<Page>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   -----------

                                    FORM 10-Q

                                   -----------

     /x/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

                FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2001

                                       OR

    / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

                 FOR THE TRANSITION PERIOD FROM_______TO_______


                          COMMISSION FILE NO. 000-30075
                                              ---------

                              COMPLETEL EUROPE N.V.
             (Exact name of Registrant as specified in its charter)

           THE NETHERLANDS                              98-0202823
   -------------------------------          -----------------------------------
   (State or other jurisdiction of          (I.R.S. Employer Identification No.)
    incorporation or organization)

      JAMES E. DOVEY KRUISWEG 609
-----------------------------------------
(Address of principal executive offices)


   2132 NA HOOFDDORP, THE NETHERLANDS                    2132 NA
-----------------------------------------               -----------
(Address of principle executive offices)                (Zip Code)

       Registrant's telephone number, including area code:(31) 20 666 1701

                                 Not Applicable
              (Former name, former address and former fiscal year,
                         if changed since last report)

      Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days.Yes /x/  No / /

      The number of shares outstanding of the Registrant's common stock as of
October 1, 2001 was 160,555,222 ordinary shares.

<Page>

                              COMPLETEL EUROPE N.V.
                                    FORM 10-Q

                                      INDEX
PART I.         FINANCIAL INFORMATION

Item 1.  Financial Statements (unaudited)

         Consolidated Balance Sheets as of
         September 30, 2001 (unaudited) and December 31, 2000

         Consolidated Statements of Operations for
         the Three and Nine Month Periods Ended September 30, 2001 and 2000
         (unaudited)

         Consolidated Statement of Shareholders' Equity
         for the Nine Months Ended September 30, 2001 (unaudited)

         Consolidated Statements of Cash Flows
         for the Nine Months Ended September 30, 2001 and 2000 (unaudited)

         Notes to the Consolidated Financial Statements (unaudited)

Item 2.  Management's Discussion and Analysis of Financial Condition and
         Results of Operations

Item 3.  Quantitative and Qualitative Disclosure about Market Risk

PART II         OTHER INFORMATION

Item 1.  Legal Proceedings

Item 2.  Changes in Securities and Use of Proceeds

Item 3.  Defaults upon Senior Securities

Item 4.  Submission of Matters to a Vote of Security Holders

Item 5. Other Information

Item 6.  Exhibits and Reports on Form 8-K

SIGNATURES

                                       2
<Page>

        PART I                FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

                     COMPLETEL EUROPE N.V. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
       (STATED IN THOUSANDS OF EUROS, EXCEPT SHARE AND PER SHARE AMOUNTS)
                                   (UNAUDITED)

<Table>
<Caption>
                                                                                                   SEPTEMBER 30,       DECEMBER 31,
                                                                                                            2001               2000
                                                                                                   -------------      -------------
                                                               ASSETS
CURRENT ASSETS:
<S>                                                                                                <C>                <C>
     Cash and cash equivalents                                                                     (euro)126,181      (euro)361,698
     Short-term investments, restricted                                                                   26,393             28,030
     Accounts receivable, net of allowance for doubtful receivables of(euro)3,710 and(euro)733
       as of September 30, 2001 and December 31, 2000, respectively                                       21,458             13,883
     Affiliate receivables                                                                                 2,001              1,500
     Prepaid expenses, VAT receivables and other current assets                                           43,190             54,886
                                                                                                   -------------             ------

       Total current assets                                                                              219,223            459,997
                                                                                                   -------------      -------------

NON-CURRENT ASSETS:
     Property and equipment, net                                                                         414,925            298,623
     Licenses and other intangibles, net                                                                  13,346              6,858
     Deferred financing costs, net                                                                         9,437             15,129
     Non-current investments, restricted                                                                  22,562             41,709
     Other non-current assets                                                                              2,507              2,465
                                                                                                   -------------      -------------

       Total non-current assets                                                                          462,777            364,784
                                                                                                   -------------      -------------

TOTAL ASSETS                                                                                       (euro)682,000      (euro)824,781
                                                                                                   =============      =============
                                                LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
     Network vendor payables                                                                        (euro)45,484       (euro)54,341
     Accrued liabilities and trade accounts payable                                                       69,564             71,684
     Affiliate payables                                                                                      910              2,199
                                                                                                   -------------      -------------

       Total current liabilities                                                                         115,958            128,224

LONG-TERM DEBT                                                                                           268,669            280,597
COMMITMENTS AND CONTINGENCIES (Note 9)
SHAREHOLDERS' EQUITY:
     Ordinary shares, nominal value (euro).10 per share, 625,000,000 shares
       authorized; 160,555,222 shares issued and outstanding at September 30,
       2001 and December 31, 2000,
       respectively                                                                                       16,055             16,055
     Additional paid-in capital                                                                          688,399            706,821
     Deferred compensation                                                                               (17,528)           (33,196)
     Other cumulative comprehensive loss                                                                   1,509              1,019
     Accumulated deficit                                                                                (375,509)          (259,185)
     Treasury stock, at cost                                                                             (15,553)           (15,554)
                                                                                                   -------------      -------------

TOTAL SHAREHOLDERS' EQUITY                                                                               297,373            415,960
                                                                                                   -------------      -------------

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                                                         (euro)682,000      (euro)824,781
                                                                                                   =============      =============
</Table>

   The accompanying notes are an integral part of these unaudited consolidated
                                balance sheets.

                                       3
<Page>

                     COMPLETEL EUROPE N.V. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
       (STATED IN THOUSANDS OF EUROS, EXCEPT SHARE AND PER SHARE AMOUNTS)
                                   (UNAUDITED)

<Table>
<Caption>
                                                                      THREE MONTHS ENDED                 NINE MONTHS ENDED
                                                                         SEPTEMBER 30,                     SEPTEMBER 30,
                                                                    ---------------------              ---------------------
                                                                    2001             2000              2001            2000
                                                                    ---------------------              ---------------------
<S>                                                              <C>               <C>              <C>               <C>
REVENUES                                                         (euro) 25,770     (euro) 8,889     (euro) 69,922     (euro) 16,451
OPERATING EXPENSES:
     Network costs                                                      23,463            9,978            63,486            18,540
     Selling, general and administrative                                26,250           20,977            74,928            51,351
     Allocated selling, general and administrative costs from
     affiliate                                                             782            3,873             4,502            10,023
     Non-cash compensation charges                                      (2,771)          (3,546)           (2,769)            60,683
     Depreciation and amortization                                      14,210            6,838            36,257            14,015
     Restructuring and other charges                                     2,660              --              6,393               --
                                                                --------------   --------------   ---------------   ---------------

     Total operating expenses                                           64,594           38,120           182,797           154,612
                                                                --------------   --------------   ---------------   ---------------

OPERATING LOSS                                                         (38,824)         (29,231)         (112,875)         (138,161)

OTHER INCOME (EXPENSE):
    Interest income                                                      2,445            7,394            11,402            16,953
    Interest expense, net of capitalized interest                       (7,473)          (7,889)          (22,829)          (16,401)
    Foreign exchange gain (loss) and other expense                       2,641           (6,189)           (8,031)          (24,640)
                                                                --------------   --------------   ---------------   ---------------

    Total other income (expense)                                        (2,387)          (6,684)          (19,458)          (24,088)
                                                                --------------   --------------   ---------------   ---------------

NET LOSS BEFORE EXTRAORDINARY ITEM                                     (41,211)         (35,915)         (132,333)         (162,249)
                                                                --------------   --------------   ---------------   ---------------

EXTRAORDINARY ITEM - Gain on early extinguishment of debt
                                                                        16,009              --             16,009             1,053
                                                                --------------   --------------   ---------------   ---------------

NET LOSS                                                         (euro)(25,202)   (euro)(35,915)   ((euro)116,324)   ((euro)161,196)
                                                                ==============   ==============   ===============   ===============

BASIC AND DILUTED LOSS PER ORDINARY
     SHARE                                                         (euro)(0.16)     (euro)(0.23)      ((euro)0.74)      ((euro)1.09)
                                                                ==============   ==============   ===============   ===============

WEIGHTED AVERAGE NUMBER OF ORDINARY
    SHARES OUTSTANDING                                             157,419,330      157,413,060       157,417,416       147,252,768
                                                                ==============   ==============   ===============   ===============
</Table>

         The accompanying notes are an integral part of these unaudited
                       consolidated financial statements.

                                       4
<Page>

                     COMPLETEL EUROPE N.V. AND SUBSIDIARIES
                 CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
               (STATED IN THOUSANDS OF EUROS, EXCEPT SHARE AND PER
                                 SHARE AMOUNTS)
                                   (UNAUDITED)

<Table>
<Caption>
                                                                                                             OTHER
                                                                         ADDITIONAL                     CUMULATIVE
                                                ORDINARY  SHARES            PAID-IN        DEFERRED  COMPREHENSIVE     ACCUMULATED
                                                --------- ------
                                             NUMBER          AMOUNT         CAPITAL    COMPENSATION           LOSS         DEFICIT
                                       --------------- ------------ --------------- --------------- --------------  --------------

<S>                                        <C>          <C>            <C>             <C>             <C>           <C>
BALANCE, December 31, 2000                 160,555,222 (euro)16,055   (euro)706,821   (euro)(33,196)   (euro)1,019  (euro)(259,185)

     Deemed contributions by LLC
        related to allocation of
        non-cash compensation charges
                                                    --           --         (18,438)         10,207             --              --
     Exercise of stock options                      __           __              16              --             --              --
     Amortization of deferred
        compensation                                --           --              --           5,461             --              --
     Cumulative translation adjustment
                                                    --           --              --              --            490              --
     Net loss                                                    --              --              --             --       (116,324)
                                       --------------- ------------ --------------- --------------- --------------  --------------

BALANCE, September 30, 2001                160,555,222 (euro)16,055   (euro)688,399  (euro)(17,528)    (euro)1,509  (euro)(375,509)
                                       =============== ============ =============== =============== ==============  ==============

<Caption>
                                            TREASURY            TOTAL
                                              STOCK,    COMPREHENSIVE

                                             AT COST             LOSS           TOTAL
                                       -------------   --------------   -------------

<S>                                    <C>             <C>               <C>
BALANCE, December 31, 2000             (euro)(15,554)  (euro)(200,197)  (euro)415,960
                                                       ==============
     Deemed contributions by LLC
        related to allocation of
        non-cash compensation charges
                                                 --                --          (8,231)
     Exercise of stock options                    1                --              17
     Amortization of deferred
        compensation                             --                --           5,461
     Cumulative translation adjustment
                                                 --               490             490
     Net loss                                                (116,324)       (116,324)
                                       -------------   --------------   -------------

BALANCE, September 30, 2001            (euro)(15,553)  (euro)(115,834)  (euro)297,373
                                       =============   ==============   =============
</Table>


          The accompanying notes are an integral part of this unaudited
consolidated financial statement.

                                       5
<Page>

                     COMPLETEL EUROPE N.V. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                         (STATED IN THOUSANDS OF EUROS)
                                   (UNAUDITED)
<Table>
<Caption>
                                                                                 NINE MONTHS ENDED        NINE MONTHS ENDED
                                                                                SEPTEMBER 30, 2001       SEPTEMBER 30, 2000
                                                                                ------------------       ------------------
OPERATING ACTIVITIES:
<S>                                                                                 <C>                      <C>
     Net loss                                                                       (euro)(116,324)          (euro)(161,196)
     Adjustments to reconcile net loss to net cash flows used in
       operating activities:
         Depreciation and amortization                                                      36,257                   14,015
         Non-cash compensation charges                                                      (2,769)                  60,683
         Accretion of senior discount notes                                                 10,002                    8,481
         Amortization of deferred financing costs                                            1,350                    1,002
         Gain on early extinguishment of debt                                              (16,009)                  (1,053)
         Foreign exchange loss                                                               8,200                   11,237
         Changes in operating assets and liabilities:
              Increase in accounts receivable                                               (6,147)                  (9,111)
              Decrease (increase) in prepaid expenses, VAT receivables
                and other current assets                                                    28,861                  (14,477)
              Decrease (increase) in other non-current assets                                 (42)                   (1,645)
              Increase in accrued liabilities and trade accounts
                payable                                                                    (4,518)                   42,101
              Increase (decrease) in net affiliate payables/receivables                     (1,790)                  (1,130)
                                                                                   ---------------          ---------------

              Net cash flows used in operating activities                                  (62,929)                 (51,093)
                                                                                   ---------------          ---------------

INVESTING ACTIVITIES:
     Expenditures for property and equipment                                              (128,282)                (139,759)
     Capitalized interest                                                                  (11,727)                 (10,123)
     Increase (decrease) in network vendor payables                                         (8,857)                  30,945
     Expenditures for licenses                                                                (934)                    (368)
     Acquisitions, net of cash acquired                                                    (12,886)                       --
     Restricted investments, including funds placed in escrow                                   --                  (79,725)
                                                                                   ---------------          ---------------

              Net cash flows used in investing activities                                 (162,686)                (199,030)
                                                                                   ---------------          ---------------

FINANCING ACTIVITIES:
     Net proceeds from initial public offering                                                  --                  512,536
     Net proceeds from senior notes                                                             --                  192,995
     Proceeds from exercise of stock options                                                    17                       --
     Repurchase of senior discount notes                                                        --                  (14,867)
     Repurchase of senior notes from cash and cash equivalents                              (3,182)                      --
     Repurchase of senior notes from restricted investments                                 (8,132)                      --
     Deferred financing costs                                                                 (722)                  (9,612)
                                                                                   ---------------          ---------------

              Net cash flows (used in) provided by financing activities                    (12,019)                 681,052
                                                                                   ---------------          ---------------

     Effect of exchange rates on cash                                                        2,117                   (4,511)
                                                                                   ---------------          ---------------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
                                                                                          (235,517)                 426,418

CASH AND CASH EQUIVALENTS, beginning of period                                             361,698                   57,115
                                                                                   ---------------          ---------------

CASH AND CASH EQUIVALENTS, end of period                                             (euro)126,181            (euro)483,533
                                                                                   ===============          ===============

SUPPLEMENTAL CASH FLOW DISCLOSURES:
     Cash paid for interest                                                           (euro)14,000             (euro)14,000
                                                                                   ===============          ===============
     Cash paid for taxes                                                                 (euro) --                (euro) --
                                                                                   ===============          ===============

         The accompanying notes are an integral part of these unaudited
                       consolidated financial statements.
</Table>

                                       6
<Page>

                     COMPLETEL EUROPE N.V. AND SUBSIDIARIES
          NOTES TO INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(1)   GENERAL

      CompleTel Europe N.V. ("CompleTel Europe") (together with its wholly-owned
subsidiaries, the "Company") is a Dutch holding company incorporated on December
14, 1998 for the purpose of completing a Rule 144A offering to finance its
planned operations.

      The Company is a facilities-based operator of a technologically advanced,
high-capacity, fiber optic communications infrastructure and provider of
telecommunications and Internet-related services to business and government
end-users, carriers and Internet service providers in targeted metropolitan
areas across Western Europe, with a focus on network deployment in France and
Germany. A facilities-based operator uses mainly its own telecommunications
facilities to provide services, in contrast with non-facilities-based resellers
who purchase the services of other providers and then retail the services to
customers. Additionally, the Company has established Internet data centers
("IDCs") and provides Internet access, web hosting and other Internet value
added services in France, Germany and the United Kingdom.

      Since inception, the Company has generated operating losses and negative
cash flow from its operating activities. The Company expects to continue to
experience operating losses and negative cash flow from operations in each of
its markets while it emphasizes development, construction and expansion of its
business and until the Company establishes a sufficient revenue generating
customer base in that market. While the Company anticipates that its revenue
will continue to grow, it has recently observed signs of general weakness in the
European markets for carrier, dial-up Internet access and Internet data center
services. In light of reduced demand visibility, the Company has implemented
reorganization and restructuring measures in order to adjust operations to
foreseeable market conditions reducing ongoing operating expenses and capital
outlays (see Note 10). The Company is currently evaluating closer integration of
the IDC businesses in Germany and France with its existing local retail business
and is also evaluating various options with respect to its IDC business in the
United Kingdom.

      The Company currently estimates that it will make aggregate capital
expenditures of approximately (euro)45 million to (euro)55 million for the year
ending December 31, 2002. However, the actual amount and timing of the Company's
future capital requirements may differ materially from its current estimates,
and additional financing may be required in the event of departures from its
current business plans and projections, including those caused by unforeseen
delays, cost overruns, engineering design changes, demand for its services that
varies from its expectations, adverse regulatory, technological or competitive
developments, difficulties, delays in obtaining necessary rights-of-way, or
major changes in market conditions. The Company may also require additional
capital, or require financing sooner than anticipated, if it alters the schedule
or target markets of its roll-out plan in response to regulatory, technological
or competitive developments (including additional market developments and new
opportunities within and outside of its target markets), as well as
opportunities to refund or retire its existing indebtedness. The Company intends
to evaluate potential joint ventures, strategic alliances, acquisition and
disposition opportunities on an ongoing basis as they arise, and may require
additional financing if it elects to pursue any such opportunities. The
company is considering various funding options which may include bank
borrowings, private or public sale of debt securities and/or may engage in
private or public equity offerings of its ordinary shares.

      The Company believes that under certain market growth scenarios in
which weak demand for wholesale carrier and ISP services continues or deepens,
it may require additional financing in excess of its invested capital and
current borrowings in the range of (euro)60 million to (euro)90 million
sometime during the second half of 2002.

(2)   BASIS OF PRESENTATION

      The accompanying interim unaudited consolidated financial statements have
been prepared in accordance with United States generally accepted accounting
principles ("U.S. GAAP") for interim financial information and are in the form
prescribed by the Securities and Exchange Commission. Accordingly, they do not
include all of the information and footnotes required by U.S. GAAP for complete
financial statements. The interim unaudited consolidated financial statements
should be read in conjunction with the audited financial statements of the
Company as of and for the year ended December 31, 2000. In the opinion of
management, all adjustments (consisting only of normal recurring adjustments)
considered necessary for a fair presentation have been included. Operating
results for the nine month period ended September 30, 2001 are not necessarily
indicative of the results that may be expected for the year ended December 31,
2001.

                                       7
<Page>

      The preparation of financial statements in conformity with U.S. GAAP
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of
expenses during the reporting period. Actual results could differ from those
estimates. Certain prior year amounts have been reclassified to conform with the
current year presentation.

(3)   PROPERTY AND EQUIPMENT

      Property and equipment includes network equipment, office furniture and
equipment, computer equipment and software, leasehold improvements and
construction in progress. These assets are stated at cost and are being
depreciated when ready for their intended use on a straight-line basis.

      Property and equipment consisted of the following (in thousands):

<Table>
<Caption>
                                                                SEPTEMBER 30,          DECEMBER 31,
                                                                         2001                  2000
                                                                -------------         -------------

<S>                                                             <C>                   <C>
Network equipment                                               (euro)355,017         (euro)216,016
Office furniture and equipment                                          6,452                 5,186
Computer equipment and software                                        13,151                10,891
Leasehold improvements                                                  8,035                 8,239
Buildings                                                                 205                   205
                                                                -------------         -------------

Property and equipment, in service                                    382,860               240,537
Less: accumulated depreciation                                        (59,460)             ( 24,963)
                                                                -------------         -------------

Property and equipment, in service, net                               323,400               215,574
Construction in progress                                               91,525                83,049
                                                                -------------         -------------
Property and equipment, net                                     (euro)414,925         (euro)298,623
                                                                =============         =============
</Table>

      The Company capitalized approximately (euro)11.7 million and (euro)5.8
million of interest expense for the nine months ended September 30, 2001 and
2000, respectively.


(4)   RELATED PARTY TRANSACTIONS

CONTRIBUTION OF COMPLETEL LLC COMMON UNITS FOR COMPLETEL EUROPE NV
ORDINARY SHARES

      In late November 2000, certain employees of CompleTel Europe who held
common units of CompleTel LLC ("LLC"), contributed all such common units, except
for those still subject to performance vesting provisions, to CompleTel Europe
in consideration for 3,142,162 newly issued ordinary shares of CompleTel Europe.
The number of ordinary shares issued was equal to the number of ordinary shares
represented by the common units contributed to CompleTel Europe and were
recorded at (euro)15.6 million, the fair market value of those shares on the
date of issuance. The corresponding investment in LLC, representing
approximately 3,280 common units which are exchangeable into 3,142,162 ordinary
shares of the Company, is reflected as a reduction of CompleTel Europe's equity
in the accompanying statement of shareholders' equity, similar to treasury
stock. The common units contributed included both vested and non-vested time
vesting units. The ordinary shares issued in respect of the non-vested units
remain subject to the same vesting provisions as the original award.

                                       8
<Page>

(5) INDEBTEDNESS

SENIOR NOTES REPURCHASE

      In the third quarter of 2001, the Company repurchased (euro)30.0
million principal amount of its 14% Senior Notes due 2010 for (euro)11.3
million ((euro)3.2 million in unrestricted cash and (euro)8.1 million in
proceeds from pledged securities). In October 2001, the Company repurchased
an additional (euro)5.0 million principal amount of its 14% Senior Notes due
2010 for (euro)1.9 million.

         Long-term debt consists of the following (in thousands):

<Table>
<Caption>
                                                                                                 SEPTEMBER 30,     DECEMBER 31,
                                                                                                     2001              2000
                                                                                              ----------------  --------------
         <S>                                                                                     <C>             <C>
         14% Senior Discount Notes, face amount $120.5 million, due 2009, effective              (euro)92,759     (euro)80,597
             interest rate of 15.1%, converted to euro at September 30, 2001 and December
             31, 2000 exchange rates of 0.910 and 0.942, respectively
         14% Senior Notes, face amount(euro)170.0 million, due 2010                                   170,000          200,000
         Other long-term debt                                                                           5,910               --
                                                                                              ----------------  --------------
                                                                                                (euro)268,669    (euro)280,597
                                                                                              ================  ==============
</Table>

(6) SEGMENT REPORTING

      Statement of Financial Accounting Standards No. 131, "Disclosures about
Segments of an Enterprise and Related Information" ("SFAS 131"), establishes
standards for the way public business enterprises report information about
operating segments in annual financial statements and requires that those
enterprises report selected information about operating segments in interim
financial reports issued to shareholders. Operating segments are components of
an enterprise about which separate financial information is available that is
evaluated regularly by the chief operating decision maker in deciding how to
allocate resources and in assessing performance.

      Management currently evaluates the Company's development efforts according
to the geographic location of its markets. One of the key operating performance
criteria used in this evaluation includes revenue growth and operating income
before interest, taxes, depreciation, amortization, non-cash compensation
charges and foreign exchange loss and other expenses, including restructuring
and other charges ("Adjusted EBITDA").

      Adjusted EBITDA is not derived pursuant to generally accepted accounting
principles and therefore should not be construed as an alternative to operating
income (loss), as an alternative to cash flows from operating activities, or as
a measure of liquidity. Furthermore, the Company is not aware of any uniform
standards for determining Adjusted EBITDA. Presentations of Adjusted EBITDA may
not be calculated consistently by different companies in the same or similar
businesses. As a result, the Company's reported Adjusted EBITDA may not be
comparable to similarly titled measures used by other companies.

      Certain financial information reflecting the Company's development efforts
by geographic location is presented below.

      As of September 30, 2001 and for the three months ended September 30, 2001
(in thousands):

<Table>
<Caption>
                                                                                                       COMPLETEL
                                                          COMPLETEL      COMPLETEL     COMPLETEL      EUROPE AND
                                                                SAS           GMBH            UK           OTHER       CONSOLIDATED
                                                        -----------      ---------     ---------      ----------       ------------
<S>                                                    <C>             <C>             <C>             <C>             <C>
Revenue                                                (euro)19,787    (euro)5,260     (euro)723       (euro) --       (euro)25,770
Adjusted EBITDA                                              (9,730)        (7,856)       (2,157)         (4,982)           (24,725)
Total assets                                                292,859        172,801        15,510         200,830            682,000
Expenditures for long-lived assets                           22,891          4,392           169           2,424             29,876
</Table>

                                       9
<Page>

      As of September 30, 2001 and for the nine months ended September 30,
                              2001 (in thousands):
<Table>
<Caption>
                                                                                                       COMPLETEL
                                                          COMPLETEL      COMPLETEL     COMPLETEL      EUROPE AND
                                                                SAS           GMBH            UK           OTHER       CONSOLIDATED
                                                        -----------      ---------     ---------      ----------       ------------
<S>                                                    <C>            <C>            <C>               <C>             <C>
Revenue                                                (euro)53,989   (euro)13,203   (euro)2,730       (euro) --       (euro)69,922
Adjusted EBITDA                                             (25,906)       (23,790)       (7,410)        (15,888)           (72,994)
Total assets                                                292,859        172,801        15,510         200,830            682,000
Expenditures for long-lived assets                           80,861         44,102         3,793          12,187            140,943

         As of September 30, 2000 and for the three months ended September 30,
2000 (in thousands):

<Caption>

                                                                                                       COMPLETEL
                                                          COMPLETEL      COMPLETEL     COMPLETEL      EUROPE AND
                                                                SAS           GMBH            UK           OTHER       CONSOLIDATED
                                                        -----------      ---------     ---------      ----------       ------------
<S>                                                     <C>              <C>         <C>               <C>              <C>
Revenue                                                 (euro)6,678      (euro)544   (euro)1,667       (euro) --        (euro)8,889
Adjusted EBITDA                                             (13,880)        (7,682)         (919)         (3,456)           (25,937)
Total assets                                                153,974        110,149         8,657         587,244            860,024
Expenditures for long-lived assets                           23,308         28,466         1,769           4,853             57,957

         As of September 30, 2000 and for the nine months ended September 30,
2000 (in thousands):

<Caption>
                                                                                                       COMPLETEL
                                                          COMPLETEL      COMPLETEL     COMPLETEL      EUROPE AND
                                                                SAS           GMBH            UK           OTHER       CONSOLIDATED
                                                        -----------      ---------     ---------      ----------       ------------
<S>                                                    <C>             <C>           <C>               <C>             <C>
Revenue                                                (euro)11,393    (euro)1,079   (euro)3,979       (euro) --       (euro)16,451
Adjusted EBITDA                                             (36,430)       (21,629)       (1,826)         (3,576)           (63,461)
Total assets                                                153,974        110,149         8,657         587,244            860,024
Expenditures for long-lived assets                           69,029         71,735         1,769           7,717            150,250
</Table>

(7) ACCOUNTING FOR DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

      Statement of Financial Accounting Standards No. 133, "Accounting for
Derivative Instruments and Hedging Activities" ("SFAS 133"), establishes
accounting and reporting standards for derivative instruments, including certain
instruments embedded in other contracts, and for hedging activities. SFAS 133
requires that an entity recognize all derivatives as either assets or
liabilities and measure those instruments at fair value. It also specifies the
accounting for changes in the fair value of a derivative instrument depending on
the intended use of the instrument and whether (and how) it is designated as a
hedge. The adoption, on January 1, 2001, of SFAS 133 was not material to the
Company.

(8) NEW ACCOUNTING STANDARDS

      In June 2001, the Financial Accounting Standards Board authorized the
issuance of Statement of Financial Accounting Standards ("SFAS") No. 141,
Business Combinations ("SFAS 141") and SFAS No. 142, Goodwill and Other
Intangible Assets ("SFAS 142"). SFAS 141 requires the use of the purchase method
of accounting for all business combinations initiated after June 30, 2001. SFAS
142 requires intangible assets to be recognized if they arise from contractual
or legal rights or are "separable," i.e., it is feasible that they may be sold,
transferred, licensed, rented, exchanged or pledged. As a result, it is likely
that more intangible assets will be recognized under SFAS 141 than its
predecessor, APB Opinion No. 16 although in some instances previously recognized
intangibles will be subsumed into goodwill.

      Under SFAS 142, goodwill will no longer be amortized on a straight line
basis over its estimated useful life, but will be tested for impairment on an
annual basis and whenever indicators of impairment arise. The goodwill

                                       10
<Page>

impairment test, which is based on fair value, is to be performed on a
reporting unit level. A reporting unit is defined as a SFAS No. 131 (see Note 6)
operating segment or one level lower. Goodwill will no longer be allocated to
other long-lived assets for impairment testing under SFAS No. 121, ACCOUNTING
FOR THE IMPAIRMENT OF LONG-LIVED ASSETS AND FOR LONG-LIVED ASSETS TO BE DISPOSED
OF. Additionally, goodwill or equity method investments will no longer be
amortized; however, it will continue to be tested for impairment in accordance
with APB Opinion No. 18, THE EQUITY METHODS OF ACCOUNTING FOR INVESTMENTS IN
COMMON STOCK. Under SFAS 142, intangible assets with indefinite lives will not
be amortized. Instead, they will be carried at the lower cost or market value
and tested for impairment at least annually. All other recognized intangible
assets will continue to be amortized over their estimated useful lives.

      SFAS 142 is effective for fiscal years beginning after December 15, 2001
although goodwill on business combinations consummated after July 1, 2001 will
not be amortized. On adoption the company may need to record a cumulative effect
adjustment to reflect the impairment of previously recognized, intangible
assets. In addition, goodwill on prior business combinations will cease to be
amortized. The Company has not determined the impact that these Statements will
have on its intangible assets or whether a cumulative effect adjustment will be
required upon adoption. The Company's May 2001 acquisition has not yet been
adjusted to reflect SFAS 142.

      In August 2001, the Financial Accounting Standards Board issued SFAS No.
144, "Accounting for the Impairment or Disposal of Long-Lived Assets". SFAS No.
144 establishes a single accounting model for long-lived assets to be disposed
of by sale consistent with the fundamental provisions of SFAS 121 "Accounting
for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed
Of". While it supersedes APB Opinion 30 "Reporting the Results of Operations -
Reporting the Effects of Disposal of a Segment of a Business, and Extraordinary,
Unusual and Infrequently Occurring Events and Transactions" it retains the
presentation of discontinued operations but broadens that presentation to
include a component of an entity (rather than a segment of a business). However,
discontinued operations are no longer recorded at net realizable value and
future operating losses are no longer recognized before they occur. Under SFAS
No. 144 there is no longer a requirement to allocate goodwill to long-lived
assets to be tested for impairment. It also establishes a probability weighted
cash flow estimation approach to deal with situations in which there are a range
of cash flows that may be generated by the asset being tested for impairment.
SFAS No. 144 also establishes criteria for determining when an asset should be
treated as held for sale.

      SFAS No. 144 is effective for fiscal years beginning after December 15,
2001 and interim periods within those fiscal years, with early application
encouraged. The provisions of the Statement are generally to be applied
prospectively. The Company, does not anticipate that adoption of SFAS No. 144
will have a material impact on its results of operations or its financial
position.

(9)  COMMITMENTS AND CONTINGENCIES

      On October 27, 2001 CompleTel SAS, CompleTel's French subsidiary agreed to
settle a dispute with TKT and Cabelte in connection with fiber optic cables
supplied to CompleTel by TKT and Cabelte pursuant to a purchase agreement dated
October 16, 2000. The original purchase agreement provided for the supply of 250
kilometers of fiber optic cable to Completel SAS for an aggregate price of $4.8
million. Under the terms of the settlement, CompleTel SAS has agreed to accept
the delivery of only 175 kilometers for an aggregate price of $1.8 million. In
addition, Completel has agreed to pay storage costs (approximately $190,000) for
certain spools of cable that were held in a French customs warehouse until the
settlement of the dispute. Under the settlement, Completel SAS's remaining
obligations under the October 16, 2000 agreement have been cancelled.

                                       12
<Page>

(10)  SUBSEQUENT EVENTS

         In October 2001, as a result of slowing demand in the German
telecommunications market, particularly the carrier and ISP segments, the
Company initiated a plan of reorganization of its German operations. The
restructuring will result in an anticipated fourth quarter charge of (euro)13
million to (euro)15 million.

         In November 2001, the Company announced the appointment of J. Lyle
Patrick as Chief Financial Officer. The appointment will become effective as of
November 1, 2001.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

         All assumptions, anticipations, expectations and forecasts contained
in the following discussion regarding our future business plans and products
and services, financial results, Adjusted EBITDA forecasts, performance, and
the telecommunications industry and operating environment, and future events
are forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. The forward-looking statements are generally identified by the use of
forward-looking words such as "plan," "estimate," "believe," "expect,"
"anticipate," "will," "should" and "may" or other variations of such terms,
or by discussion of strategy that involves risks and uncertainties. The
forward-looking statements contained herein represent a good-faith assessment
of our future performance for which we believe there is a reasonable basis.
These forward-looking statements represent our view only as of the dates they
are made, and we disclaim any obligation to update forward-looking statements
contained herein, except as may be otherwise required by law. The
forward-looking statements contained in this report involve known and unknown
risks, uncertainties and other factors that could cause our actual future
results, performance and achievements to differ materially from those
forecasted or suggested herein. With respect to revenue forecasts, such
factors include, but are not limited to: (a) decline in demand for our
telecommunications services; (b) pricing pressures from our direct
competitors as well as from providers of alternative services; (c) failures,
shutdowns or service disturbances with respect to our networks; (d) worsening
carrier and Internet data market weakness; (e) major changes in market
conditions and (f) completion of any acquisition or disposition transactions.
In addition to these risks, Adjusted EBITDA forecasts and other
forward-looking information in this report are subject to such risks as: (a)
unforeseen delays or increased expenditures incurred in the construction of
our networks and IDCs; (b) our inability to develop and maintain efficient
operations support; (c) regulatory developments in Europe adverse to us or
difficulties we may face in maintaining necessary telecommunications licenses
or other governmental approvals; (d) or inability to obtain, from banks or
the capital markets, financing on satisfactory terms; (e) the impact of new
business opportunities requiring significant up-front investment; and (f)
inability to obtain replacement financing upon repurchases of our senior
notes. For a more detailed discussion of such risks affecting us, please
refer to our prospectuses and periodic reports filed with the U.S. Securities
and Exchange Commission.

         All statements made herein are accurate only as of the date of filing
this Form 10-Q with the Securities and Exchange Commission and may be relied
upon only as of that date. Unless otherwise indicated, all share numbers reflect
the five-for-one split we effected on February 25, 2000.

OVERVIEW

         We are a facilities-based provider of switched telephony, data and
Internet-related services to business end-users, government entities, carriers
and Internet service providers in targeted markets in Western Europe. We were
incorporated in December 1998, and through a series of transactions in January
1999, became the holding company for our European telecommunications businesses
which commenced in January 1998, when CompleTel LLC was formed. We accounted for
these transactions as a reorganization of entities under common control, similar
to a pooling of interests. Accordingly, our historical results of operations are
presented as if we had been legally formed on January 8, 1998 and had performed
all CLEC related development activities in Western Europe since CompleTel LLC's
inception.

         Prior to January 1, 2000, our functional currency was the U.S. dollar,
and the functional currency for each of our operating subsidiaries was the
applicable local currency. Effective January 1, 2000, we and each of our
subsidiaries, except those in the United Kingdom, adopted the (euro) as our
functional currency. Additionally, we adopted the (euro) as our financial
reporting currency. As a result, we have restated prior period amounts by
translating prior period U.S. dollar amounts into the (euro). Our results of
operations (accumulated deficit) for periods prior to

                                       12
<Page>

January 1, 1999 (introduction date for the (euro)) have been restated using the
January 1, 1999 exchange rate between the U.S. dollar and the (euro).

                  We have generated operating losses and negative cash flow from
our operating activities to date. We expect to continue to experience operating
losses and negative cash flows from operations in each of our markets while we
emphasize development, construction and expansion of our business and until we
establish a sufficient revenue generating customer base in that market. While we
anticipate that our revenue will continue to grow, we have recently observed
signs of general weakness in the European markets for carrier, dial-up Internet
access and Internet data center services. In light of the reduced demand
visibility, we have implemented some reorganization and restructuring measures
in order to adjust our operations to current and anticipated market conditions.
These measures, including reorganization of our German operations in view of the
slowing of demand in the German telecommunications market, particularly the
carrier and ISP segments, aim to significantly reduce our operating expenses and
capital outlays. The slowdown in the European telecommunications markets we
experience could slow the growth in our revenue and accordingly, we lowered our
revenue forecasts. As a consequence, our operating results and financial
condition may be affected.

REVENUE

         Our revenue consists of revenue from three principal categories of
service offerings: retail, including voice, data and Internet; wholesale; and
IDCs, web hosting, Internet access and other Internet-related services.

      -     RETAIL SERVICES. We generate revenue from the voice, data and
            Internet services we provide primarily to our directly connected
            retail customers. We expect revenue from retail services to
            represent an increasing percentage of our overall revenue.

            -     VOICE SERVICES. We derive substantially all our voice revenue
                  from the switched voice communications services we provide to
                  customers directly connected to our networks through owned
                  fiber and leased lines. This revenue is based primarily on
                  traffic minutes billed. Revenue from voice products accounted
                  for (euro)10.6 million, or approximately 41% of our total
                  revenue for the quarter ended September 30, 2001. Revenue from
                  voice products totaled (euro)1.8 million, or approximately 20%
                  of total revenue for the corresponding period in 2000.

            -     DATA AND INTERNET SERVICES. We derive revenue from the local
                  dedicated access and private line services we provide
                  customers for data connections over our MANs. This revenue is
                  based primarily on transmission capacity provided. We also
                  derive revenue by providing high-capacity Internet
                  protocol-based services and interconnection between local area
                  networks in each of the cities in which our MANs operate.
                  Revenue from these services accounted for(euro)3.1 million, or
                  approximately 12% of our total revenue for the quarter ended
                  September 30, 2001. Revenue from data and Internet services
                  totaled(euro)1.0 million, or approximately 11% of total
                  revenue for the corresponding period in 2000.

      -     WHOLESALE SERVICES. We derive revenue by providing transmission
            capacity on a wholesale basis to other carriers, as well as dial-up
            Internet access to our Internet service provider customers.

            -     CARRIER AND TERMINATION SERVICES. We derive revenue from the
                  services we provide on a wholesale basis to other
                  telecommunications service providers that require transmission
                  capacity to support gaps in their networks, need additional
                  capacity or require alternate routing, or do not have their
                  own transmission facilities. We also terminate traffic for
                  other operators. This revenue, which is based primarily on
                  transmission capacity provided and traffic minutes terminated,
                  accounted for(euro)3.9 million, or approximately 15% of our
                  revenue in the quarter ended September 30, 2001. We expect
                  revenue from carrier and termination services to represent a
                  decreasing percent of our total revenue. Revenue from carrier
                  and termination services totaled (euro)1.2 million, or
                  approximately 13% of total revenue for corresponding period in
                  2000.

                                       13
<Page>

            -     INTERNET DIAL-UP. We also derive revenue from the dial-up
                  Internet access to our ISP customers delivering the traffic
                  and plan to continue to do so both in France and Germany. This
                  revenue, which is based primarily on traffic minutes,
                  accounted for(euro)6.6 million, or approximately 25% of our
                  overall revenue in the quarter ended September 30, 2001. We
                  expect our Internet dial-up services revenue to represent a
                  decreasing proportion of our total revenue, as our revenue
                  from our retail services increases. Revenue from Internet dial
                  up services totaled(euro)2.7 million, or approximately 31% of
                  total revenue for the corresponding period in 2000.

      -     INTERNET DATA CENTERS, WEB HOSTING, INTERNET ACCESS AND OTHER
            INTERNET-RELATED SERVICES. We derive a small portion of our revenue
            from the web hosting, Internet access and other value-added Internet
            services we provide at our IDCs. We also offer web site creation and
            maintenance services as well as miscellaneous dial-up services to
            certain of our IDC customers. Revenue from our IDCs, web hosting,
            Internet access and other Internet-related services accounted
            for(euro)1.6 million, or approximately 7% of our total revenue for
            the quarter ended September 30, 2001, compared to(euro)1.6 million,
            or 18% of our total revenue, for the corresponding period in 2000.
            Until the third quarter of 2001, our operations in the United
            Kingdom also generated revenue from miscellaneous dial-up services,
            which totaled(euro)0.6 million, or approximately 7% of our total
            revenue, in the three months period ended September 30, 2000. These
            services were no longer offered in the third quarter of 2001. We
            expect revenue from our IDCs, web hosting, Internet access and other
            Internet-related services to remain a small portion of our total
            revenue.

         We derive revenue in France and Germany from all three of our principal
service offerings. In the United Kingdom, we derive revenue solely from our IDC,
web hosting, Internet access, Internet-related services and other miscellaneous
dial-up services. As of September 30, 2001, we had commercially launched
services in nine cities in France (including Nantes, launched on May 16, 2001
and Strasbourg, which was added following the completion of the acquisition of
Estel S.A. in late May 2001) and four in Germany and had deployed five IDCs in
France, Germany and the United Kingdom.

         We expect our revenue in France, where we launched commercial
operations in June 1999, to increase with the acquisition of the network in
Strasbourg, France, our additional MAN in Nantes, France and with the
accelerated build-out of our MANs in the major cities we already serve to cover
additional business parks and areas of business concentration.

         In October 2001, we have initiated a reorganization of our German
operations as a result of the slowing of demand in the German telecommunications
market, particularly in the carrier and ISP segments. The restructuring will
result in an anticipated fourth quarter charge of (euro)13 to (euro)15 million,
and a reduction in the German workforce by 130 people.

         In the second quarter of 2001, we restructured our operations in the
United Kingdom, having recognized approximately (euro)1.4 million in
restructuring charges. We will continue to evaluate options with respect to our
business in the United Kingdom. We expect our revenue in the United Kingdom to
represent a smaller portion of our overall revenue due to our limited presence
in the United Kingdom.

         For the quarter ended September 30, 2001, we had three customers whose
revenue generated five percent or more of our total revenue for the quarter. For
the year ended December 31, 2000, we had three customers whose revenue generated
five percent or more of our total revenue for the year.

OPERATING EXPENSES

         Our primary operating expenses consist of:
         -      network costs,
         -      selling, general and administrative expenses,
         -      allocated costs from affiliates,
         -      non-cash compensation charges,
         -      depreciation and amortization expenses, and
         -      restructuring and other charges.

                                       14
<Page>

NETWORK COSTS

         Our network costs include costs such as interconnection costs, the cost
of leasing high-capacity digital lines that interconnect our network with the
networks of other providers, the cost of leasing local loop lines that connect
our customers to our network, switch site rental and operating and maintenance
costs, as well as costs associated with our IDCs, web hosting and other
Internet-related services. We lease dark fiber and conduit on a limited basis to
establish and augment our MANs in certain markets. We also lease fiber to
connect our MANs, in order to provide an IP backbone to support our IDCs, web
hosting and other Internet-related services. We incur other fixed costs, such as
switch site rent and network and switch maintenance, that normally are incurred
at the time of interconnection in anticipation of future revenue. To date, we
have been able to deploy our networks faster than we initially anticipated in
our business plans. As a result, we have experienced higher incremental costs.
As we continue to build our networks and revenue increases, we believe that the
incremental costs of deployment will decrease as a percentage of our network
costs.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

         Our selling, general and administrative expenses include costs relating
to our sales and marketing department, customer care, billing, corporate
administration, salaries and other personnel costs, as well as legal and
consultant fees. We expect that selling, general and administrative expenses is
likely to decline as a portion of our total revenue and are undertaking efforts
to control these expenses through various means, such as restructuring efforts
and shifting expenditures away from dependence on consultants towards the use of
internal resources.

         We are assembling a large, locally-based, direct sales force in our
local and regional markets and a national account team to service multiple
location customers and key account executives. As of September 30, 2001, the
number of our employees totaled 858, including 217 sales employees, compared to
179 sales employees as of December 31, 2000.

ALLOCATED SELLING, GENERAL AND ADMINISTRATIVE COSTS FROM AFFILIATE

         Allocated selling, general and administrative costs from affiliate
include amounts we pay CableTel Management, Inc. a wholly owned subsidiary of
CompleTel LLC, as reimbursement of expenses incurred by CableTel Management,
Inc. in the performance of certain ordinary and necessary general and
administrative services for us and our operating subsidiaries. Beginning October
1, 2000, a significant portion of the expenses that were previously incurred on
our behalf by CableTel Management, Inc. (representing primarily salaries to our
European headquarter employees) are now incurred by CompleTel Headquarters
Europe S.A.S, our wholly owned subsidiary, and are now accounted for as selling,
general and administrative costs.

NON-CASH COMPENSATION CHARGES

         We incur stock-based compensation expense under our fixed stock option
plan based on the deferred compensation at the date of grant. In addition, based
upon our value as determined at the time of our initial public offering, we
recorded compensation expense and deferred compensation for performance vesting
units that did not vest as a result of the IPO but which may vest upon a
qualified sale by Madison Dearborn Partners or in May 2005 based on a deemed
vesting date. The deferred compensation is being amortized to expense over the
remaining vesting period to May 18, 2005 (deemed vesting date if vesting does
not occur earlier upon a qualified sale by Madison Dearborn Partners). We also
record compensation expense and deferred compensation for certain time vesting
units that vest at various times throughout the year, and all will be vested by
November 2002. In addition to the above expenses, some of our employees have
purchased common units of CompleTel LLC for which CompleTel LLC incurs non-cash
compensation charges. For accounting purposes, we record such non-cash
compensation charges as a deemed capital contribution with an offsetting entry
to deferred compensation. Deferred compensation is amortized to expense over the
vesting period of the common units. The non-cash compensation charges are
attributable to employees whose salary and benefits are otherwise classified as
selling, general and administrative expenses.

DEPRECIATION AND AMORTIZATION

         We record depreciation and amortization expense for our property and
equipment, including network equipment, office furniture and equipment, computer
equipment and software, leasehold improvements and other properties. Assets are
stated at cost and are depreciated when ready for their intended use on a
straight line basis over

                                       15
<Page>

their estimated useful life. Network equipment is depreciated on a straight line
basis over an estimated useful life of three to eight years.

OTHER INCOME AND EXPENSE

         Other income includes interest income on the investment of the proceeds
from our initial public offering and our senior notes due 2010.

         Interest expense recorded reflects interest on our 14% senior notes due
2010, the accretion of our 14% senior discount notes due 2009 and the
amortization of deferred financing costs. We capitalize a portion of our
interest costs as part of the construction cost of our networks, in accordance
with Statement of Financial Accounting Standards No. 34 "Capitalization of
Interest Costs."

FOREIGN EXCHANGE LOSS AND OTHER EXPENSE

         Our revenue, costs, assets and liabilities are, for the most part,
denominated in (euro)s, which is our functional and reporting currency,
effective January 1, 2000. Therefore, we are exposed to changes in currency
exchange rates primarily due to our U.S. dollar-denominated debt. Our 14% senior
discount notes due 2009 expose us to exchange rate fluctuations as the payment
of principal and interest on these notes will be made in U.S. dollars, and a
substantial portion of our future cash flow used to service these payments will
be denominated in local currencies, including the (euro). We invest all excess
cash in (euro)-denominated accounts. While we intend to take steps to minimize
exchange rate risks, we cannot assure you that we will not be materially
adversely affected by variations in currency exchange rates.

RESULTS OF OPERATIONS

REVENUE

         Revenue for the three months ended September 30, 2001 increased to
(euro)25.8 million, compared to approximately (euro)8.9 million for the three
months ended September 30, 2000. Revenue for the nine months ended September 30,
2001, increased to (euro)69.9 million, compared to (euro)16.5 million for the
corresponding period in 2000. We attribute these increases in revenue to our
overall growth resulting from the implementation of our business plan and the
rapid deployment of our networks. Specifically, the increase resulted from
significant growth of our customer base, an increase in traffic over our
networks and a heightened demand for services from existing customers. For the
three months ended September 30, 2001, revenue from retail services totaled
(euro)13.7 million; revenue from wholesale services totaled (euro)10.5 million;
and revenue from IDC, web hosting and other Internet-related services totaled
(euro)1.6 million. For the nine months ended September 30, 2001, revenue from
retail services totaled (euro)32.8 million, revenue from wholesale services
totaled (euro)32.1 million, and revenue from IDC, web hosting and other
Internet-related services totaled (euro)5.0 million.

         In France, we had revenue of approximately (euro)19.8 million for the
three months ended September 30, 2001, compared to approximately (euro)6.7
million for the corresponding period in 2000. Revenue from our French operations
represented 77% of our total revenue for the three month period ended September
30, 2001. We experienced steady growth in revenue from retail customers in the
nine French cities in which our MANs operate and our overall connected customer
base in France as of September 30, 2001 grew to 835 customers including 49
customers from our Estel acquisition. The increase in our customer base and
traffic resulted in a total of 765 million minutes of use carried over our
networks in France in the third quarter of 2001. During the three months ended
September 30, 2001, revenue from our IDC in Paris, our web hosting and other
Internet-related services generated 3% of our revenue in France.

         In Germany, we had revenue of approximately (euro)5.3 million for the
three month period ended September 30, 2001, compared to (euro)0.5 million for
the corresponding period in 2000. This revenue represented 20% of our total
revenue for the three months ended September 30, 2001. As of September 30, 2001,
we had over 185 connected customers in Germany and carried over 74 million
minutes of use in Germany during the third quarter of 2001. Additionally,
revenue from our IDCs in Berlin and Munich, our web hosting and other
Internet-related services cumulatively generated 6% of our revenue in Germany
for the quarter ended September 30, 2001. As previously discussed, we are in the
process of restructuring our German operations.

                                       16
<Page>

         In the United Kingdom, we had revenue of approximately (euro)0.7
million for the three months ended September 30, 2001, compared to
approximately (euro)1.7 million for the corresponding period in 2000. Revenue
derived from our IDC in London, our web hosting, Internet access and other
Internet-related services, represented 100% of revenue in the United Kingdom
for the three months ended September 30, 2001. Our operations in the United
Kingdom also generated revenue from miscellaneous dial-up services, which
totaled (euro)0.6 million in the three months period ended September 30,
2000. These services were no longer offered in the third quarter of 2001.
During the current year, we have re-directed our sales efforts towards the
growth of our web hosting and Internet access services, while de-emphasizing
miscellaneous consulting services.

         Retail services revenue is anticipated to increase in future
periods. However, the present lack of demand visibility and continuing
commercial risks on the carrier and ISP dial up markets lead us to forecast
flat or slightly lower fourth quarter revenues for these two segments. We
expect that the current environment will continue until at least the second
half of 2002. We are currently evaluating these trends and their expected
impact on our financial condition and results of operations for the year
2002. We expect to complete our evaluation prior to the end of the fourth
quarter of 2001.

OPERATING EXPENSES

NETWORK COSTS

         Our network costs for the three months ended September 30, 2001
increased to approximately (euro)23.5 million from (euro)10.0 million for the
corresponding period the previous year. For the nine months ended September 30,
2001, network costs totaled (euro)63.5 million, compared to (euro)18.5 million
for the corresponding period in 2000. These increases resulted primarily from
the continued deployment of our networks in France and Germany and the
associated costs of establishing interconnection and leasing arrangements. The
increase also resulted from increased customer traffic, which resulted in higher
interconnection payments to the incumbent telecommunications operators.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

         For the three months ended September 30, 2001, selling, general and
administrative expenses totaled approximately (euro)26.2 million, compared to
approximately (euro)21.0 million for the three months ended September 30, 2000.
For the nine months ended September 30, 2001, selling, general and
administrative expenses totaled (euro)74.9 million, compared to (euro)51.4
million for the corresponding period in 2000. These increases primarily resulted
from the growth in the number of personnel and the expenses related to wages and
salaries. The increase also resulted from administrative and start-up costs
associated with the launches of our IDC facilities. We expect our selling,
general and administrative charges to decrease, as a portion of our total
revenue, over the remainder of the year as our restructuring and other cost
saving measures take effect.

ALLOCATED SELLING, GENERAL AND ADMINISTRATIVE COSTS FROM AFFILIATE

         For the three months ended September 30, 2001, we recorded
approximately (euro)0.8 million of allocated selling, general and administrative
costs from affiliates, compared with approximately (euro)3.9 million for the
three months ended September 30, 2000. For the nine months ended September 30,
2001, allocated selling, general and administrative costs from affiliate totaled
(euro)4.5 million, compared to (euro)10.0 million for the corresponding period
in 2000. These decreases were primarily a result of decreased personnel, legal
and accounting costs allocated from CableTel Management, Inc. We expect these
costs to continue to decrease in the fourth quarter of 2001.

NON-CASH COMPENSATION CHARGES

         We incurred stock-based compensation expense of approximately (euro)1.7
million under our fixed stock option plan for the three months ended September
30, 2001. This amount was based on deferred compensation at the date of grant
totaling approximately (euro)25.1 million. Additionally, we recorded a
compensation credit of approximately (euro)4.5 million, based on the closing
price per share on September 30, 2001 related to our performance vesting shares.
The non-cash compensation charges are attributable to employees whose salary and
benefits are otherwise classified within selling, general and administrative
expenses.

                                       17
<Page>

DEPRECIATION AND AMORTIZATION

         Depreciation and amortization increased to approximately (euro)14.2
million for the three months ended September 30, 2001, from approximately
(euro)6.8 million for the corresponding period in 2000. For the nine months
ended September 30, 2001, depreciation and amortization totaled (euro)36.3
million, compared to (euro)14.0 million for the corresponding period in 2000.
The majority of these increases resulted from the build-out of our MANs
throughout France and Germany.

RESTRUCTURING AND OTHER CHARGES

         In the second and third quarters of 2001, we recorded restructuring
and other charges totaling approximately (euro)3.7 million and (euro)2.7
million, respectively, relating primarily to reductions in the size of our
workforce and termination of facilities leases. The restructuring charge
recorded in the third quarter of 2001 includes (euro)1.8 million expenses
relating to the repayment by us of certain employee loans which were
guaranteed by us. As a result of the announced restructuring of our
operations in Germany, we expect to record a fourth quarter restructuring
charge totaling (euro)13 million to (euro)15 million. A majority of these
charges will be in cash, relating to reductions in the number of our
employees, terminations of facilities leases and other leases.

OTHER INCOME AND EXPENSE

         We recorded interest income of approximately (euro)2.4 million during
the three months ended September 30, 2001, compared to (euro)7.4 million for the
corresponding period in 2000. For the nine months ended September 30, 2000,
interest income totaled approximately (euro)11.4 million, compared to (euro)17.0
million for the corresponding period in 2000. The decreases in the three and
nine month periods in 2001 compared to the corresponding periods in 2000 are the
result of decreasing available IPO and senior note proceeds to invest.

         We incurred interest expense, net of approximately (euro)4.0 million
of capitalized interest expense, of approximately (euro)7.5 million during
the three months ended September 30, 2001. For the three months ended
September 30, 2000, interest expense totaled approximately (euro)3.9 million,
net of capitalized interest expense of approximately (euro)1.9 million. For
the nine month period ended September 30, 2001, we recorded interest expense,
net of (euro)11.7 million of capitalized interest expense, of (euro)22.8
million. For the corresponding period in 2000, we recorded interest expense,
net of (euro)5.8 million of capitalized interest, of (euro)16.4 million. The
interest expense recorded reflects interest on our senior notes due 2010, the
accretion of our senior discount notes due 2009 and the amortization of
deferred financing costs. For the three months ended September 30, 2001 and
2000, accretion on our senior discount notes due 2009 totaled (euro)3.6
million and (euro)2.9 million, respectively. For the nine months ended
September 30, 2001 and 2000, this accretion totaled (euro)10.0 million and
(euro)8.5 million, respectively.

FOREIGN EXCHANGE GAIN ( LOSS) AND OTHER EXPENSE

         For the three months ended September 30, 2001, we recorded a foreign
exchange gain of (euro)4.8 million, which was partially offset by other
expense, resulting in net foreign exchange gain and other expense of
(euro)2.6 million, compared to a (euro)6.2 million foreign exchange loss and
other expense in the three months ended September 30, 2000. For the nine
month periods ended September 30, 2001 and 2000, we recorded foreign exchange
loss and other expenses of (euro)8.0 million and (euro)24.6 million,
respectively. The losses in the three and nine month periods in 2000 are
attributable primarily to our requirement to invest in U.S. treasury bills,
pending receipt of an exemption from regulations under the Investment Company
Act of 1940. The gain in the quarter ended September 30, 2001, resulted
primarily from a (euro)4.8 million unrealized foreign exchange gain related
to our U.S. dollar denominated senior discount notes.

ADJUSTED EBITDA

         Many securities analysts use the measure of earnings before deducting
interest, taxes, depreciation and amortization, also commonly referred to as
"EBITDA," as a way of measuring the performance of a company. We consider an
adjusted measure we refer to as "Adjusted EBITDA," to be a helpful performance
measure of our business. In calculating Adjusted EBITDA, we also exclude
non-cash compensation charges and foreign exchange loss and other expenses,
including restructuring and other charges. For the three months ended September
30, 2001 and 2000, these charges and expenses totaled a credit of (euro)2.8
million and a charge of (euro)2.6 million, respectively. We had Adjusted EBITDA
losses of approximately (euro)24.7 million and (euro)25.9 million for the
quarters ended September 30, 2001 and 2000,

                                       18
<Page>

respectively. We expect to continue to experience operating losses and negative
Adjusted EBITDA as a result of our development and market expansion activities.

         Adjusted EBITDA is not derived pursuant to generally accepted
accounting principles and therefore should not be construed as an alternative to
operating income (loss), as an alternative to cash flows from operating
activities, or as a measure of liquidity. Furthermore, we are not aware of any
uniform standards for determining Adjusted EBITDA. Presentations of Adjusted
EBITDA may not be calculated consistently by different companies in the same or
similar businesses. As a result, our reported Adjusted EBITDA may not be
comparable to similarly titled measures used by other companies.

    The following table summarizes our Adjusted EBITDA calculation for the
periods indicated (amounts in thousands).

<Table>
<Caption>
                                                                 Three Months Ended                 Nine Months Ended
                                                                    September 30,                     September 30,
                                                                2001             2000            2001             2000
                                                            -------------   -------------   -------------    -------------
<S>                                                         <C>             <C>            <C>               <C>
Net Loss.............................................       (euro)(25,202)  (euro)(35,915) (euro)(116,324)  (euro)(161,196)
Interest expense (net of interest income)............               5,028             495          11,427             (552)
Income taxes.........................................                  --              --              --               --
Depreciation and amortization........................              14,210           6,838          36,257           14,015
Non-cash compensation charges........................              (2,771)         (3,546)         (2,769)          60,683
Foreign exchange loss and other expense..............              (2,641)          6,189           8,031           24,640
Restructuring and other charges......................               2,660              --           6,393               --
Gain on early extinguishment of debt.................             (16,009)             --         (16,009)          (1,053)
                                                            -------------   -------------   -------------    -------------
Adjusted EBITDA......................................       (euro)(24,725)  (euro)(25,939)  (euro)(72,994)   (euro)(63,463)
                                                            =============   =============   =============    =============
</Table>

EXTRAORDINARY ITEM

         We reported extraordinary items totaling (euro)16.0 million for the
three and nine month periods ended September 30, 2001. As a result of our
September 2001 repurchase of (euro)30.0 million face amount of our 14% Senior
Notes due 2010, we recorded a gain on early extinguishment of debt totaling
(euro)20.6 million. This gain was partially offset by the pro-rata write-off of
deferred financing costs related to the Senior Note repurchase and the write-off
of remaining deferred financing costs related to our credit facility which we
terminated this quarter.

NET LOSS

         Our net loss for the three months ended September 30, 2001
was(euro)25.2 million, compared to a net loss of approximately(euro)35.9 million
for the three months ended September 30, 2000. This change resulted primarily
from the extraordinary gain recognized on our Senior Note repurchase. For the
nine months ended September 30, 2001, our net loss was(euro)116.3 million,
compared to a net loss of(euro)161.2 million for the corresponding period in
2000. This change resulted primarily from a decrease in non-cash compensation
charges.

STATEMENTS OF CASH FLOWS

CASH FLOWS FROM OPERATING ACTIVITIES

         During the nine months ended September 30, 2001, we used approximately
(euro)62.9 million in operating activities, an (euro)11.8 million increase from
the approximately (euro)51.1 million used in operating activities for the
corresponding period in the prior year. This increase in cash used for operating
activities was primarily related to the significant growth of our customer base
and the improvement of operating costs as a percentage of revenue as our
business matures.

CASH FLOWS FROM INVESTING ACTIVITIES

                                       19
<Page>

         Our cash flow from investing activities was a use of approximately
(euro)162.7 million for the nine months ended September 30, 2001, compared to a
use of approximately (euro)199.0 million for the corresponding period in the
prior year. The decrease was primarily due to prior year senior note proceeds
being placed in escrow.

CASH FLOWS FROM FINANCING ACTIVITIES

         We used approximately (euro)12.0 million of cash for financing
activities during the nine months ended September 30, 2001, compared to
(euro)681.1 million of cash flows provided by financing activities for the
corresponding period in 2000. The change was due primarily to the net proceeds
from our IPO being reflected in the nine months ended September 30, 2000.

LIQUIDITY AND CAPITAL RESOURCES

         The telecommunications business is capital intensive. We have needed
and will continue to need large amounts of capital to fund capital expenditures,
working capital, debt service and operating losses. As of September 30, 2001, we
had (euro)126.2 million of unrestricted cash and cash equivalents, and
(euro)49.0 million of restricted investments.

         Since January 1998, CompleTel LLC has received (euro)114.3 million in
private equity contributions, of which (euro)63.0 million was contributed to our
French operating subsidiary, (euro)42.3 million was contributed to our German
operating subsidiary, (euro)2.3 million was contributed to us, and the remainder
was retained by CompleTel LLC for start up expenditures incurred on our behalf.

         In February 1999, we and CompleTel Holdings LLC completed a units
offering consisting of 14% senior discount notes due 2009 and class B interests
in CompleTel Holdings LLC resulting in gross proceeds in respect of the units of
approximately (euro)67.1 million, of which (euro)63.1 million was allocated to
the 14% senior discount notes due 2009, which represents a substantial discount
from the (euro)131.9 million aggregate stated principal amount at maturity of
the notes. The remaining (euro)4.0 million was allocated to the class B
interests of CompleTel Holdings LLC. Cash interest will not accrue on the 14%
senior discount notes due 2009 prior to February 15, 2004. Commencing February
15, 2004, cash interest on the notes will accrue at 14% per annum and will be
payable in cash on August 15 and February 15 of each year. The notes mature on
February 16, 2009. In April 2000, (euro) 27.6 million principal amount at
maturity were repurchased for (euro) 14.9 million.

         In January 2000, we executed a (euro)265 million senior secured credit
facility. We never drew on this facility and in August 2001 we terminated the
credit facility in order to eliminate the expense of the ongoing facility
commitment fees. Presently, we are evaluating various financing options through
a variety of sources in order to strengthen our balance sheet and hope to
accomplish alternative financing in the next term. We may however, be
unsuccessful in this effort due to adverse market conditions generally for
companies like ours.

         In March 2000, we completed an initial public offering of ordinary
shares. We issued 31,280,000 ordinary shares in exchange for gross proceeds of
approximately (euro)547.4 million, based on the (euro) public offering price of
(euro)17.50 per share. A portion of the IPO shares, 8,343,931, were offered in
the United States at a public offering price of U.S.$17.09 per share. After
giving effect to the translation of U.S. dollars received for shares offered in
the United States, gross proceeds translated into (euro) totaled approximately
(euro)551.4 million. We are using the proceeds: to develop further fiber optic
networks in our target markets in France and Germany; to fund the build-out of
our IDCs and the expansion of our Internet-related services; to develop
complementary local access systems; to fund net operating losses and for general
corporate purposes.

         In April 2000, we completed an offering of an aggregate (euro)200
million 14% senior notes due 2010. A portion of the proceeds were used to
repurchase U.S.$27.0 million ((euro)27.6 million) principal amount at maturity
of our existing 14% senior discount notes due 2009. We lent approximately
(euro)78.0 million of the net proceeds to a wholly-owned subsidiary which used
the funds to invest in a portfolio of securities which is pledged as security
for the 14% senior notes due 2010. We are using the proceeds of these pledged
securities to make the first six interest payments on the 14% senior notes due
2010.

         During the quarter ended September 30, 2001, as part of our effort to
improve our financial position, we repurchased (euro)30.0 million principal
amount of our senior notes for a total purchase price of (euro)11.3 million. In
October

                                       20
<Page>

2001, we repurchased an additional (euro)5.0 million principal amount of senior
notes for (euro)1.9 million. We concluded the purchase of these bonds in the
open market. Depending upon market conditions and other factors, we may consider
repurchasing additional bonds in the future.

         We believe that under certain market growth scenarios in which weak
demand for wholesale carrier and ISP services continues or deepens, we may
require additional financing in excess of our invested capital and current
borrowings in the range of (euro)60 million to (euro)90 million sometime during
the second half of 2002.

CAPITAL EXPENDITURES

         We made capital expenditures of approximately (euro)29.9 million the
three months ended September 30, 2001 and approximately (euro)140.0 million for
the nine months ended September 30, 2001. These capital expenditures were for
property and equipment necessary to deploy networks in our initial markets and
connect customers to our MANs, and include capitalized interest of (euro)4.0
million and (euro)11.7 million for the three and nine month periods,
respectively.

         We currently estimate that we will make aggregate capital expenditures
of approximately (euro)45 million to (euro)55 million for the year ending
December 31, 2002. The actual amount and timing of our future capital
requirements may differ materially from our current estimates, and additional
financing may be required in the event of departures from our current business
plans and projections, including those caused by unforeseen delays, cost
overruns, engineering design changes, demand for our services that varies from
our expectations, adverse regulatory, technological or competitive developments,
difficulties, delays in obtaining necessary rights-of-way, or major changes in
market conditions.

         We may also require additional capital, or require financing sooner
than anticipated, if we alter the schedule or target markets of our roll-out
plan in response to regulatory, technological or competitive developments
(including additional market developments and new opportunities within and
outside of our target markets), as well as opportunities to refund or retire our
existing indebtedness. We intend to evaluate potential joint ventures, strategic
alliances, acquisition and disposition opportunities on an ongoing basis as they
arise, and we may require additional financing if we elect to pursue any such
opportunities. The company is considering various funding options which may
include bank borrowings, private or public sale of debt securities and/or may
engage in private or public equity offerings of its ordinary shares.

(euro) CONVERSION

         On January 1, 1999, eleven of the fifteen member countries of the
European Union established fixed conversion rates between their existing
sovereign currencies and the (euro). The participating countries adopted the
(euro) as their common local currency on that day. The (euro) trades on currency
exchanges and is available for non-cash transactions during the transition
period between January 1, 1999 and January 1, 2002. During this transition
period, the existing currencies are scheduled to remain legal tender in the
participating countries as denominations of the (euro) and public and private
parties may pay for goods and services using either the (euro) or the
participating countries existing currencies.

         During the transition period, within our French and German operating
subsidiaries who have adopted the (euro), our billing systems will include
amounts in (euro) as well as the respective country's existing currency. We do
not expect the introduction of the (euro) to materially affect our operations.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

INVESTMENT PORTFOLIO AND INTEREST RATE SENSITIVITY

         Our investment policy is limited by the indentures governing our
outstanding notes. We are restricted to investing in financial instruments with
a maturity of one year or less (with certain limited exceptions). We are
required to utilize investments that meet high credit quality standards, such as
obligations of the U.S. government or any European Economic Community member
government or any agency thereof guaranteed by the country, certificates of
deposits, money market deposits, and commercial paper with a rating of A-1 or
P-1.

         Interest income earned on our investment portfolio is affected by
changes in short-term interest rates. We are thus exposed to market risk related
to changes in market interest rates. To date, we have managed these risks by
monitoring market rates and the duration of our investments.

                                       21
<Page>

IMPACT OF FOREIGN CURRENCY RATE CHANGES

         Our revenue, costs, assets and liabilities are, for the most part,
denominated in (euro)s, which is our functional currency, effective January 1,
2000. Therefore, we are exposed to changes in currency exchange rates due to our
U.S. dollar denominated debt and investments. The senior discount notes which we
issued in February 1999 expose us to exchange rate fluctuations as the payment
of principal and interest on the notes will be made in dollars, and a
substantial portion of our future cash flows used to service these payments will
be denominated in (euro)s. While we intend to take steps to minimize exchange
rate risks, we cannot assure you that we will not be materially adversely
affected by variations in currency exchange rates.

         Our operating subsidiaries' monetary assets and liabilities are subject
to foreign currency exchange risk if purchases of network equipment and services
are denominated in currencies other than the subsidiary's own functional
currency. However, the majority of such purchases to date have been based on
each subsidiary's functional currency.

         The spot rates for the (euro) are shown below expressed in dollar per
one euro.
         December 31, 1998                                      U.S.$1.181(1)
         December 31, 1999                                        U.S.$1.007
         December 31, 2000                                        U.S.$0.942
         September 30, 2001                                       U.S.$0.910

----------
(1)      Based on the exchange rate as of January 4, 1999, the date on which the
(euro) noon buying rate was first quoted.

         We are managing exchange rate risk by incurring financing liabilities
denominated in the currency of the country of operations.

                                       22
<Page>

PART II           OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

         On October 27, 2001 CompleTel SAS, our French subsidiary agreed to
settle a dispute with TKT and Cabelte in connection with fiber optic cables
supplied to us by TKT and Cabelte pursuant to a purchase agreement dated October
16, 2000. The original purchase agreement provided for the supply of 250
kilometers of fiber optic cable to Completel SAS for an aggregate price of $4.8
million. Under the terms of the settlement, CompleTel SAS has agreed to accept
the delivery of only 175 kilometers for an aggregate price of $1.8 million. In
addition, Completel has agreed to pay storage costs (approximately $190,000) for
certain spools of cable that were held in a French customs warehouse until the
settlement of the dispute. Under the settlement, Completel SAS's remaining
obligations under the October 16, 2000 agreement have been cancelled.

         We are not party to any other pending legal proceedings that we believe
would, individually or in the aggregate, have a material adverse effect on our
financial condition or results of operations.

ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS

        Not applicable.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

        Not applicable.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

        Not applicable.

ITEM 5. OTHER INFORMATION

        SHORTFALLS ON EMPLOYEE LOANS TO PURCHASE OUR SHARES

         In March 2000, a limited number of our employees obtained interest
bearing loans in an approximate aggregate principal amount of (euro)2 million
from a commercial bank to purchase shares in our initial public offering. The
shares purchased by these employees were pledged to the bank as a security for
the repayment of the loans. In connection with these loans, we have entered into
certain arrangements with these employees and the lending bank, including
indemnity letters under which we agreed to pay the lending bank the amount of
any shortfalls from the amount payable on these loans (including interest), that
is, the difference between the amount due for repayment and the proceeds of the
sale of the pledged shares. In accordance with their terms, the loans matured in
September 2001. In August 2001, the employees decided to prepay the loans prior
to the maturity date. On August 16, 2001 the commercial bank sold the 111,827
shares pledged to it by the employees and used the proceeds from such sale to
reimburse the amount of the loans. CompleTel Europe N.V. paid to the lending
bank the amount of approximately (euro)1.8 million which represented the
difference between the proceeds of the sale of the pledged sales and the amount
due for repayment on the maturity of the loans.

         APPOINTMENT OF CHIEF FINANCIAL OFFICER

         Effective November 1, 2001, Mr. J. Lyle Patrick was appointed as our
Chief Financial Officer.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(A) EXHIBITS

EXHIBIT NO.        DESCRIPTION

            4.1(1) 14% Senior Discount Notes Indenture, dated February 16, 1999,
                   among CompleTel Europe N.V. as issuer, CompleTel ECC B.V. as
                   guarantor and U.S. Bank Trust National Association as trustee

                                       23
<Page>

            4.2(2) 14% Senior Notes Indenture, dated April 13, 2000, between
                   CompleTel Europe N.V. as issuer and The Chase Manhattan Bank
                   as trustee
              10.1 CompleTel Europe NV 2000 Stock Option Plan, as amended

----------
(1)      Previously filed as an exhibit to the Registrant's Registration
         Statement on Form S-4, file number 333-82305, filed with the Securities
         and Exchange Commission on July 2, 1999 and incorporated herein by
         reference.

(2)      Previously filed as an exhibit to the Registrant's Quarterly Report on
         Form 10-Q for the period ended March 31, 2000 and incorporated herein
         by reference.


REPORTS ON FORM 8-K

         August 8, 2001, we filed a current report on Form 8-K, in which we
announced our financial results for the six months ended June 30, 2001. No
financial statements were filed with this report.

                                       24
<Page>

                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
CompleTel Europe N.V. has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized on November 14, 2001.

                                    COMPLETEL EUROPE N.V.
                                    By:   /s/ Timothy Samples
                                          ---------------------------
                                          Name:  Timothy Samples
                                          Title: Managing Director, President
                                          and Chief Executive Officer
                                          (Principal Executive Officer)

                                    By:   /s/ David Lacey
                                          ---------------------------
                                          Name:  David Lacey
                                          Title: Managing Director

                                    By:   /s/ John Hugo
                                          ---------------------------
                                          Name:  John Hugo
                                          Title: Chief Accounting Officer

                                       25