Investor Presentaiton

Credit Rating M Moody's Investors Service Limited Standard & Poor's 25 June 2003 Senior unsecured: Baa2 outlook stable ■Austria's leading provider of telecommunications and Information and Communication Technology services ■ An important rating factor is Telekom Austria's strengthening financial risk profile and the expectation that the company will generate strong free cash flow ■The rating agency also notes the company's public commitment to various financial parameters, including an average cash flow (pre-acquisitions) target of EUR 500 million 25 June 2003 Senior unsecured: BBB outlook stable Leading market positions in all telecommunications segments in Austria; ■ Strong operating profitability and sustainable free operating cash flow The stable outlook reflects expectations that Telekom Austria will continue to defend successfully its domestic market-leading position TELE KOM AUS TRIA

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