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Deutsche Telekom AG - Interim Group report - January 1 to March 31, 2012

5To our shareholders Net debt. (billions of €) 40.1 Dec. 31, 2011 Mar. 31, 2012 38.6 n Net debt decreased by 3.7 percent compared with the end of 2011 to EUR 38.6 billion. n Free cash flow (EUR 1.1 billion) as well as proceeds from the sale of equity interests in Telekom Srbija (EUR 0.4 billion) in particular had a positive impact. Net profit. (billions of €) 0.5 Q1 2011 Q1 2012 0.2 n Net profit decreased to EUR 0.2 billion. n Negative effects included expenses for early retirement arrangements for civil servants (EUR 0.5 billion). n Effects included in the first quarter of 2011 due to the classification of T-Mobile USA as a discontinued operation did not recur. The discontinuation of depreciation and amortization resulting from the reclassi­ fication (IFRS 5) had a positive impact on net profit in the comparative period. Shareholders’ equity. (billions of €) 39.9 Dec. 31, 2011 Mar. 31, 2012 39.8 n Shareholders’ equity decreased by EUR 0.1 billion compared with the end of 2011. n Positive effects from net profit of EUR 0.2 billion. n Currency translations (EUR 0.1 billion) and dividend payments to non-controlling interest (EUR 0.1 billion) had a negative effect. Equity ratio. (%) 32.6 Dec. 31, 2011 Mar. 31, 2012 33.0 n The equity ratio increased to 33.0 percent primarily due to the decrease in total assets by EUR 2.1 billion to EUR 120.5 billion. n This decrease in total assets was mainly attributable to a reduction in property, plant and equipment and intangible assets. For a more detailed explanation, please refer to the section “Development of business in the Group.”

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