Prospectus-Final (clean) - Malta Financial Services Authority

Summary in respect of Risk FactorsRisk Factors in respect of Deutsche TelekomThe risk related to Deutsche Telekom AG's ability to fulfill its obligations as Issuer of debt securities isdescribed by reference to the ratings assigned to Deutsche Telekom AG. Deutsche Telekom AG israted by Fitch Ratings CIS Limited ("Fitch") 1 , 4 , Moody's Investors Service España SA ("Moody's") 2 , 4and Standard and Poor's Credit Market Services Europe Limited ("S&P") 3 , 4 .As of the publication date of the Prospectus, the ratings assigned to Deutsche Telekom by the RatingAgencies were as follows:by Fitch:by Moody's:by S&P:long-term rating:short-term rating:long-term rating:BBB+F2Baa1short-term rating: P-2long-term rating:BBB+short-term rating: A-2• A continuation or intensification of the economic downturn, a further intensification of theEuropean debt crisis, or an ongoing slowdown in consumer spending could adversely affectDeutsche Telekom's customers' purchases of products and services in each of the operatingsegments, which could have a negative impact on the operating results and financial condition ofDeutsche Telekom.• Macroeconomic conditions in Greece and the fiscal position of the Republic of Greece havedeteriorated markedly, and this has had and could continue to have an adverse effect onDeutsche Telekom's, results of operations, financial condition and prospects.• Because Deutsche Telekom operates in heavily regulated business environments, decisions thatregulatory authorities impose on Deutsche Telekom restrict flexibility in managing its business andmay force it to offer services to competitors, or reduce the prices it charges for products andservices, either of which could have a material negative impact on Deutsche Telekom's revenues,profits and market shares.• Deutsche Telekom faces intense competition in all areas of its business, which could lead toreduced prices for its products and services and a decrease in market share in certain serviceareas, thereby adversely affecting Deutsche Telekom's revenues and net profit.• Deutsche Telekom may realise neither the expected level of demand for its products and services,nor the expected level or timing of revenues generated by those products and services, as a resultof lack of market acceptance, technological change or delays from suppliers, which couldadversely affect Deutsche Telekom's cash flows.1234Fitch is established in the European Community and is registered under Regulation (EC) No 1060/2009 of the EuropeanParliament and of the Council of 16 September 2009 on credit rating agencies, amended by Regulation (EC) No 513/2011of the European Parliament and of the Council of 11 March 2011 (the "CRA Regulation").Moody's is established in the European Community and is registered under Regulation (EC) No 1060/2009 of theEuropean Parliament and of the Council of 16 September 2009 on credit rating agencies, amended by Regulation (EC) No513/2011 of the European Parliament and of the Council of 11 March 2011 (the "CRA Regulation").S&P is established in the European Community and is registered under Regulation (EC) No 1060/2009 of the EuropeanParliament and of the Council of 16 September 2009 on credit rating agencies, amended by Regulation (EC) No 513/2011of the European Parliament and of the Council of 11 March 2011 (the "CRA Regulation").The European Securities and Markets Authority publishes on its website (www.esma.europa.eu) a list of credit ratingagencies registered in accordance with the CRA Regulation. That list is updated within five working days following theadoption of a decision under Article 16, 17 or 20 CRA Regulation. The European Commission shall publish that updatedlist in the official Journal of the European Union within 30 days following such update.10