Credit Rating

	Moody's	S&P	Fitch
Credit Rating	Baa3	BBB	BBB
Outlook	Stable	Stable	Stable
Latest Credit Opinion	12 May 2021	17 February 2020	30 March 2021
Last report	Rationale Moody's	Rationale S&P	Rationale Fitch
Analysts	Carlos Winzer, +34 91 768 8238	Xavier Buffon, + 33 144 206 675	Nikolai Lukashevich, +7 495 956 9968

Rating and capital resource covenants

Change of Control

All hybrid securities and Eurobonds issued as of 2006 contain a change of control event by means of which KPN may be required to redeem these outstanding notes early, in the event that the Change of Control occurs (acquiring direct or indirect >50%) and within the change of control period a rating downgrade to non-investment grade occurs in respect of that change of control.

Capital resource covenants

In addition, many of our capital resources contain a covenant prohibiting us to enter into any amalgamation, demerger, merger, corporate restructuring or reorganization, unless prior written consent has been given by the lenders or noteholders (e.g., as in the EUR 1 billion sustainability-linked revolving credit facility) or the resulting company assumes all of our rights and obligations with respect to the notes.

Disclaimer Credit rating

KPN does not affirm any of the ratings or opinions of Fitch, Moody’s or Standard and Poor’s and does not accept any responsibility for the accuracy and timeliness of this information