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Project Homerun Offering Circular ROYAL KPN N.V. Koninklijke KPN N.V., a public limited liability company incorporated under Dutch law with its corporate seat in The Hague $1,000,000,000 8.375% Notes due 2030 $1,750,000,000 8.00% Notes due 2010 $750,000,000 7.50% Notes due 2005 Y1,000,000,000 6.25% Notes due 2005 We will pay interest on the U.S. dollar notes on April 1 and October 1 of each year, beginning on April 1, 2001, and on the euro notes on October 4 of each year, beginning October 4, 2001. We may redeem any of the U.S. dollar notes at any time and at the redemption price described in this offering circular plus accrued interest. The euro notes are not redeemable prior to their maturity. In addition, we may, in the event of certain developments affecting taxation and in certain other circumstances, redeem all, but not some of, any series of U.S. dollar notes or euro notes at 100% of their principal amount plus accrued interest. There is no sinking fund for any series of the notes. Notes will be issued only in registered book-entry form in denominations of $1,000 and integral multiples of $1,000 in the case of the U.S. dollar notes and in denominations of Y1,000 and integral multiples of Y1,000 in the case of the euro notes. We have agreed to file an exchange offer registration statement pursuant to a registration rights agreement. In the event we fail to comply with some of our obligations under the registration rights agreement, we will pay additional interest on the notes. Application has been made to list the notes on Euronext Amsterdam N.V. This offering comprises an offering of notes to institutional investors outside the United States in reliance on Regulation S under the U.S. Securities Act of 1933, as amended (the ``Securities Act'') and a private placement of notes in the United States to qualified institutional buyers, as defined in and in reliance on Rule 144A under the Securities Act. You are hereby notified that sellers of the notes may be relying on the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. Price: Per U.S. dollar note due 2030 99.751% Per U.S. dollar note due 2010 99.981% Per U.S. dollar note due 2005 99.936% Per euro note due 2005 99.833% plus accrued interest, if any, from October 4, 2000. Delivery of the U.S. dollar notes, in book-entry form only, will be made through the facilities of The Depository Trust Company, Euroclear and Clearstream, Luxembourg and the euro notes, in book entry form only, will be made through the facilities of Euroclear and Clearstream, Luxembourg in each case on or about October 4, 2000 against payment of immediately available funds. Investing in these securities involves certain risks. See ``Risk Factors'' beginning on page 17. Joint Book Running Managers for the Dollar Notes Morgan Stanley Dean Witter UBS Warburg LLC Banc of America Securities LLC Chase Manhattan International Limited Deutsche Banc Alex. Brown ING Barings/BBL Nomura Securities Joint Book Running Managers for the Euro Notes Morgan Stanley Dean Witter UBS Warburg Bank of America International Limited Chase Manhattan International Limited Deutsche Bank ING Barings/BBL Nomura Securities The date of this offering circular is September 27, 2000 TABLE OF CONTENTS Important Information .............. 2 Relationship with the State ........... 186 SEC Review ..................... 4 Management ..................... 190 Service of Process and Enforceability of Description of the Notes ............ 195 Certain Foreign Judgments ......... 4 Major Shareholder ................. 213 Summary ........................ 5 Related-Party Transactions ........... 214 Risk Factors ..................... 17 Material Contracts ................. 220 Use of Proceeds ................... 27 Taxation ........................ 250 Presentation of Financial and Other Plan of Distribution ................ 257 Information .................... 28 Clearance and Settlement ............ 260 Exchange Rates ................... 29 Transfer Restrictions ............... 265 Capitalization .................... 30 Legal Matters .................... 267 Selected Consolidated Historical Independent Accountants ............ 267 Financial DataÐThe Group ........ 32 Where You Can Find More Information . 268 Selected Historical Financial DataÐ Additional Listing Information ........ 268 E-Plus ........................ 35 Paying Agent ..................... 269 Unaudited Pro Forma Condensed Publications ...................... 269 Consolidated Financial Data ........ 36 Historical Financial Statements of Management's Discussion and Analysis of Koninklijke KPN N.V. ............. F-1 the Financial Condition and Results of Historical Financial Statements of E-Plus Operations ..................... 50 Mobilfunk GmbH ................ G-1 Business ........................ 123 Interim Financial Statements of Strategic Alliances ................. 162 Koninklijke KPN N.V. (unaudited) .... H-1 Licensing and Regulatory Issues ....... 167 IMPORTANT INFORMATION We are responsible for the accuracy and completeness of the information in this offering circular, which constitutes a ``prospectus'' for the purposes of the listing rules of Euronext Amsterdam N.V. We represent and warrant that the information in this offering circular is in all material respects in accordance with the facts and does not omit anything likely to affect the accuracy and completeness of such information in any respect. In making an investment decision, investors must rely upon their own examination of Koninklijke KPN N.V. (``KPN'') and its subsidiaries and the terms of the offering being made hereby, including the merits and risks involved. You should rely only on the information contained in this offering circular. Neither we, nor any of the initial purchasers listed under ``Plan of Distribution,'' have authorized anyone to provide potential investors with information different from that contained in this offering circular. The information contained in this offering circular is accurate only as of the date of this offering circular, regardless of the time of delivery of this offering circular, or any sale of the notes. The notes offered hereby have not been and will not be registered under the Securities Act. The notes are being sold by the initial purchasers only to non-U.S. persons in offshore transactions outside the United States in reliance on Regulation S (``Regulation S'') under the Securities Act, and are being sold by the initial purchasers in the United States only to qualified institutional buyers, as defined in, and in reliance on, Rule 144A (``Rule 144A'') under the Securities Act. We are relying on an exemption from registration under the Securities Act for offers and sales of securities that do not involve a public offering. By purchasing notes, you will be deemed to have made the acknowledgements, representations, warranties and agreements set forth under the heading 2 ``Transfer Restrictions'' in this offering circular. You should understand that you will be required to bear the financial risks of your investment for an indefinite period of time. The notes are subject to restrictions on transferability and may not be transferred or resold except as permitted under applicable U.S. federal or state securities law pursuant to a registration statement or an exemption from registration. Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of these notes or passed upon the adequacy or accuracy of the offering circular. Any representation to the contrary is a criminal offense. Neither this offering circular nor any other document issued in connection with this offering may be issued or passed on to any persons in the United Kingdom, unless such persons are of a kind described in Article 11(3) of the Financial Services Act 1986 (Investment Advertisement) (Exemptions) Order 1996 (as amended) of the United Kingdom, or are persons to whom such document may otherwise be lawfully issued or passed on. The distribution of this offering circular and the offering or sale of the notes in certain jurisdictions is restricted by law. This offering circular may not be used for, or in connection with, and does not constitute, any offer to, or solicitation by, anyone in any jurisdiction in which it is unlawful to make such an offer or solicitation. Persons into whose possession this document may come are required by us and the underwriters to inform themselves about and to observe such restrictions. Neither we nor any of the initial purchasers accepts any responsibility for any violation by any person, whether or not it is a prospective purchaser of the notes, of any such restrictions. We reserve the right to withdraw this offering of notes at any time and we and the initial purchasers named herein reserve the right to reject any commitment to subscribe for the notes, in whole or in part. We also reserve the right to allot to you less than the full amount of notes sought by you. In connection with this offering, the Joint Book Running Managers may over-allot or effect transactions which stabilize or maintain the market price of the notes at levels which might not otherwise prevail in the open market. Such transactions may be effected on Euronext Amsterdam N.V. or otherwise. Such stabilization, if commenced, may be discontinued at any time, and in any event will be discontinued no later than 30 days after the closing of this offering. Stabilization transactions conducted on Euronext Amsterdam N.V. must be conducted
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