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Strong Cash Flows Provide Financial Flexibility Adj. EBITDA less Capex* (EUR million) 292 +13.6% Net Debt (EUR million) -21.4% 331 2,637 2,072 3Q 2003 3Q 2004 Dec. 31, 03 Sept. 30, 04 * Capital expenditures for tangible and intangible assets Highlights Over EUR 900 million of operating free cash flow during first nine months EUR 34 million of share buybacks since August 04 Pension obligations are negligible 76% debt/equity ratio gives enough flexibility for expansion Cash allocation allows prudent external growth and distribution strategy 17 TELE KOM AUS TRIA

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