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Deutsche Telekom AG - Interim Group report - January 1 to March 31, 2011

22 Free cash flow. Free cash flow of the Group (before dividend payments, spectrum investment and PTC transaction) decreased by EUR 0.4 billion in the first quarter of 2011 compared with the first three months of 2010. Whereas net cash from operat- ing activities decreased by EUR 0.2 billion, cash capex increased by the same amount. In the first quarter of 2011, net cash from operating activities (before dividend payments, spectrum investment and PTC transaction) decreased by EUR 0.2 billion year-on-year. In addition to a decline from operations, this was attribut- able to the lower level of receivables sold (factoring) amounting to EUR 0.2 bil- lion and higher interest payments amounting to EUR 0.2 billion. These effects were partially offset by dividends received from the Everything Everywhere joint venture in the first quarter of 2011 amounting to EUR 0.3 billion. The remain- ing changes in net cash from operating activities consisted of various partially offsetting effects. Cash capex increased by EUR 0.2 billion year-on-year in the first quarter of 2011. This increase mainly related to the Germany operating segment. Free cash flow (before dividend payments, spectrum investment and PTC transaction). Q1 2011 millions of € Q1 2010 millions of € Change millions of € Change % FY 2010 millions of € Cash generated from operations (before spectrum investment and PTC transaction) 3,901 3,918 (17) (0.4) 17,069 Interest received (paid) (832) (647) (185) (28.6) (2,338) Net cash from operating activities (before spectrum investment and PTC transaction) 3,069 3,271 (202) (6.2) 14,731 Cash outflow for investments in intangible assets (excluding goodwill) and property, plant and equipment (cash capex) (2,120) (1,934) (186) (9.6) (8,532) Proceeds from disposal of intangible assets (excluding goodwill) and property, plant and equipment 112 102 10 9.8 344 Free cash flow (before dividend payments, spectrum investment and PTC transaction) 1,061 1,439 (378) (26.3) 6,543 Of which: from discontinued operations (United States) 427 606 (179) (29.5) 2,037