CompleTel Europe Announces Completion of I.P.O.

Business Editors

PARIS--(BUSINESS WIRE)--March 28, 2000

CompleTel Europe N.V. (Nasdaq NM: CLTL; ParisBourse: CTL), a growing facilities-based provider of switched local telecommunications and related services to businesses and government end-users in western Europe, today announced the successful initial public offering of 27,200,000 ordinary shares, representing about 17.7% of the company's outstanding shares.

The shares are listed on the Nasdaq National Market under the symbol CLTL and on the Premier Marche of the ParisBourseSBF S.A. under the symbol CTL. The underwriters were Salomon Smith Barney, Goldman, Sachs & Co., Merrill Lynch & Co. and BNP Paribas Group.

The initial public offering price was Euro 17.50, or $17.09, based on an exchange rate of Euro 1 per $0.9765. The offering totaled Euro 476.0 million, or approximately $464.8 million. Proceeds to the company, before expenses but after the underwriting discount, were Euro 450,631,902, or approximately $440 million.

The underwriters were granted a 30-day option to purchase up to an additional 4,080,000 additional ordinary shares.

CompleTel Europe N.V. is a growing European facilities-based competitive local exchange carrier (CLEC). Founded in 1998, CompleTel provides voice and data telecommunications and Internet-related services in Western Europe. CompleTel is initially deploying fiber-optic networks in 11 markets in France and Germany and Internet-related services in 12 markets, including London. CompleTel Europe, based in Amsterdam, has its headquarters offices in Paris.

NOTE: The information contained in this press release contains "forward looking statements" within the meaning of the U.S. Federal Securities Law. Such statements are based on the current expectations of the management of CompleTel only, and the company's performance is subject to risks, uncertainties and other factors that could cause actual results to differ materially from these statements. Such risks include, but are not limited to, adverse regulatory, technological or competitive developments, decline in demand for the company's services or products, inability to timely develop and introduce new technologies, products and services, pressure on pricing resulting from competition, unforeseen delay, failure to receive on a timely basis necessary permits or other governmental approvals, and delays in the receipt of or failure to obtain any necessary financing which could cause the actual results or performance of the company to differ materially from those described herein. For a more detailed discussion of such risks and other factors please refer to the company's prospectuses and reports to be filed from time to time with the U.S. Securities and Exchange Commission.