Investor Presentaiton

Telekom Austria Group - Rating Agencies have affirmed Ratings for Mobiltel Transaction Mobiltel Acquisition Well Received by Agencies - No Change in Ratings (M) Moody's Investors Service Limited 17 May 2004, affirmed 29 November 2004 Senior unsecured rating: Baa2 / Positive Outlook ■ The current rating factors in that TA will continue to benefit from a leading and stable market positions in the Austrian wireline market, where its market share has stabilised at circa 55% since 2003, and from its leading position in the wireless market Moody's affirmation incorporates expectations that TA would cash fund such acquisition leading to an increase in debt, but that TA, through internal free cash flow generation, would reverse the initial negative impact on credit metrics ■ The ratings affirmation reflects Moody's belief that the company would arrange adequate funding in advance of the transaction Standard & Poor's 14 April 2004, affirmed 29 November 2004 Senior unsecured rating: BBB / Positive Outlook • The ratings on Telekom Austria AG primarily reflect the company's leading market position in all segments of the Austrian telecoms market, strong free cash flow generation and moderate leverage • The impact of the potential Mobiltel transaction would leave the company within the financial parameters of its ratings Furthermore, despite the higher business risk associated with the growing Bulgarian telephony market, the transaction would give access to good cash flows in future years, allowing for relatively fast repayment of assumed debt at Mobiltel 22 222 TELE KOM AUS TRIA

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