Outlook 2012

Guidance 2012¹

• Adj. EBITDA around € 18 billion (based on constant currency)
• Free cash flow around € 6 billion

Shareholder Remuneration²

• Dividend of €0.70 per share intended
• On indivdual request, the dividend will be paid out in Shares of Deutsche Telekom instead of cash.
  
  
  

Operations

• Execute on challenger strategy in the US, committed to solve long-term strategic challenges
• Maintain market leadership and stabilize underlying adj. EBITDA in Germany
• Defend cash flows and maintain market-leading position in Europe
• Further external revenue growth and margin improvement at Systems Solutions
• Continued focus on mobilizing the internet, connected home and convergent offerings
• Drive innovation in areas like cloud, payment and content

Save 4 Service

• Further execution on efficiency programs
• Transformation projects like "shape headquarter", centralization of IT functions in Germany underway

¹ Based on the assumption of constant currency = average exchange rates of 2011 (1€ = 1.39 US$); no further significant deterioration in the economic and regulatory environment in the markets we operate in; before cash payments connected to break-up fee.
² Subject to necessary board approval and AGM resolution