Vienna, 24 January 2012 - Today, the Telekom Austria Group (VSE: TKA, OTC US: TKAGY) informs that the application of hyperinflation accounting for the Segment Belarus in 2011 results in an appreciation of assets, which will lead to an increase in Group Equity of more than EUR 400 mn. The appreciation of assets will trigger an impairment of approximately EUR 300 mn. This impairment will be reflected in the consolidated financial statements of Telekom Austria Group and will have a significant negative impact on Group net income for the full year 2011. Nevertheless, due to the fact that the appreciation of assets following the introduction of hyperinflation accounting is expected to exceed the impairment, hyperinflation accounting is expected to result in a positive net impact on Group equity of at least EUR 100 mn.

The management board reiterates the financial outlook of Telekom Austria Group's full year results for the year 2011, which will be announced on 23 February 2012: Revenues of approximately EUR 4.50 bn, EBITDA comparable of up to EUR 1.55 bn, CAPEX of EUR 750 - 800 mn and an operating Free Cash Flow of up to EUR 800 mn. In addition, Telekom Austria Group confirms its dividend of EUR 0.38 per share for the years 2011 and 2012. For 2013 and thereafter the payout ratio amounts to 55% of free cash flow to the extent that the dividend does not lead to a deterioration of Group equity. This outlook was given on a constant currency basis and before any effects of inflation accounting for the Belarusian segment.

About the Telekom Austria Group:
The Telekom Austria Group, listed on the Vienna Stock Exchange since November 2000, is the leading telecommunications provider in Central and Eastern Europe with about 22 million customers across its markets of operations. The Group is currently operating in eight countries: in Austria (A1), Slovenia (Si.mobil), Croatia (Vipnet), the Republic of Serbia (Vip mobile) and the Republic of Macedonia (Vip operator), Bulgaria (Mobiltel), Belarus (velcom) and Liechtenstein (mobilkom liechtenstein). The total market of the eight countries covers about 41 million inhabitants. The Group has more than 17,000 employees, revenues were EUR 4.7 billion as of year-end 2010. Telekom Austria Group's portfolio encompasses products and services of voice telephony, broadband Internet, multimedia services, data and IT solutions, wholesale as well as m-payment solutions. More detailed information is available at http://www.telekomaustria.com

Contact
Ursula Novotny, Head of External Communications International, Telekom Austria Group
email: ursula.novotny@telekomaustria.com
mobile: +43 664 6639187

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