2015). The analyst forecasts were submitted to KPN in the period of 21 to 30 September 2015.

The analyst consensus does not in any way represent KPN's financial expectations nor can this be considered to be a forward looking statement by KPN. The analyst consensusis provided for information purposes only, for the convenience of our investors. KPN is not responsible and cannot be held liable in any way for the accuracy, completeness or validity of the analyst consensus, nor for the figures, calculations or assumptionsthat have led thereto.

div isio nal brea kdo (EU ) KPN R m wn	Q3 '15	Q3 '15	Q3 '15	Q3 '15	FY ' 15	FY ' 15	FY ' 15	FY ' 15	FY ' 16	FY ' 16	FY ' 16	FY ' 16	FY ' 17	FY ' 17	FY ' 17	FY ' 17
ues1
Adj d re uste ven	Ave rage	ian Med	Hig h	Low	Ave rage	ian Med	Hig h	Low	Ave rage	ian Med	Hig h	Low	Ave rage	ian Med	Hig h	Low
bile Cons r Mo ume	370	372	382	354	1,447	1,448	1,470	1,416	1,446	1,443	1,534	1,362	1,454	1,456	1,526	1,343
Cons ident ial r Res ume	483	483	496	477	1,931	1,929	1,955	1,915	1,971	1,967	2,047	1,926	2,004	1,994	2,147	1,930
Busin ess	648	648	675	624	2,676	2,676	2,722	2,629	2,553	2,542	2,639	2,487	2,498	2,490	2,647	2,367
NetC o	544	544	557	534	2,192	2,186	2,262	2,167	2,159	2,154	2,262	2,104	2,144	2,152	2,262	2,067
Othe r (inc l. elim inati ons)	-514	-515	-501	-525	-2,05 3	-2,06 0	-2,00 6	-2,11 3	-2,02 4	-2,03 3	-1,84 7	-2,09 2	-2,01 4	-2,02 0	-1,82 5	-2,07 8
The Neth erla nds	1,53 2	1,53 1	1,56 4	1,50 4	6,19 3	6,18 8	6,26 1	6,13 6	6,10 6	6,10 3	6,22 3	5,96 4	6,08 7	6,07 9	6,21 2	5,94 3
iBas is	240	243	249	211	944	948	973	893	943	948	976	885	942	948	996	885
Belg ium (dis inue d op ions ) cont erat	170	170	181	162	683	682	707	664	682	683	711	639	685	687	716	620
Oth ctivi ties er a	19	20	37	5	76	75	120	43	78	80	120	40	78	79	120	40
Inte rcom pany rev enu es	-42	-40	-30	-60	-162	-160	-130	-217	-159	-160	-128	-217	-160	-160	-127	-217
1 ues ( ons) Tota l adju sted incl. disco ntinu ed op erati reven	1,919	1,922	1,940	1,879	7,723	7,729	7,813	7,637	7,626	7,620	7,754	7,530	7,605	7,597	7,728	7,505
Of w hich disco ntinu ed op erati ons	165	164	175	156	658	656	705	636	661	662	709	608	665	673	716	591
ns1
l adj d re from tinu ing ratio Tota uste ven ues con ope	1,75 4	1,75 3	1,78 2	1,71 1	7,06 6	7,07 1	7,15 3	6,97 3	6,97 6	6,96 4	7,11 8	6,87 2	6,95 7	6,95 5	7,08 7	6,80 7
Incid ls fro ntinu ing o ions from inuin erati enta perat cont m co g op ons	0	0	0	0	-5	0	0	-10	0	0	0	0	0	0	0	0
l rep d re from tinu ing ratio Tota orte ven ues con ope ns	1,75 4	1,75 2	1,78 2	1,71 1	7,06 5	7,06 1	7,15 3	6,97 0	6,97 8	6,96 4	7,11 8	6,87 2	6,96 0	6,95 7	7,08 7	6,80 7

1) Defined as revenues and other income adjusted for incidentals

div isio (EU ) KPN nal brea kdo R m wn	Q3 '15	Q3 '15	Q3 '15	Q3 '15	FY ' 15	FY ' 15	FY ' 15	FY ' 15	FY ' 16	FY ' 16	FY ' 16	FY ' 16	FY ' 17	FY ' 17	FY ' 17	FY ' 17
2 Adj d EB ITDA uste	Ave rage	Med ian	Hig h	Low	Ave rage	Med ian	Hig h	Low	Ave rage	Med ian	Hig h	Low	Ave rage	Med ian	Hig h	Low
bile Cons r Mo ume	76	80	86	57	280	280	306	250	281	279	329	244	290	294	339	232
ident ial Cons r Res ume	109	108	118	103	418	416	430	409	436	431	488	419	453	445	528	424
Busin ess	128	129	138	119	503	505	534	444	497	491	564	432	498	506	612	408
NetC o	315	315	324	307	1,263	1,266	1,277	1,236	1,254	1,252	1,306	1,189	1,252	1,255	1,318	1,135
Othe r (inc l. elim inati ons)	-5	-5	0	-8	-23	-21	-13	-34	-19	-20	0	-45	-19	-20	0	-52
The Neth erla nds	624	626	653	595	2,44 3	2,44 2	2,48 4	2,34 1	2,45 3	2,45 9	2,53 3	2,34 1	2,48 3	2,47 6	2,61 8	2,33 2
iBas is	6	6	9	5	24	24	28	20	24	24	28	19	25	24	30	20
ium (dis ) Belg inue d op ions cont erat	40	40	49	30	152	151	177	133	157	157	192	118	165	167	195	128
Oth ctivi ties er a	-10	-10	-5	-20	-47	-48	-27	-68	-41	-40	-5	-58	-41	-40	-5	-59
2 l adju sted A (in cl. di tinue d op erati ons) Tota EBITD scon	659	663	682	634
					2,568	2,575	2,614	2,460	2,592	2,586	2,666	2,526	2,630	2,620	2,781	2,515
Of w hich disco ntinu ed op erati ons	40	40	49	26	151	151	177	118	158	157	192	118	165	164	195	128
2 just A fr tinu ing rati l ad ed E Tota BITD om con ope ons	621	622	640	592	2,41 9	2,42 0	2,45 0	2,31 0	2,43 6	2,43 2	2,50 8	2,35 1	2,46 4	2,45 4	2,60 9	2,31 6
Incid ls an d (re ts) fr turin ontin uing ation enta struc g cos om c oper s	-17	-14	0	-45	-83	-71	-30	-148	-35	-45	0	-80	-21	-15	0	-80
from tinu ing ratio Tota l rep d EB ITDA orte con ope ns	605	611	629	571	2,34 4	2,35 3	2,39 5	2,27 0	2,41 0	2,41 8	2,50 5	2,32 0	2,46 1	2,44 9	2,60 9	2,30 1

2) Defined as EBITDA adjusted for restructuring costs and incidentals

soli date d fig (EU ) KPN R m con ures ite ms f tinu ing rati P&L rom con ope ons	Q3 '15 Ave rage	Q3 '15 Med ian	Q3 '15 Hig h	Q3 '15 Low	FY ' 15 Ave rage	FY ' 15 Med ian	FY ' 15 Hig h	FY ' 15 Low	FY ' 16 Ave rage	FY ' 16 Med ian	FY ' 16 Hig h	FY ' 16 Low	FY ' 17 Ave rage	FY ' 17 Med ian	FY ' 17 Hig h	FY ' 17 Low
l op ing prof it Tota erat	213	222	243	165	754	761	837	648	857	827	1,00 7	711	927	900	1,24 5	770
Tota l D& A Depr eciat ion	398 272	400 275	423 280	379 259	1,60 0 1,095	1,60 1 1,099	1,63 6 1,117	1,56 3 1,068	1,55 6 1,071	1,57 1 1,077	1,64 6 1,142	1,35 1 978	1,53 0 1,064	1,53 8 1,070	1,68 1 1,179	1,20 2 900
rtizat ion Amo	127	127	150	104	505	505	525	458	487	499	549	351	473	496	534	302
Prof it fo r the iod per	72	74	185	2	290	291	453	93	429	388	758	172	491	464	808	248
ings sha re (n on-d ilute d) (i n €) Earn per	0.02	0.02	0.03	0.00	0.07	0.07	0.14	0.03	0.10	0.09	0.18	0.06	0.12	0.11	0.19	0.08
Divi re (i n €) den d pe r sha	0.01	0.00	0.06	0.00	0.10	0.11	0.12	0.07	0.12	0.12	0.16	0.09	0.14	0.14	0.20	0.10

soli date d fig (EU ) KPN R m con ures h flo w fr tinu ing rati Free cas om con ope ons	Q3 '15 Ave rage	Q3 '15 Med ian	Q3 '15 Hig h	Q3 '15 Low	FY ' 15 Ave rage	FY ' 15 Med ian	FY ' 15 Hig h	FY ' 15 Low	FY ' 16 Ave rage	FY ' 16 Med ian	FY ' 16 Hig h	FY ' 16 Low	FY ' 17 Ave rage	FY ' 17 Med ian	FY ' 17 Hig h	FY ' 17 Low
es3 Net c ash f low f conti nuin erati tiviti rom g op ng ac	488	487	578	411	1,801	1,796	1,876	1,766	1,916	1,915	2,111	1,750	2,014	1,992	2,189	1,794
x fro ntinu ing o ions Cape perat m co	-297	-300	-342	-247	-1,25 8	-1,26 2	-1,32 5	-1,21 5	-1,20 4	-1,22 0	-1,26 8	-1,05 9	-1,15 5	-1,16 0	-1,26 8	-930
Proce eds f real e from inuin erati state cont rom g op ons	0	0	0	0	1	1	1	0	0	0	0	0	0	0	0	0
s4, e h flo w fr inui tion xcl. div iden d Free TEFD cont cas om ng o pera	191	184	278	108	544	536	601	500	712	698	966	526	857	837	1,25 9	644
Divid ends ived from Tele fónic utsch land a De rece	0	0	0	0	146	146	149	144	131	150	185	0	140	157	205	0
s4, in h flo w fr inui tion cl. T divi den d Free cont EFD cas om ng o pera	191	184	278	108	676	679	747	570	836	820	1,11 9	677	990	961	1,42 0	730
t inc l. dis inue ions (in bn) Net deb d op EUR cont erat	7.27	7.20	7.67	7.09	6.84	7.00	7.35	5.71	6.16	6.34	7.34	4.89	5.75	5.94	7.41	4.00

3) Net cash flow from operating activities is before deduction of Capex spent and proceeds from real estate

4) Free cash flow is defined as cash flow from operating activities, plus proceeds from real estate and minus Capex