Joint Spin-Off Report DTAG And

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Joint Spin-Off Report DTAG And Joint Spin-Off Report dated May 5, 2020 of the Board of Management of Deutsche Telekom AG and the Management of Telekom Deutschland GmbH pursuant to § 127 of the German Transformation Act (Umwandlungsgesetz) submitted re item 7 of the agenda of the ordinary shareholders' meeting of Deutsche Telekom AG on June 19, 2020 This document is a convenience translation of the German original. In case of discrepancy between the English and German versions, the German version shall prevail. 1 Section Page 1. Preliminary Remarks.................................................................................................................................... 6 2. Legal and economic explanation of and reasons for the spin-off ................................................................ 8 2.1 Description of the companies involved in the spin-off ................................................................................ 8 (a) Deutsche Telekom AG and its Group ................................................................................................ 8 (i) Registered office, financial year and corporate purpose of Deutsche Telekom AG ............... 8 (ii) History and development ........................................................................................................ 8 (iii) Business activities and shareholdings ..................................................................................... 9 (iv) Business development in 2017, 2018 and 1019 .................................................................... 13 (v) Capital and shareholders; stock exchange trading ................................................................ 16 (vi) The Board of Management and the Supervisory Board ........................................................ 19 (vii) Employees and employee representation .............................................................................. 21 (b) Telekom Deutschland GmbH .......................................................................................................... 22 (i) Registered office, financial year, corporate purpose of Telekom Deutschland GmbH .............................................................................................................................................. 22 (ii) History and development ...................................................................................................... 22 (iii) Business activities and shareholdings ................................................................................... 23 (iv) Business development in 2017, 2018 and 2019 .................................................................... 23 (v) Share capital and shareholder ............................................................................................... 25 (vi) Management and Supervisory Board .................................................................................... 25 (vii) Employees and employee representation .............................................................................. 26 (viii) Other legal relations of Telekom Deutschland GmbH and its contractual relationships with Deutsche Telekom AG and with Group companies of Deutsche Telekom AG ......................................................................................................................... 27 (ix) Further plans regarding Telekom Deutschland GmbH ......................................................... 35 2.2 Assets and liabilities to be spun off............................................................................................................ 36 (a) Overview .......................................................................................................................................... 36 (b) The DTGC Business Area in detail ................................................................................................. 37 (i) The TGC Sub-Area ............................................................................................................... 37 (ii) NWI Sub-Area ...................................................................................................................... 39 (iii) HR and finance functions ..................................................................................................... 40 (c) Cross-segment service relationships of the DTGC Business Area within Deutsche Telekom AG.................................................................................................................................................... 40 (i) Brands and design models .................................................................................................... 40 (ii) Patents and utility models ..................................................................................................... 40 (iii) Domains ................................................................................................................................ 40 (iv) Properties and buildings, strategic procurement ................................................................... 40 (v) Fleet management and mobility services .............................................................................. 40 (vi) Vivento ................................................................................................................................. 41 (vii) Other service relationships.................................................................................................... 41 (d) Segment allocation and allocation within the schedule of responsibilities of the Board of Management .................................................................................................................................... 41 (e) Economic significance of the Spin-Off Assets for Deutsche Telekom AG ..................................... 41 (i) Overview of economic significance ..................................................................................... 41 (ii) Business development in 2019 ............................................................................................. 41 (iii) Spin-Off Balance Sheet ........................................................................................................ 41 2.3 Motivation for and objectives of the spin-off ............................................................................................ 45 (a) Background ...................................................................................................................................... 45 (i) Internationalization ............................................................................................................... 45 (ii) Standardization ..................................................................................................................... 45 This document is a convenience translation of the German original. In case of discrepancy between the English and German versions, the German version shall prevail. 2 (iii) Switch to IP-based products ................................................................................................. 45 (iv) Network security ................................................................................................................... 46 (b) Key reasons for the spin-off............................................................................................................. 46 (i) Improved realization of market potentials ............................................................................ 46 (ii) Pooled approach to international telecommunications providers ......................................... 46 (iii) Synergy effects ..................................................................................................................... 46 2.4 Reasons why alternative solutions are not pursued instead of the spin-off ............................................... 47 (a) Separate continuation of Telekom Deutschland GmbH and the DTGC Business Area of Deutsche Telekom AG..................................................................................................................... 47 (b) Transfer by way of individual succession ........................................................................................ 47 (c) Split-off of the DTGC Business Area .............................................................................................. 48 (d) Merger of Telekom Deutschland GmbH into Deutsche Telekom AG ............................................ 48 (e) Split-off of the relevant areas of Telekom Deutschland GmbH to Deutsche Telekom AG ............ 48 (f) Joint venture solutions ..................................................................................................................... 48 (g) Conclusion ....................................................................................................................................... 48 2.5 Organization, segment and management structure following the spin-off ................................................ 49 (a) Deutsche Telekom AG and its Group .............................................................................................. 49 (b) Telekom Deutschland GmbH .......................................................................................................... 49 2.6 Costs and risks of the spin-off .................................................................................................................... 50 (a) Costs ...............................................................................................................................................
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