Prospectus-Final (clean) - Malta Financial Services Authority

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Table of ContentsResponsibility Statement..........................................................................................................................3Notice........................................................................................................................................................4Summary...................................................................................................................................................6Risk Factors.....................................................................................................................................10The Notes........................................................................................................................................12Deutsche Telekom AG ....................................................................................................................13Deutsche Telekom International Finance B.V.................................................................................15German Translation of the Summary......................................................................................................16Risk Factors............................................................................................................................................27Regarding the Issuers .....................................................................................................................27Deutsche Telekom AG ....................................................................................................................27Deutsche Telekom International Finance B.V.................................................................................39Regarding the Notes........................................................................................................................40Incorporation by Reference / Documents on Display.............................................................................44General Description of the Programme...........................................................................................46General............................................................................................................................................46Issue Procedures....................................................................................................................................46Deutsche Telekom AG as Issuer and Guarantor....................................................................................48Deutsche Telekom International Finance B.V. as Issuer......................................................................125English Language Terms and Conditions.............................................................................................129German Language Version of the Terms and Conditions....................................................................148English Language Guarantee...............................................................................................................170Non-binding translation of the Guarantee into German........................................................................173Form of Final Terms/Muster der Endgültigen Bedingungen.................................................................176Taxation................................................................................................................................................198General Information..............................................................................................................................204Selling Restrictions...............................................................................................................................204Use of Proceeds ...................................................................................................................................207Listing Information.................................................................................................................................207Post Issuance Information....................................................................................................................208Authorisation.........................................................................................................................................208Names and Addresses..........................................................................................................................2092
Responsibility StatementDeutsche Telekom AG ("Deutsche Telekom AG", the "Guarantor" or the "Company" and togetherwith its consolidated subsidiaries, "Deutsche Telekom", the "Group" or "Deutsche Telekom Group")with its registered office in Bonn and Deutsche Telekom International Finance B.V. ("Finance") with itsregistered office in Amsterdam (each an "Issuer" and together the "Issuers") are solely responsiblefor the information given in this Prospectus,provided that:Finance is not responsible for the description of Deutsche Telekom.Each Issuer hereby declares that, having taken all reasonable care to ensure that such is the case,the information contained in this Prospectus for which it is responsible is, to the best of its knowledge,in accordance with the facts and contains no omission likely to affect its import.3
Page 1: Debt Issuance Programme ProspectusD
Page 5 and 6: to form and content, and all rights
Page 7 and 8: Maturities:Form of Notes:Fixed Rate
Page 10 and 11: Summary in respect of Risk FactorsR
Page 12 and 13: Notes may not be a suitable investm
Page 14 and 15: Internationalisation and Sustainabi
Page 16 and 17: German Translation of the SummaryDi
Page 19 and 20: Besteuerung:Vorzeitige Rückzahlung
Page 21 and 22: Zusammenfassung der RisikofaktorenZ
Page 23 and 24: Zusammenfassung der Risikofaktoren
Page 25 and 26: Unternehmen aus diesem Grund zusamm
Page 27 and 28: Risk FactorsProspective investors s
Page 29 and 30: markets. These developments could,
Page 31 and 32: consumer regulation at the federal
Page 33 and 34: Existing mobile substitution effect
Page 35 and 36: exacerbated by the global economic
Page 37 and 38: are subject to several individual l
Page 39 and 40: While Deutsche Telekom believes tha
Page 41 and 42: exposed to the risk of an unfavoura
Page 43 and 44: principal under such Notes may even
Page 45 and 46: Statement of cash flows (page 9 in
Page 47 and 48: otherwise agreed between the Issuer
Page 49 and 50: DESCRIPTION OF BUSINESSGroup Organi
Page 51 and 52: In February 2011, T-Mobile Czech Re
Page 53 and 54:
2010. The demand for ever-faster da
Page 55 and 56:
Special Requirements Applicable to
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Local Loop AccessDeutsche Telekom h
Page 59 and 60:
Incumbent network operators are obl
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(e.g., avoid disclosure or blocking
Page 63 and 64:
PTC as Deutsche Telekom clarified t
Page 65 and 66:
combinations of businesses where De
Page 67 and 68:
For more information on the effects
Page 69 and 70:
• Other operating expenses increa
Page 71 and 72:
345Includes expense relating to a c
Page 73 and 74:
investment levels to remain approxi
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products and technologies, these in
Page 77 and 78:
Reconciliation of Net Debt31 Dec. 2
Page 79 and 80:
Deutsche Telekom's cash outflows fo
Page 81 and 82:
1In addition to the fixed-network l
Page 83 and 84:
Development of Operations2011 2010
Page 85 and 86:
to upgrade its mobile network, prov
Page 87 and 88:
Czech Republic. Deutsche Telekom ha
Page 89 and 90:
decrease mobile termination rates,
Page 91 and 92:
The decrease in adjusted EBITDA in
Page 93 and 94:
In 2011, the United States operatin
Page 95 and 96:
The increase in total revenue in 20
Page 97 and 98:
solutions. It also manages and deve
Page 99 and 100:
In 2010, T-Systems substantially ex
Page 101 and 102:
2011 2010 Change ChangeOf which: Vi
Page 103 and 104:
conditions for additional capital m
Page 105 and 106:
For additional information on the c
Page 107 and 108:
Employees in the Group 31 Dec. 2011
Page 109 and 110:
Civil servants employed by Deutsche
Page 111 and 112:
Selected Financial InformationDeuts
Page 113 and 114:
(Vorlagebeschluesse) with respect t
Page 115 and 116:
Court of Justice annulled these jud
Page 117 and 118:
having to pay license fees and comp
Page 119 and 120:
Civil ServantsIn November 2004, Ger
Page 121 and 122:
majority holdings by 2 May 2015, on
Page 123 and 124:
Group Accounting manages the proces
Page 125 and 126:
Deutsche Telekom International Fina
Page 127 and 128:
Statement of comprehensive incometh
Page 129 and 130:
Terms and ConditionsThis Series of
Page 131 and 132:
"Global Note" means [the/any] [Temp
Page 133 and 134:
interest shall continue to accrue o
Page 135 and 136:
7 February 1992), the Amsterdam Tre
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Period is a day other than the 30th
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[in the case of Definitive Notes in
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([4]) of this § 6.](b)Notice of re
Page 143 and 144:
of Stock Exchange], a Paying Agent
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(f)(g)the Issuer [in the case of No
Page 147 and 148:
§ 14[(5)] to the Agent. Such notic
Page 149 and 150:
Garantin] noch der Fiscal Agent ode
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Bei Rückzahlung oder Zahlung einer
Page 153 and 154:
(b)Fällt ein Zinszahlungstag auf e
Page 155 and 156:
[Sofern eine andere Methode der Bes
Page 157 and 158:
[im Falle von Actual/360: die tats
Page 159 and 160:
Für diese Zwecke bezeichnet "Zahlt
Page 161 and 162:
Eine solche Kündigung darf allerdi
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(i)[Referenz-Preis einfügen] (der
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[(e)(f)von einer Zahlstelle abgezog
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(b)(c)(d)die Nachfolgeschuldnerin a
Page 169 and 170:
eine vertretungsberechtigte Person
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(d)(e)(f)(iii)(iv)(v)(vi)by reason
Page 173 and 174:
Non-binding translation of the Guar
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ganz oder teilweise in irgendeiner
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Tag der Begebung: [ ]These are the
Page 179 and 180:
CURRENCY, DENOMINATION, FORM AND TI
Page 181 and 182:
INTEREST (§ 4) 8ZINSEN (§ 4)o Fix
Page 183 and 184:
oooooo ISDA Determination 9ISDA-Fes
Page 185 and 186:
Instalment Amount(s)Rate(n) [ ]Earl
Page 187 and 188:
GOVERNING LAW (§ 14)ANWENDBARES RE
Page 189 and 190:
German Securities Code [ ]Deutsche
Page 191 and 192:
Umfassende Erläuterung darüber, w
Page 193 and 194:
Various categories of potential inv
Page 195 and 196:
Commissions 29ProvisionenManagement
Page 197 and 198:
Die Emittentin hat die Informatione
Page 199 and 200:
Payment of the flat income tax will
Page 201 and 202:
Kingdom of the Netherlands.Where th
Page 203 and 204:
ResidentsAccording to the law of 23
Page 205 and 206:
(c)account or benefit of, U.S. pers
Page 207 and 208:
4. United KingdomEach Dealer has re
Page 209 and 210:
Names and AdressesIssuersDeutsche T
Page 211:
2010 2010PricewaterhouseCoopers Akt
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Prospectus-Final (clean) - Malta Financial Services Authority

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