Prospectus-Final (clean) - Malta Financial Services Authority

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PricewaterhouseCoopers Accountants N.V. geprüft. Es wurde jeweils ein uneingeschränkterBestätigungsvermerk erteilt.StammkapitalZum 31. Dezember 2011 bestand das genehmigte Kapital der Finance aus 5.000 Anteilen mit einemNennbetrag von jeweils EUR 453,78. Das ausgegebene Stammkapital beträgt EUR 453.780 undbesteht aus 1.000 Anteilen mit einem Nennbetrag von jeweils EUR 453,78. Die verbleibenden 4.000Anteile sind nicht ausgegeben.26
Risk FactorsProspective investors should consider all information provided in this Prospectus and theReference Documents and consult with their own professional advisers if they consider itnecessary. In addition, investors should be aware that the risks described may combine andthus accumulate.Certain of the Dealers and their affiliates have engaged, and may in the future engage, ininvestment banking and/or commercial banking transactions with, and may perform servicesfor, the Issuer and its affiliates in the ordinary course of business.Risk Factors regarding the IssuersThe following is a disclosure of risk factors that are material to each Issuer and that may affecteach Issuer's ability to fulfill its obligations under the Notes or the Guarantee, as the case maybe. Prospective investors should consider these risk factors before deciding to purchaseNotes issued under the Programme.Risk 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 , Moody's Investors Service España SA ("Moody's") 2 andby Standard & Poor's Credit Market Services Europe Limited ("S&P" 3 , 4 together with Fitch andMoody's, the "Rating Agencies").As of the publication date of the Prospectus, the ratings assigned to Deutsche Telekom by the RatingAgencies were as follows:by Fitch: long-term rating: BBB+short-term rating:F2Fitch defines 1 :BBB: "BBB" ratings indicate that expectations of default risk are currently low. The capacity forpayment of financial commitments is considered adequate but adverse business or economicconditions are more likely to impair this capacity.F2: Indicates satisfactory capacity for timely payment of financial commitments.by Moody's: long-term rating: Baa1short-term rating: P-21234Fitch 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.27
Page 1 and 2: Debt Issuance Programme ProspectusD
Page 3 and 4: Responsibility StatementDeutsche Te
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: Unternehmen aus diesem Grund zusamm
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
Page 57 and 58: Local Loop AccessDeutsche Telekom h
Page 59 and 60: Incumbent network operators are obl
Page 61 and 62: (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
Page 75 and 76: products and technologies, these in
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Reconciliation of Net Debt31 Dec. 2
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Deutsche Telekom's cash outflows fo
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1In addition to the fixed-network l
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Development of Operations2011 2010
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to upgrade its mobile network, prov
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Czech Republic. Deutsche Telekom ha
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decrease mobile termination rates,
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The decrease in adjusted EBITDA in
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In 2011, the United States operatin
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The increase in total revenue in 20
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solutions. It also manages and deve
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In 2010, T-Systems substantially ex
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2011 2010 Change ChangeOf which: Vi
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conditions for additional capital m
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For additional information on the c
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Employees in the Group 31 Dec. 2011
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Civil servants employed by Deutsche
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Selected Financial InformationDeuts
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(Vorlagebeschluesse) with respect t
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Court of Justice annulled these jud
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having to pay license fees and comp
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Civil ServantsIn November 2004, Ger
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majority holdings by 2 May 2015, on
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Group Accounting manages the proces
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Deutsche Telekom International Fina
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Statement of comprehensive incometh
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Terms and ConditionsThis Series of
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"Global Note" means [the/any] [Temp
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interest shall continue to accrue o
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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
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of Stock Exchange], a Paying Agent
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(f)(g)the Issuer [in the case of No
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§ 14[(5)] to the Agent. Such notic
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Garantin] noch der Fiscal Agent ode
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Bei Rückzahlung oder Zahlung einer
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(b)Fällt ein Zinszahlungstag auf e
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[Sofern eine andere Methode der Bes
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[im Falle von Actual/360: die tats
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Für diese Zwecke bezeichnet "Zahlt
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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
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eine vertretungsberechtigte Person
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(d)(e)(f)(iii)(iv)(v)(vi)by reason
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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
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CURRENCY, DENOMINATION, FORM AND TI
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INTEREST (§ 4) 8ZINSEN (§ 4)o Fix
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oooooo ISDA Determination 9ISDA-Fes
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Instalment Amount(s)Rate(n) [ ]Earl
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GOVERNING LAW (§ 14)ANWENDBARES RE
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German Securities Code [ ]Deutsche
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Umfassende Erläuterung darüber, w
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Various categories of potential inv
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Commissions 29ProvisionenManagement
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Die Emittentin hat die Informatione
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Payment of the flat income tax will
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Kingdom of the Netherlands.Where th
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ResidentsAccording to the law of 23
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(c)account or benefit of, U.S. pers
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4. United KingdomEach Dealer has re
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Names and AdressesIssuersDeutsche T
Page 211:
2010 2010PricewaterhouseCoopers Akt
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Prospectus-Final (clean) - Malta Financial Services Authority

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