Source : Amadeus Database (Bureau van Dijk) Update :October, 2009October, 2009

DEUTSCHE TELEKOM AG
(BONN, GERMANY)

Friedrich-Ebert-Allee 140 Phone : +49 228 1810 Operating revenue/Turnover (2008, mil USD) : 88,564

53113 BONN Fax : +49 228 1818872 Net Income (2008, mil USD) : 2,817

GERMANY Date of incorporation : 1989 Employees (2008) : 234,887

This company is quoted.

BvDEP ID number :

DE5030147137

NACE Rev. 1.1 code :

6420 : Telecommunications

Trade description :

[New] Activity in the entire field of telecommunication, information technology, multimedia, information and entertainment, as well as domestic & foreign safety services. Main depts.: fixed telephone communication, mobile communication, broadband services, TV + Radio-broadcast services

Peer Group :


ILLUSTRATION OF THE EVOLUTION OF THREE KEY ITEMS

BALANCE SHEET(mil USD) 31/12/2008 31/12/2007 31/12/2006 31/12/2005 31/12/2004

12 months 12 months 12 months 12 months 12 months

Cons. Cons. Cons. Cons. Cons.

   ASSETS

Current Assets 33,536 34,771 34,358 30,863 32,620

Cash & Equivalents 4,211 3,239 3,642 5,869 10,904

Receivables 10,289 11,329 10,211 8,862 9,024

Other Current Assets 19,036 20,203 20,506 16,132 12,692

Fixed & Other Assets 137,838 142,858 137,063 120,691 138,038

Tangible Fixed Assets 57,838 62,610 60,410 56,397 63,057

Other Assets 80,000 80,249 76,653 64,294 74,981

Total Assets 171,374 177,629 171,421 151,554 170,658

   LIABILITIES

Current Liabilities 28,876 28,578 24,311 24,966 30,207

Accounts Payable 9,843 10,044 9,430 8,142 8,295

Other Current Liabilities 19,033 18,534 14,881 16,824 21,912

Non-Current Liabilities 82,499 82,461 81,695 69,256 78,062

Long Term Debt 55,234 53,760 53,968 43,877 55,470

Other Liabilities 27,265 28,702 27,727 25,379 22,592

Shareholders' Funds 59,999 66,590 65,416 57,332 62,388

Total Liabilites & Shareholders' Funds 171,374 177,629 171,421 151,554 170,658

INCOME STATEMENT(mil USD) 31/12/2008 31/12/2007 31/12/2006 31/12/2005 31/12/2004

12 months 12 months 12 months 12 months 12 months

Cons. Cons. Cons. Cons. Cons.

Operating Revenue / Turnover 88,564 94,451 82,450 73,156 80,461

Cost of Goods Sold -48,142 -52,020 -45,772 -37,588 -42,966

Operating Expenses -30,624 -34,650 -29,714 -26,576 -28,961

Operating Income 9,798 7,782 6,963 8,992 8,534

Financial P/L -4,993 -4,172 -3,534 -1,655 -3,672

Tax -1,987 -2,023 1,277 -234 -2,114

Extraordinary & Other Items 0 0 0 0 0

Net Income 2,817 1,587 4,707 7,103 2,747

EMPLOYEES 234,887 243,736 248,480 244,026 247,559

RATIOS 31/12/2008 31/12/2007 31/12/2006 31/12/2005 31/12/2004

Return on Shareholders Funds (%) 8.01 5.42 5.24 12.80 7.79

Return on total assets (%) 2.80 2.03 2.00 4.84 2.85

Return on Capital Employed (%) 6.20 5.16 4.87 8.40 7.37

Profit margin (%) 5.42 3.82 4.16 10.03 6.04

Current Ratio (x) 1.16 1.22 1.41 1.24 1.08

Solvency ratio (%) 35.01 37.49 38.16 37.83 36.56

Shareholders liquidity ratio (%) 0.73 0.81 0.80 0.83 0.80

Assets / Employee (th USD) 730 729 690 621 689

Net Assets Turnover (x) 0.62 0.63 0.56 0.58 0.57

MEDIAN VALUES OF THE PEER GROUP 2008 2007 2006 2005 2004

Operating Revenue / Turnover (th USD) 11,977 13,763 11,425 9,485 9,033

Operating Income (th USD) 331 305 219 159 154

Net Income (th USD) 199 212 148 80 82

Return on shareholders funds (%) 20.31 18.67 20.02 19.71 20.28

Return on capital employed (%) 13.96 14.31 13.52 13.86 13.73

ILLUSTRATION OF THE EVOLUTION OF KEY RATIOS

BOARD MEMBERS & OFFICERS

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Name Title

Manfred Wilhelm Balz Member (AG)

Thomas Sattelberger Member (AG)

Jan Niek van Damme Member (AG)

Reinhard Clemens Member (AG)

Guido Kerkhoff Member (AG)

Hamid Akhavan Member (AG)

Timotheus H�ttges Member (AG)

Ren� Obermann Member (AG)

Michael L�ffler Advisor (AG)

Sylvia K�hnast Advisor (AG)

Wolfgang Reitzle Advisor (AG)

Lawrence H. Guffey Advisor (AG)

Hubertus von Gr�nberg Advisor (AG)

Lothar Georg Schr�der Advisor (AG)

Michael Sommer Advisor (AG)

Ulrich Hocker Advisor (AG)

Ulrich Lehner Advisor (AG)

Ulrich Schr�der Advisor (AG)

Hermann Josef Becker Advisor (AG)

Waltraud Litzenberger Advisor (AG)

Hans Martin Bury Advisor (AG)

Wulf Freiherr von Schimmelmann Advisor (AG)

Bernhard Walter Advisor (AG)

Lothar Holzwarth Advisor (AG)

J�rg Asmussen Advisor (AG)

Josef Falbisoner Advisor (AG)

Hans-J�rgen Kallmeier Advisor (AG)

Monika Brandl Advisor (AG)

SHAREHOLDERS

BvDEP Independence Indicator: A+ Help

Current definition of the UO :

path of min 25.01% of control, known shareholders

This is a quoted company.

The companies underlined and displayed in blue - bold are available on Amadeus.

The companies underlined and displayed in dark - bold are available on other BvDEP Databases.

	Shareholder name	Country	Type	Ownership		Source		Company Inform.
	Shareholder name	Country	Type	Direct (%)	Total (%)	Source ident.	Date of inform	Closing Date	Op. Revenue (mil USD)*	Total Assets (mil USD)
Shareholders
1.	PRIVATE INVESTOR	-	D	17.00	n.a.	WW	12/2007	-	-	-
2.	KFW BANKENGRUPPE	DE	B	16.89	n.a.	VC	10/2009	><	2,110	549,480
3.	BUNDESREPUBLIK DEUTSCHLAND	DE	S	15.00	n.a.	WW	12/2007	-	-	-
4.	BUNDESANSTALT F�R POST UND TELEKOMMUNIKATION DEUTSCHE BUNDESPOST (BANST PT)	DE	B	14.80	n.a.	VC	10/2009	><	221	953
5.	BRANDES INVESTMENT PARTNERS, L.P.	US	F	2.96	n.a.	OS	07/2008	><	20	n.a.
6.	DEUTSCHE BANK AG via its funds	DE	B	-	1.95	FS	08/2009	><	16,365	3,065,111
7.	BARCLAYS PLC via its funds	GB	B	-	1.49	FS	09/2009	><	31,273	2,992,835
8.	GOVERNMENT OF NORWAY via its funds	NO	S	-	1.27	FS	12/2008	-	-	-
9.	ALLIANZ SE via its funds	DE	A	-	1.21	FS	08/2009	><	92,090	1,309,557
10.	BRANDES INVESTMENT PARTNERS, L.P. via its funds	US	F	-	1.06	FS	07/2009	><	20	n.a.
11.	AXA via its funds	FR	A	-	0.97	FS	09/2009	><	117,824	920,986
12.	STATE OF ONTARIO via its funds	CA	S	-	0.97	FS	12/2008	-	-	-
13.	SOCI�T� G�N�RALE via its funds	FR	B	-	0.96	FS	06/2009	><	29,556	1,572,624
14.	DEKABANK DEUTSCHE GIROZENTRALE via its funds	DE	B	-	0.92	FS	07/2009	><	2,390	192,902
15.	STATE STREET CORPORATION via its funds	US	B	-	0.74	FS	08/2009	><	10,675	173,631
16.	UNION ASSET MANAGEMENT HOLDING AG via its funds	DE	B	-	0.73	FS	08/2009	><	900	2,817
17.	BPCE via its funds	FR	B	-	0.69	FS	09/2009	><	22,966	1,591,421
18.	SAS RUE LA BOETIE via its funds	FR	C	-	0.67	FS	06/2009	=	<0.5	27,213
19.	FMR LLC via its funds	US	F	-	0.60	FS	08/2009	><	3,823	n.a.
20.	POWER FINANCIAL CORP via its funds	CA	P	-	0.47	FS	06/2009	><	-	-
21.	UNICREDIT SPA via its funds	IT	B	-	0.45	FS	07/2009	><	36,041	1,455,178
22.	PICTET ET CIE via its funds	CH	C	-	0.43	FS	06/2009	n.a.	n.a.	n.a.
23.	APG GROEP N.V. via its funds	NL	A	-	0.41	FS	12/2008	><	n.a.	n.a.
24.	VANGUARD GROUP, INC. THE via its funds	US	E	-	0.40	FS	07/2009	><	n.a.	n.a.
25.	SAL. OPPENHEIM JR. & CIE. SCA via its funds	LU	C	-	0.34	FS	06/2009	n.a.	n.a.	n.a.
26.	MUNICH RE GROUP via its funds	DE	A	-	0.29	FS	03/2009	><	52,647	292,488
27.	UBS AG via its funds	CH	B	-	0.29	FS	08/2009	><	3,866	1,894,423
28.	UNIVERSAL-INVESTMENT GESELLSCHAFT MIT BESCHR�NKTER HAFTUNG via its funds	DE	F	-	0.29	FS	06/2009	><	87	n.a.
29.	BANK OF NEW YORK MELLON CORPORATION via its funds	US	B	-	0.28	FS	07/2009	><	13,626	237,512
30.	LINCOLN NATIONAL CORPORATION via its funds	US	A	-	0.28	FS	06/2009	><	6,349	163,136
31.	TEACHERS INSURANCE & ANNUITY ASSOCIATION OF AMERICA via its funds	US	A	-	0.27	FS	06/2009	><	13,407	195,237
32.	BNP PARIBAS via its funds	FR	B	-	0.26	FS	06/2009	><	36,868	2,888,543
33.	STATE OF BADEN-W�RTTEMBERG via its funds	DE	S	-	0.25	FS	07/2009	-	-	-
34.	GARTMORE INVESTMENT MANAGEMENT LIMITED via its funds	GB	E	-	0.23	FS	06/2009	><	451	361
35.	DIMENSIONAL FUND ADVISORS LP via its funds	US	E	-	0.22	FS	07/2009	><	n.a.	n.a.
36.	SCHRODERS PLC via its funds	GB	B	-	0.22	FS	07/2009	><	1,421	11,070
37.	STATE OF NEW JERSEY via its funds	US	S	-	0.22	FS	06/2008	-	-	-
38.	GRANTHAM, MAYO, VAN OTTERLOO & CO, LLC via its funds	US	E	-	0.21	FS	07/2009	><	n.a.	n.a.
39.	GROUPE CM-CIC via its funds	FR	C	-	0.20	FS	09/2009	n.a.	n.a.	n.a.
40.	BLACKROCK, INC. via its funds	US	F	-	0.18	FS	07/2009	><	5,064	19,924
41.	REGERINGSKANSLIET (STATE OF SWEDEN) via its funds	SE	S	-	0.16	FS	12/2008	-	-	-
42.	AMERIPRISE FINANCIAL, INC. via its funds	US	F	-	0.15	FS	07/2009	><	7,149	95,676
43.	ARTIO GLOBAL INVESTORS INC. via its funds	US	F	-	0.15	FS	07/2009	><	313	245
44.	GENERALI ASSICURAZIONI SPA via its funds	IT	A	-	0.15	FS	06/2009	><	89,926	525,969
45.	CONCERNED PARENTS AND TEACHERS OF WYCOCOMAGH AND AREA via its funds	CA	S	-	0.14	FS	03/2009	><	-	-
46.	JP MORGAN CHASE & CO. via its funds	US	B	-	0.14	FS	07/2009	><	66,578	2,175,052
47.	FEDERATED INVESTORS INC via its funds	US	E	-	0.13	FS	07/2009	><	n.a.	n.a.
48.	INTESA SANPAOLO via its funds	IT	B	-	0.13	FS	06/2009	><	24,543	885,306
49.	BANCA POPOLARE DI MILANO SCARL via its funds	IT	B	-	0.12	FS	06/2009	><	2,176	62,680
50.	MONDRIAN INVESTMENT PARTNERS LIMITED via its funds	GB	F	-	0.12	FS	08/2009	=	180	151
51.	PGGM VERMOGENSBEHEER B.V. via its funds	NL	E	-	0.12	FS	12/2008	=	85	86
52.	STANDARD LIFE PLC via its funds	GB	A	-	0.12	FS	06/2009	><	-4,043	190,832
53.	ING GROEP NV via its funds	NL	B	-	0.11	FS	07/2009	><	29,274	1,853,275
54.	DEUTSCHE POSTBANK AG via its funds	DE	B	-	0.10	FS	06/2009	><	4,330	321,875
55.	EATON VANCE CORP via its funds	US	F	-	0.10	FS	07/2009	><	1,096	968
56.	CARTERA MOBILIARIA SICAV SA	ES	E	-	n.a.	IN	12/2008	><	n.a.	n.a.
57.	METROPOLITAN WEST CAPITAL MANAGEMENT, LLC	US	P	-	n.a.	WW	12/2008	><	-	-

* For an insurance company the corresponding value is the Gross Premium Written and for a bank it is the Operating Income (memo).

SUBSIDIARIES (Roll-up structure)

Current definition of the UO :

path of min 25.01% of control, known shareholders

Filters :

No filter

The companies underlined and displayed in blue - bold are available on Amadeus.

The companies underlined and displayed in dark - bold are available on other BvDEP Databases.

	Subsidiary name	Coun- try	Ownership				Source		Company Inform.
	Subsidiary name	Coun- try	Direct (%)	Total (%)	Level of own.	Status	Source ident.	Date of inform	Closing Date	Op. Revenue (mil USD)*	Total Assets (mil USD)
1.	ACTIVEBILLING BETEILIGUNGS-GMBH	DE	100.00	100.00	1	UO+	VC	08/2009	=	<0.5	<0.5
2.	ACTIVEBILLING GMBH & CO. KG	DE	100.00	100.00	1	UO+	VC	04/2009	=	n.a.	n.a.
3.	AESOP TELEKOMMUNIKATIONSDIENSTE GMBH	DE	100.00	100.00	1	UO+	VC	08/2009	><	n.a.	<0.5
4.	ATRADA TRADING NETWORK AG	DE	100.00	100.00	1	UO+	VC	11/2008	><	21	20
5.	CATO TELEKOMMUNIKATIONSDIENSTE GMBH	DE	100.00	100.00	1	UO+	VC	06/2009	=	n.a.	n.a.
6.	CICERO TELEKOMMUNIKATIONSDIENSTE GMBH	DE	100.00	100.00	1	UO+	VC	06/2009	=	n.a.	n.a.
7.	CONGSTAR GMBH	DE	100.00	100.00	1	UO+	VC	09/2009	=	n.a.	n.a.
8.	DETEASIA HOLDING GMBH	DE	100.00	100.00	1	UO+	VC	08/2009	><	n.a.	<0.5
9.	DETEASSEKURANZ - DEUTSCHE TELEKOM ASSEKURANZ-VERMITTLUNGSGESELLSCHAFT MBH	DE	100.00	100.00	1	UO+	VC	08/2009	><	n.a.	n.a.
10.	DETEFLEETSERVICES GMBH	DE	100.00	100.00	1	UO+	VC	08/2009	><	n.a.	n.a.
11.	DETEMEDIEN, DEUTSCHE TELEKOM MEDIEN GMBH	DE	100.00	100.00	1	UO+	VC	08/2009	=	n.a.	n.a.
12.	DEUTSCHE TELEKOM ACCOUNTING GMBH	DE	100.00	100.00	1	UO+	VC	08/2009	=	n.a.	n.a.
13.	DEUTSCHE TELEKOM BK-HOLDING GMBH	DE	100.00	100.00	1	UO+	VC	08/2009	><	n.a.	n.a.
14.	DEUTSCHE TELEKOM ESPANA S.L.	ES	100.00	100.00	1	UO+	IN	06/2009	><	2	<0.5
15.	DEUTSCHE TELEKOM KUNDENSERVICE GMBH	DE	100.00	100.00	1	UO+	VC	10/2009	><	n.a.	<0.5
16.	DEUTSCHE TELEKOM NETZPRODUKTION GMBH	DE	100.00	100.00	1	UO+	VC	08/2009	><	n.a.	<0.5
17.	DEUTSCHE TELEKOM SAS	FR	100.00	100.00	1	UO+	SC	09/2009	><	3	3
18.	DEUTSCHE TELEKOM TECHNISCHER SERVICE GMBH	DE	100.00	100.00	1	UO+	VC	08/2009	><	n.a.	<0.5
19.	DEUTSCHE TELEKOM TRAINING GMBH	DE	100.00	100.00	1	UO+	VC	08/2009	><	91	n.a.
20.	DEUTSCHE TELEKOM VALUE ADDED SERVICES AUSTRIA GMBH	AT	100.00	100.00	1	UO+	CR	06/2009	=	n.a.	108
21.	DEUTSCHE TELEKOM VENTURE FUNDS GMBH	DE	100.00	100.00	1	UO+	VC	06/2009	=	n.a.	n.a.
22.	DFMG HOLDING GMBH	DE	100.00	100.00	1	UO+	VC	08/2009	=	n.a.	n.a.
23.	ERSTE DFMG DEUTSCHE FUNKTURM VERM�GENS-GMBH & CO. KG.	DE	100.00	100.00	1	UO+	VC	08/2009	=	91	434
24.	EUKOR SHIPOWNING SINGAPORE PTE. LTD.	SG	100.00	100.00	1	UO+	RM	12/2007	><	30	128
25.	GMG GENERALMIETGESELLSCHAFT MBH	DE	100.00	100.00	1	UO+	VC	06/2009	><	n.a.	n.a.
26.	HORAZ TELEKOMMUNIKATIONSDIENSTE GMBH	DE	100.00	100.00	1	UO+	VC	08/2009	><	n.a.	<0.5
27.	INTERACTIVE MEDIA CCSP GMBH	DE	100.00	100.00	1	UO+	VC	11/2008	><	36	29
28.	KAPPA TELEKOMMUNIKATIONSDIENSTE GMBH	DE	100.00	100.00	1	UO+	VC	06/2009	=	n.a.	n.a.
29.	LAMBDA TELEKOMMUNIKATIONSDIENSTE GMBH	DE	100.00	100.00	1	UO+	VC	04/2009	=	n.a.	n.a.
30.	MAGYARCOM HOLDING GMBH	DE	100.00	100.00	1	UO+	VC	08/2009	><	n.a.	n.a.
31.	MIBA STEELTEC, S.R.O.	SK	100.00	100.00	1	UO+	RM	12/2007	><	25	44
32.	NORMA TELEKOMMUNIKATIONSDIENSTE GMBH	DE	100.00	100.00	1	UO+	VC	08/2009	><	n.a.	<0.5
33.	OMEGA TELEKOMMUNIKATIONSDIENSTE GMBH	DE	100.00	100.00	1	UO+	VC	06/2009	=	n.a.	n.a.
34.	OMIKRON TELEKOMMUNIKATIONSDIENSTE GMBH	DE	100.00	100.00	1	UO+	VC	06/2009	=	n.a.	n.a.
35.	P & I HOLDING GMBH	DE	100.00	100.00	1	UO+	VC	02/2009	=	n.a.	n.a.
36.	PASM POWER AND AIR CONDITION SOLUTION MANAGEMENT BETEILIGUNGS GMBH	DE	100.00	100.00	1	UO+	VC	06/2009	=	n.a.	<0.5
37.	PASM POWER AND AIR CONDITION SOLUTION MANAGEMENT GMBH & CO. KG	DE	100.00	100.00	1	UO+	VC	08/2009	=	n.a.	n.a.
38.	RESIDENZPOST GMBH & CO. LIEGENSCHAFTS KG	DE	100.00	100.00	1	UO+	VC	08/2009	><	n.a.	4
39.	SALLUST TELEKOMMUNIKATIONSDIENSTE GMBH	DE	100.00	100.00	1	UO+	VC	06/2009	=	n.a.	n.a.
40.	SCOUT24 HOLDING GMBH	DE	100.00	100.00	1	UO+	VC	02/2009	=	n.a.	n.a.
41.	SCS PERSONALBERATUNG GMBH	DE	100.00	100.00	1	UO+	VC	02/2009	><	3	<0.5
42.	SIGMA TELEKOMMUNIKATIONSDIENSTE GMBH	DE	100.00	100.00	1	UO+	VC	06/2009	=	n.a.	n.a.
43.	T SYSTEMS TELEKOMUNIKASYON LTD SIRKETI	TR	100.00	100.00	1	UO+	RM	12/2007	n.a.	n.a.	n.a.
44.	T-MOBILE GLOBAL ZWISCHENHOLDING GMBH	DE	100.00	100.00	1	UO+	VC	06/2009	=	n.a.	n.a.
45.	T-ONLINE BETEILIGUNGS GMBH	DE	100.00	100.00	1	UO+	VC	06/2009	=	n.a.	n.a.
46.	T-ONLINE SERVICE GMBH	DE	100.00	100.00	1	UO+	VC	06/2009	><	n.a.	n.a.
47.	T-ONLINE TRAVEL GMBH	DE	100.00	100.00	1	UO+	VC	04/2009	><	<0.5	<0.5
48.	T-ONLINE VERWALTUNGS GMBH	DE	100.00	100.00	1	UO+	VC	06/2009	><	n.a.	<0.5
49.	T-SYSTEMS CHINA LIMITED	HK	100.00	100.00	1	UO+	RM	12/2007	><	n.a.	n.a.
50.	T-SYSTEMS CIS	RU	100.00	100.00	1	UO+	RM	12/2007	n.a.	n.a.	n.a.
51.	T-SYSTEMS ENTERPRISE SERVICES GMBH	DE	100.00	100.00	1	UO+	VC	08/2009	><	17	4
52.	T-SYSTEMS FRANCE SAS	FR	100.00	100.00	1	UO+	RM	12/2007	n.a.	n.a.	n.a.
53.	T-SYSTEMS INDIA PRIVATE LIMITED	IN	100.00	100.00	1	UO+	RM	12/2007	n.a.	n.a.	n.a.
54.	T-SYSTEMS ITALIA S.P.A. (S.C.O.)	IT	100.00	100.00	1	UO+	RM	12/2007	><	248	123
55.	T-SYSTEMS POLSKA SP ZOO	PL	100.00	100.00	1	UO+	RM	12/2007	n.a.	n.a.	n.a.
56.	T-SYSTEMS PR CHINA LTD	CN	100.00	100.00	1	UO+	RM	12/2007	n.a.	n.a.	n.a.
57.	T-SYSTEMS PRAGONET AS	CZ	100.00	100.00	1	UO+	RM	12/2007	n.a.	n.a.	n.a.
58.	T-VENTURE HOLDING GMBH	DE	100.00	100.00	1	UO+	VC	08/2009	><	-	23
59.	TAMBURO TELEKOMMUNIKATIONSDIENSTE GMBH	DE	100.00	100.00	1	UO+	VC	06/2009	><	n.a.	<0.5
60.	TELEKOM SHOP VERTRIEBSGESELLSCHAFT MBH	DE	100.00	100.00	1	UO+	VC	08/2009	=	695	n.a.
61.	THETA TELEKOMMUNIKATIONSDIENSTE GMBH	DE	100.00	100.00	1	UO+	VC	06/2009	=	n.a.	n.a.
62.	TIBULL TELEKOMMUNIKATIONSDIENSTE GMBH	DE	100.00	100.00	1	UO+	VC	06/2009	=	n.a.	n.a.
63.	VIVENTO CUSTOMER SERVICES GMBH	DE	100.00	100.00	1	UO+	VC	08/2009	><	n.a.	n.a.
64.	W2001 BLUE GMBH & CO. KG	DE	100.00	100.00	1	UO+	VC	06/2009	><	n.a.	2
65.	ZODIAC TELEKOMMUNIKATONSDIENSTE GMBH	DE	100.00	100.00	1	UO+	VC	06/2009	><	n.a.	<0.5
66.	ALGOLUL : T-SYSTEMS HUNGARY SERVICES LIMITED LIABILITY COMPANY. T-SYSTEMS HUNGARY LTD.	HU	-	100.00	1	UO	RM	12/2007	><	37	26
67.	SOFTWARE DATEN SERVICE GESELLSCHAFT M.B.H.	AT	-	100.00	1	UO+	RM	12/2007	><	36	21
68.	T SYSTEMS ITC IBERIA SA.	ES	-	100.00	1	UO+	RM	12/2007	><	517	431
69.	T-MOBILE (UK) LIMITED	GB	-	100.00	1	UO+	RM	12/2007	=	4,695	8,201
70.	T-MOBILE AUSTRIA GMBH	AT	-	100.00	1	UO+	RM	12/2007	=	508	2,031
71.	T-ONLINE.CH AG IN LIQUIDATION	CH	-	100.00	1	UO+	RM	12/2007	><	n.a.	n.a.
72.	T-SYSTEMS ARGENTINA S.A.	AR	-	100.00	1	UO+	RM	12/2007	><	11	n.a.
73.	T-SYSTEMS AUSTRIA GESMBH	AT	-	100.00	1	UO+	RM	12/2007	=	n.a.	114
74.	T-SYSTEMS BELGIUM	BE	-	100.00	1	UO+	RM	12/2007	=	44	17
75.	T-SYSTEMS CANADA, INC	CA	-	100.00	1	UO+	RM	12/2007	><	2	n.a.
76.	T-SYSTEMS DO BRASIL LTDA.	BR	-	100.00	1	UO+	RM	12/2007	><	144	n.a.
77.	T-SYSTEMS JAPAN K.K.	JP	-	100.00	1	UO+	RM	12/2007	n.a.	n.a.	n.a.
78.	T-SYSTEMS LIMITED	GB	-	100.00	1	UO+	RM	12/2007	=	403	305
79.	T-SYSTEMS LUXEMBOURG SA	LU	-	100.00	1	UO+	RM	12/2007	><	2	5
80.	T-SYSTEMS M�XICO, S.A. DE C.V.	MX	-	100.00	1	UO+	RM	12/2007	><	63	n.a.
81.	T-SYSTEMS NEDERLAND B.V.	NL	-	100.00	1	UO+	RM	12/2007	><	203	88
82.	T-SYSTEMS NORDIC TC SERVICES A/S	DK	-	100.00	1	UO+	RM	12/2007	=	30	12
83.	T-SYSTEMS SCHWEIZ AG	CH	-	100.00	1	UO+	RM	12/2007	><	327	n.a.
84.	T-SYSTEMS TMT LIMITED	GB	-	100.00	1	UO+	RM	12/2007	=	3	8
85.	TULIP B.V.	NL	-	100.00	1	UO+	RM	12/2007	><	67	437
86.	SAF FORDERUNGSMANAGEMENT GMBH	DE	99.97	n.a.	1	UO+	VC	02/2009	><	115	60
87.	T-ONLINE VENTURE FUND GMBH & CO. KG	DE	99.00	n.a.	1	UO+	VC	10/2009	><	n.a.	46
88.	DEUTSCHE TELEKOM LIMITED	GB	WO	WO	1	UO+	JO	01/2009	><	n.a.	5
89.	ERSTE DFMG DEUTSCHE FUNKTURM VERM�GENS- GMBH&CO. KG	DE	WO	n.a.	1	UO+	WW	05/2009	><	162	522
90.	T-MOBILE GLOBAL HOLDING GMBH	DE	-	WO	1	UO+	JO	10/2009	=	5,115	31,661
91.	T-MOBILE INTERNATIONAL AG & CO. KG	DE	WO	n.a.	1	UO+	WW	05/2009	><	761	63,208
92.	POLSKA TELEFONIA CYFROWA SP. Z O.O.	PL	-	97.00	1	UO	OS	09/2006	><	3,126	3,874
93.	PTC POLSKA TELEFONIA CYFROWA SP.Z.O.O	PL	97.00	n.a.	1	UO	RM	12/2007	n.a.	n.a.	n.a.
94.	T-SYSTEMS SOUTH AFRICA (PTY) LTD	ZA	70.00	n.a.	1	UO	RM	12/2007	><	n.a.	n.a.
95.	T - MOBILE CZECH REPUBLIC, A.S.	CZ	-	60.77	1	UO	RM	12/2007	><	1,872	1,882
96.	MAGYAR TELEKOM T�VK�ZL�SI NYILV�NOSAN M�K�D� R�SZV�NYT�RSAS�G	HU	59.30	n.a.	1	UO	RM	12/2007	><	31	5,197
97.	T-SYSTEMS INTERNATIONAL GMBH	DE	>50.00	>50.00	1	UO	JO	10/2009	n.a.	n.a.	n.a.
98.	HT D.D.	HR	51.00	n.a.	1	UO	PC	09/2009	=	1,064	2,485
99.	SLOVAK TELEKOM, A.S.	SK	51.00	n.a.	1	UO	RM	12/2007	><	556	1,815
100.	T-HRVATSKI TELEKOM	HR	51.00	n.a.	1	UO	RM	12/2007	n.a.	n.a.	n.a.
101.	DEUTSCHE TELEKOM, INC.	US	MO	n.a.	1	UO	DB	11/2008	><	7	11
102.	VIVENTO INTERIM SERVICES GMBH	DE	49.01	n.a.	1	-	VC	02/2009	=	47	21
103.	CTDI NETHOUSE SERVICES GMBH	DE	49.00	n.a.	1	-	VC	08/2009	><	255	94
104.	STARMOBILITY GMBH	DE	49.00	n.a.	1	-	VC	10/2009	=	n.a.	4
105.	DIGITAL RADIO SAAR GMBH	DE	45.00	n.a.	1	-	VC	08/2009	=	n.a.	<0.5
106.	TOLL COLLECT GMBH	DE	45.00	n.a.	1	-	VC	08/2009	><	881	1,811
107.	BILD DIGITAL GMBH & CO. KG	DE	37.00	n.a.	1	-	VC	06/2009	><	n.a.	n.a.
108.	E-FELLOWS.NET GMBH & CO.KG	DE	33.33	n.a.	1	-	VC	08/2009	=	n.a.	14
109.	E-FELLOWS.NET VERWALTUNGS-GMBH	DE	33.33	n.a.	1	-	VC	08/2009	=	n.a.	<0.5
110.	ELECTROCYCLING GMBH	DE	25.50	n.a.	1	-	VC	08/2009	><	48	21
111.	ELECTROCYCLING ANLAGEN GMBH	DE	25.00	n.a.	1	-	VC	08/2009	><	1	8
112.	HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A.	GR	25.00	n.a.	1	-	RS	12/2008	=	3,654	12,348
113.	KABELCOM WOLFSBURG GESELLSCHAFT F.BREITBANDKABEL KOMMUNIKATION MBH	DE	24.00	n.a.	1	-	VC	08/2009	><	6	5
114.	PRIMACOM OSNABR�CK BETEILIGUNGS-GMBH	DE	24.00	n.a.	1	-	VC	08/2009	><	n.a.	<0.5
115.	EUROPEAN CENTER FOR INFORMATION AND COMMUNCAT. TECHNOLOGIES-EICT GMBH	DE	20.00	n.a.	1	-	VC	06/2009	=	1	1
116.	OTE-UMSETZUNG	n.a.	20.00	n.a.	1	-	SE	03/2008	n.a.	n.a.	n.a.
117.	DEVAS MULTIMEDIA	IN	17.00	n.a.	1	-	OS	08/2009	n.a.	n.a.	n.a.
118.	BREMEN ONLINE SERVICES ENTWICKLUNGS- UND BETRIEBS GESELLSCHAFT MBH & CO. KG	DE	14.99	n.a.	1	-	VC	08/2009	><	9	8
119.	EURESCOM-EUROPEAN INSTITUT FOR RESEARCH AND STRATEGIC STUDIES IN TELECOMM. GMBH	DE	10.00	n.a.	1	-	VC	02/2009	=	5	11
120.	PARTNER F�R BERLIN HOLDING GESELLSCHAFT F�R HAUPTSTADT-MARKETING MBH	DE	4.11	n.a.	1	-	VC	11/2008	><	n.a.	4
121.	ECMC EUROP�ISCHES ZENTRUM F�R MEDIENKOMPETENZ GMBH	DE	3.12	n.a.	1	-	VC	08/2009	><	n.a.	<0.5
122.	TELEKOM-PENSIONSFONDS A.G.	DE	-	n.a.	1	-	VC	08/2009	><	n.a.	n.a.

* For an insurance company the corresponding value is the Gross Premium Written and for a bank it is the Operating Income (memo).

Friedrich-Ebert-Allee 140	Phone :	+49 228 1810	Operating revenue/Turnover (2008, mil USD) :	88,564
53113 BONN	Fax :	+49 228 1818872	Net Income (2008, mil USD) :	2,817
GERMANY	Date of incorporation :	1989	Employees (2008) :	234,887

BALANCE SHEET(mil USD)	31/12/2008	31/12/2007	31/12/2006	31/12/2005	31/12/2004
	12 months	12 months	12 months	12 months	12 months
	Cons.	Cons.	Cons.	Cons.	Cons.
ASSETS
Current Assets	33,536	34,771	34,358	30,863	32,620
Cash & Equivalents	4,211	3,239	3,642	5,869	10,904
Receivables	10,289	11,329	10,211	8,862	9,024
Other Current Assets	19,036	20,203	20,506	16,132	12,692
Fixed & Other Assets	137,838	142,858	137,063	120,691	138,038
Tangible Fixed Assets	57,838	62,610	60,410	56,397	63,057
Other Assets	80,000	80,249	76,653	64,294	74,981
Total Assets	171,374	177,629	171,421	151,554	170,658

LIABILITIES
Current Liabilities	28,876	28,578	24,311	24,966	30,207
Accounts Payable	9,843	10,044	9,430	8,142	8,295
Other Current Liabilities	19,033	18,534	14,881	16,824	21,912
Non-Current Liabilities	82,499	82,461	81,695	69,256	78,062
Long Term Debt	55,234	53,760	53,968	43,877	55,470
Other Liabilities	27,265	28,702	27,727	25,379	22,592
Shareholders' Funds	59,999	66,590	65,416	57,332	62,388
Total Liabilites & Shareholders' Funds	171,374	177,629	171,421	151,554	170,658

INCOME STATEMENT(mil USD)	31/12/2008	31/12/2007	31/12/2006	31/12/2005	31/12/2004
	12 months	12 months	12 months	12 months	12 months
	Cons.	Cons.	Cons.	Cons.	Cons.
Operating Revenue / Turnover	88,564	94,451	82,450	73,156	80,461
Cost of Goods Sold	-48,142	-52,020	-45,772	-37,588	-42,966
Operating Expenses	-30,624	-34,650	-29,714	-26,576	-28,961
Operating Income	9,798	7,782	6,963	8,992	8,534
Financial P/L	-4,993	-4,172	-3,534	-1,655	-3,672
Tax	-1,987	-2,023	1,277	-234	-2,114
Extraordinary & Other Items	0	0	0	0	0
Net Income	2,817	1,587	4,707	7,103	2,747

EMPLOYEES	234,887	243,736	248,480	244,026	247,559

RATIOS	31/12/2008	31/12/2007	31/12/2006	31/12/2005	31/12/2004
Return on Shareholders Funds (%)	8.01	5.42	5.24	12.80	7.79
Return on total assets (%)	2.80	2.03	2.00	4.84	2.85
Return on Capital Employed (%)	6.20	5.16	4.87	8.40	7.37
Profit margin (%)	5.42	3.82	4.16	10.03	6.04
Current Ratio (x)	1.16	1.22	1.41	1.24	1.08
Solvency ratio (%)	35.01	37.49	38.16	37.83	36.56
Shareholders liquidity ratio (%)	0.73	0.81	0.80	0.83	0.80
Assets / Employee (th USD)	730	729	690	621	689
Net Assets Turnover (x)	0.62	0.63	0.56	0.58	0.57

MEDIAN VALUES OF THE PEER GROUP	2008	2007	2006	2005	2004
Operating Revenue / Turnover (th USD)	11,977	13,763	11,425	9,485	9,033
Operating Income (th USD)	331	305	219	159	154
Net Income (th USD)	199	212	148	80	82
Return on shareholders funds (%)	20.31	18.67	20.02	19.71	20.28
Return on capital employed (%)	13.96	14.31	13.52	13.86	13.73


Name		Title

Manfred Wilhelm Balz		Member (AG)
Thomas Sattelberger		Member (AG)
Jan Niek van Damme		Member (AG)
Reinhard Clemens		Member (AG)
Guido Kerkhoff		Member (AG)
Hamid Akhavan		Member (AG)
Timotheus H�ttges		Member (AG)
Ren� Obermann		Member (AG)
Michael L�ffler		Advisor (AG)
Sylvia K�hnast		Advisor (AG)
Wolfgang Reitzle		Advisor (AG)
Lawrence H. Guffey		Advisor (AG)
Hubertus von Gr�nberg		Advisor (AG)
Lothar Georg Schr�der		Advisor (AG)
Michael Sommer		Advisor (AG)
Ulrich Hocker		Advisor (AG)
Ulrich Lehner		Advisor (AG)
Ulrich Schr�der		Advisor (AG)
Hermann Josef Becker		Advisor (AG)
Waltraud Litzenberger		Advisor (AG)
Hans Martin Bury		Advisor (AG)
Wulf Freiherr von Schimmelmann		Advisor (AG)
Bernhard Walter		Advisor (AG)
Lothar Holzwarth		Advisor (AG)
J�rg Asmussen		Advisor (AG)
Josef Falbisoner		Advisor (AG)
Hans-J�rgen Kallmeier		Advisor (AG)
Monika Brandl		Advisor (AG)