Obligation Deutsche Telekom AG 1.75% ( DE000A2TSDE2 ) en EUR

Deutsche Telekom AG

92.23 % ▼

Allemagne

DE000A2TSDE2 ( en EUR )

1.75% par an ( paiement annuel )

24/03/2031

Prospectus brochure de l'obligation Deutsche Telekom AG DE000A2TSDE2 en EUR 1.75%, échéance 24/03/2031

1 000 EUR

1 000 000 000 EUR

25/03/2025 ( Dans 334 jours )

L'Obligation émise par Deutsche Telekom AG ( Allemagne ) , en EUR, avec le code ISIN DE000A2TSDE2, paye un coupon de 1.75% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 24/03/2031

Solely for the purposes of each manufacturer's product approval process, the target market assessment in
respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties,
professional and retail clients, each as defined in Directive 2014/65/EU (as amended, "MiFID II"); and (ii) all
channels for distribution of the Notes are appropriate, including investment advice, portfolio management,
non-advised sales and pure execution services. Any person subsequently offering, selling or recommending
the Notes (a "distributor") should take into consideration the manufacturers' target market assessment;
however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in
respect of the Notes (by either adopting or refining the manufacturers' target market assessment) and
determining appropriate distribution channels, subject to the distributor's suitability and appropriateness
obligations under MiFID II, as applicable.

The Final Terms will be displayed on the website of the Luxembourg Stock Exchange (www.bourse.lu).

21 March 2019
21. März 2019
Final Terms
Endgültige Bedingungen
DEUTSCHE TELEKOM AG
EUR 1,000,000,000 1.750 per cent. Notes due 25 March 2031
EUR 1.000.000.000 1,750% Schuldverschreibungen fällig am 25. März 2031

Tranche 1
Tranche 1

Issue Date: 25 March 2019
Tag der Begebung: 25. März 2019

issued pursuant to the EUR 30,000,000,000 Debt Issuance Programme dated on 18 May 2018
begeben aufgrund des EUR 30.000.000.000 Debt Issuance Programme vom 18. May 2018

Important Notice
These Final Terms have been prepared for purposes of Article 5 (4) of the Directive 2003/71/EC of the
European Parliament and of the Council of 4 November 2003, as amended from time to time, and must be
read in conjunction with the Debt Issuance Programme Prospectus pertaining to the Programme dated
18 May 2018 (the "Prospectus") and the supplements thereto dated 13 August 2018, 14 November 2018
and 25 February 2019. The Prospectus and any supplement thereto are available for viewing in electronic
form on the website of the Luxembourg Stock Exchange (www.bourse.lu). Full information is only available on
the basis of the combination of the Prospectus, any supplement and these Final Terms. A summary of the
individual issue of the Notes is annexed to these Final Terms.
Wichtiger Hinweis
Diese Endgültigen Bedingungen wurden für Zwecke des Artikels 5 Absatz 4 der Richtlinie 2003/71/EG des
Europäischen Parlaments und des Rates vom 4. November 2003, in der jeweils geänderten Fassung,
abgefasst und sind in Verbindung mit dem Debt Issuance Programme Prospekt vom 18. Mai 2018 über das
Programm (der "Prospekt") und den Nachträgen dazu vom 13. August 2018, 14. November 2018 und 25.
Februar 2019 zu lesen. Der Prospekt sowie etwaige Nachträge können in elektronischer Form auf der
Internetseite der Luxemburger Börse (www.bourse.lu) eingesehen werden. Um alle Angaben zu erhalten sind
die Endgültigen Bedingungen, der Prospekt und etwaige Nachträge im Zusammenhang zu lesen. Eine
Zusammenfassung der einzelnen Emission der Schuldverschreibungen ist diesen Endgültigen Bedingungen
angefügt.

1

Part I. TERMS AND CONDITIONS
Teil I. ANLEIHEBEDINGUNGEN

The Terms and Conditions applicable to the Notes (the "Conditions") and the English language translation
thereof, are as set out below.
Die für die Schuldverschreibungen geltenden Anleihebedingungen (die "Bedingungen") sowie die
englischsprachige Übersetzung sind wie nachfolgend aufgeführt.

TERMS AND CONDITIONS OF THE NOTES
(English Language Version)
§ 1
CURRENCY, DENOMINATION, FORM AND TITLE, CERTAIN DEFINITIONS
(1) Currency and Denomination. This Series of Notes of Deutsche Telekom AG ("Deutsche Telekom" or the
"Issuer") is issued in euro ("EUR") (the "Specified Currency") in the aggregate principal amount of EUR
1,000,000,000 (in words: euro one billion) and is divided into 1,000,000 Notes in the denomination of EUR
1,000 (the "Specified Denomination").
(2) Form and Title. The Notes are in bearer form and represented by a Global Note. Title to the Notes shall
pass in accordance with the rules of applicable law.
(3) Temporary Global Note - Exchange.
(a) The Notes are initially represented by a temporary global Note (the "Temporary Global Note") without
coupons. The Temporary Global Note will be exchangeable, as provided below, for Notes in the
Specified Denomination represented by a permanent global Note (the "Permanent Global Note")
without coupons. Definitive Notes and interest coupons wil not be issued.
(b) The Temporary Global Note shall be exchangeable for Notes represented by the Permanent Global
Note from a date (the "Exchange Date") 40 days after the date of issue of the Temporary Global Note
upon delivery by the relevant account holder to the Clearing System, and by the Clearing System to the
Fiscal Agent, of certificates in the form available from the Fiscal Agent for such purpose, to the effect that
the beneficial owner or owners of the Notes represented by the Temporary Global Note is not a U.S.
person (other than certain financial institutions or certain persons holding through such financial
institutions) as required by U.S. tax law. Payment of interest on Notes represented by a Temporary
Global Note will be made only after delivery of such certifications. A separate certification received on or
after the 40th day after the date of issue of the Notes represented by the Temporary Global Note will be
treated as a request to exchange such Temporary Global Note pursuant to this subparagraph (b) of this
§ 1(3). Any securities delivered in exchange for the Temporary Global Note shall be delivered only
outside of the United States (as defined in subparagraph (1) of § 5. Any Permanent Global Note
delivered in exchange for the Temporary Global Note shall be delivered only outside of the United States
(as defined in subparagraph (1) of § 5).
(4) Fees Payable on Exchange of Global Notes. Any exchange of a Global Note pursuant to this § 1 shall be
made free of charge to the Holders of the Notes.
(5) Execution of Notes. Global Notes shall be executed manually on behalf of the Issuer by two authorised
representatives of the Issuer and shall be authenticated by or on behalf of the Fiscal Agent.
(6) Clearing System. Each Global Note representing the Notes will be kept in custody by or on behalf of the
Clearing System until all obligations under the Notes have been satisfied.
"Clearing System" means Clearstream Banking AG, Neue Börsenstraße 1, 60487 Frankfurt am Main,
Federal Republic of Germany ("CBF") and any successor in such capacity.
(7) Certain Definitions. For purposes of the Terms and Conditions:
"Global Note" means the Temporary Global Note or the Permanent Global Note.
"Holder" means, in respect of Notes deposited with any Clearing System or other central securities
depositary, any holder of a proportionate co-ownership or other beneficial interest or right in the Notes so
deposited, and otherwise the bearer of a Note.
"Paying Agent" means the Fiscal Agent in its capacity as paying agent, acting through its office specified in §
7, the Paying Agent(s) specified in § 7, or any substitute or additional paying agent appointed under § 7.
2

References herein to the "Notes" are references to Notes of this Series and shall, as the context requires,
include reference to any Global Note.
References herein to the "Specified Currency" shall include any successor currency provided for by the laws
in force in the jurisdiction where the Specified Currency is issued or pursuant to intergovernmental agreement
or treaty (a "Successor Currency") to the extent that payment in the predecessor currency is no longer a
legal means of payment by the Issuer on the Notes.
§ 2
STATUS
The Notes constitute unsecured and unsubordinated obligations of the Issuer and rank pari passu without any
preference among themselves and pari passu with all other unsecured and unsubordinated obligations of the
Issuer.
§ 3
NEGATIVE PLEDGE OF THE ISSUER
Negative Pledge. So long as any of the Notes remains outstanding, but only up to the time all amounts of
principal and interest have been placed at the disposal of the Fiscal Agent, the Issuer undertakes not to grant
or permit to subsist any encumbrance over any or all of its present or future assets, as security for any present
or future Capital Market Indebtedness issued or guaranteed by the Issuer or by any other person, without at
the same time having the Holders share equally and rateably in such security. "Capital Market
Indebtedness" means any obligation for the payment of borrowed money which is in the form of, or
represented or evidenced by, a certificate of indebtedness or in the form of, or represented or evidenced by,
bonds, notes or other securities which are, or are capable of being, quoted, listed, dealt in or traded on a stock
exchange or other recognised securities market. For the purposes of avoiding any doubt in respect of
asset-backed financings originated by the Issuer, the expression "assets" as used in this § 3 does not include
assets of the Issuer that are sold on a non-recourse basis determined in accordance with the civil law
applicable to such transaction.
§ 4
INTEREST
(1) Rate of Interest and Interest Payment Dates. The Notes bear interest on their aggregate principal amount
at the rate of 1.750 per cent. per annum from (and including) 25 March 2019 to (but excluding) the Maturity
Date (as defined in § 6(1)). Interest shall be payable in arrears on 25 March in each year (each such date, an
"Interest Payment Date"). The first payment of interest shall be made on 25 March 2020.
(2) Accrual of Interest. The Notes shall cease to bear interest from the expiry of the day preceding the day on
which they are due for redemption. If the Issuer shall fail to redeem the Notes when due, interest shall
continue to accrue on the outstanding aggregate principal amount of the Notes until the expiry of the day
preceding the day of actual redemption of the Notes at the default rate of interest established by law.1
(3) Calculation of Interest for Partial Periods. If interest is required to be calculated for a period of less than a
ful year, such interest shall be calculated on the basis of the Day Count Fraction (as defined below).
(4) Day Count Fraction. "Day Count Fraction" means, in respect of the calculation of an amount of interest
on any Note for any period of time (the "Calculation Period"): the actual number of days in the Calculation
Period divided by the actual number of days in the respective interest period.
§ 5
PAYMENTS
(1) Payment of Principal. Payment of principal in respect of Notes shall be made, subject to subparagraph (3)
below, to the Clearing System or to its order for credit to the accounts of the relevant account holders of the
Clearing System outside the United States.
For purposes of subparagraph (3) of § 1 and this § 5, "United States" means the United States of America
(including the States thereof and the District of Columbia) and its possessions (including Puerto Rico, the U.S.
Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands).
(2) Payment of Interest. Payment of interest on Notes shall be made, subject to subparagraph (3), to the

1 The default rate of interest established by law is five percentage points above the basic rate of interest published by Deutsche
Bundesbank from time to time, §§ 288 paragraph 1, 247 BGB (German Civil Code).
3

Clearing System or to its order for credit to the relevant account holders of the Clearing System outside the
United States.
Payment of interest on Notes represented by the Temporary Global Note shall be made, subject to
subparagraph (3), to the Clearing System or to its order for credit to the relevant account holders of the
Clearing System, outside the United States, upon due certification as provided in § 1(3)(b).
(3) Manner of Payment. Subject to (i) applicable fiscal and other laws and regulations and (ii) any withholding
or deduction required pursuant to an agreement described in Section 1471(b) of the U.S. Internal Revenue
Code of 1986 (the "Code") or otherwise imposed pursuant to Sections 1471 through 1474 of the Code, any
regulations or agreements thereunder, any official interpretations thereof, or any law implementing an
intergovernmental approach thereto, payments of amounts due in respect of the Notes shall be made in the
Specified Currency.
(4) Discharge The Issuer shall be discharged by payment to, or to the order of, the Clearing System.
(5) Payment Business Day. If the date for payment of any amount in respect of any Note is not a Payment
Business Day then the Holder shall not be entitled to payment until the next such day in the relevant place and
shall not be entitled to further interest or other payment in respect of such delay.
For these purposes, "Payment Business Day" means any day which is a day (other than a Saturday or a
Sunday) on which the Clearing System as well as all relevant parts of the Trans-European Automated
Real-time Gross Settlement Express Transfer System 2 ("TARGET") are operational to forward the relevant
payment.
(6) References to Principal and Interest. Reference in these Terms and Conditions to principal in respect of
the Notes shall be deemed to include, as applicable: the Final Redemption Amount of the Notes; and any
premium and any other amounts which may be payable under or in respect of the Notes. Reference in these
Terms and Conditions to interest in respect of the Notes shall be deemed to include, as applicable, any
Additional Amounts which may be payable under § 8.
(7) Deposit of Principal and Interest. The Issuer may deposit with the local court (Amtsgericht) in Frankfurt am
Main principal or interest not claimed by Holders within twelve months after the Maturity Date, even though
such Holders may not be in default of acceptance. If and to the extent that the deposit is effected and the right
of withdrawal is waived, the respective claims of such Holders against the Issuer shall cease.
§ 6
REDEMPTION
(1) Redemption at Maturity. Unless previously redeemed in whole or in part or purchased and cancelled, the
Notes shall be redeemed at their Final Redemption Amount on 25 March 2031 (the "Maturity Date"). The
"Final Redemption Amount" in respect of each Note shall be its principal amount.
(2) Early Redemption for Reasons of Taxation. If as a result of any change in, or amendment to, the laws or
regulations of Germany or any political subdivision or taxing authority thereof or therein affecting taxation or
the obligation to pay duties of any kind, or any change in, or amendment to, an official interpretation or
application of such laws or regulations, which amendment or change is effective on or after 25 March 2019,
the Issuer will become obligated to pay Additional Amounts (as defined in § 8 herein) and this obligation
cannot be avoided by the use of measures reasonably available to the Issuer, the Notes may be redeemed, in
whole but not in part, at the option of the Issuer, upon not more than 60 days' nor less than 30 days' prior
notice of redemption given to the Fiscal Agent and, in accordance with § 13 to the Holders, at their Final
Redemption Amount, together with interest accrued to the date fixed for redemption.
However, no such notice of redemption may be given (i) earlier than 90 days prior to the earliest date on which
the Issuer would be obligated to pay such Additional Amounts, or (ii) if at the time such notice is given, such
obligation to pay such Additional Amounts does not remain in effect.
Prior to the publication of any notice of redemption pursuant to this paragraph (3), the Issuer shall deliver to
the Fiscal Agent a certificate signed by a director of the Issuer stating that the Issuer is entitled to effect such
redemption and setting forth a statement of facts showing that the conditions precedent to the right of the
Issuer so to redeem have occurred, and an opinion of independent legal advisers of recognised standing to
the effect that the Issuer has or will become obliged to pay such additional amounts as a result of such change
or amendment.
Any such notice of redemption shall be given in accordance with § 13. It shall be irrevocable, must specify the
date fixed for redemption and must set forth a statement in summary form of the facts constituting the basis for
the right of the Issuer so to redeem.
4

§ 7
FISCAL AGENT AND PAYING AGENT
(1) Appointment; Specified Offices. The initial Fiscal Agent and Paying Agent and their respective initial
specified offices are:
Fiscal Agent and
Deutsche Bank Aktiengesellschaft
Paying Agent:
Issuer Services
Taunusanlage
12

60325 Frankfurt am Main

Federal Republic of Germany
The Fiscal Agent and the Paying Agent reserve the right at any time to change their respective specified
offices to some other specified office in the same country.
(2) Variation or Termination of Appointment. The Issuer reserves the right at any time to vary or terminate the
appointment of the Fiscal Agent or any Paying Agent and to appoint another Fiscal Agent or additional or
other Paying Agent. The Issuer shall at all times maintain a Fiscal Agent. Any variation, termination,
appointment or change shall only take effect (other than in the case of insolvency, when it shall be of
immediate effect) after not less than 30 nor more than 45 days' prior notice thereof shall have been given to
the Holders in accordance with § 13.
(3) Agent of the Issuer. The Fiscal Agent and the Paying Agent act solely as the agents of the Issuer and do
not assume any obligations towards or relationship of agency or trust for any Holder.
§ 8
TAXATION
Principal and interest shall be payable by the Issuer without deduction or withholding for or on account of any
present or future taxes, duties or governmental charges of any nature whatsoever imposed, levied or
collected by or in or on behalf of Germany or by or on behalf of any political subdivision or authority therein
having power to tax (hereinafter together called "Withholding Taxes"), unless such deduction or withholding
is required by law. In such event, the Issuer shall pay such additional amounts of principal and interest as may
be necessary in order that the net amounts received by the Holder after such deduction or withholding shall
equal the respective amounts of principal and interest which would have been receivable had no such
deduction or withholding been required. No such additional amounts shall, however, be payable on account of
any taxes, duties or governmental charges which
(a) are payable by any person acting as custodian bank or collecting agent on behalf of a Holder, or
otherwise in any manner which does not constitute a deduction or withholding by the Issuer from
payments of principal or interest made by it; or
(b) are payable by reason of the Holder having, or having had, some personal or business connection with
Germany and not merely by reason of the fact that payments in respect of the Notes are, or for purposes
of taxation are deemed to be, derived from sources in, or are secured in, Germany; or
(c) are deducted or withheld pursuant to (i) any European Union directive or regulation concerning the
taxation of interest income, or (ii) any international treaty or understanding relating to such taxation and
to which Germany or the European Union is a party, or (iii) any provision of law implementing, or
complying with, or introduced to conform with such directive, regulation, treaty or understanding; or
(d) are payable by reason of a change in law that becomes effective more than 30 days after the relevant
payment of principal or interest becomes due, or is duly provided for, and notice thereof is published in
accordance with the Terms and Conditions whichever occurs later.
§ 9
PRESENTATION PERIOD
The presentation period provided in § 801 paragraph 1, sentence 1 BGB (German Civil Code) is reduced to
ten years for the Notes.
§ 10
ACCELERATION
(1) Right of Acceleration. Each Holder shall be entitled to declare his Notes due and demand immediate
redemption thereof at the Final Redemption Amount, together with accrued interest (if any) to the date of
repayment, in the event that any of the following events (each, an "Acceleration Event") occurs:
(a) the Issuer fails to pay principal or interest within 30 days from the relevant due date, or
5

(b) the Issuer fails duly to perform any other obligation arising from the Notes which failure is not capable of
remedy or, if such failure is capable of remedy, such failure continues for more than 60 days after the
Fiscal Agent has received notice thereof from a Holder, or
(c) any Capital Market Indebtedness (as defined in § 3(1)) of the Issuer becomes prematurely repayable as
a result of a default in respect of the terms thereof, or the Issuer fails to fulfil any payment obligation in
excess of EUR 25,000,000 or the equivalent thereof under any Capital Market Indebtedness or under
any guarantee or suretyship given for any Capital Market Indebtedness of others within 30 days from its
due date or, in the case of a guarantee or suretyship, within 30 days after the guarantee or suretyship
has been invoked, unless the Issuer, shall contest in good faith that such payment obligation exists or is
due or that such guarantee or suretyship has been validly invoked, or if a security granted therefor is
enforced on behalf of or by the creditor(s) entitled thereto, or
(d) the Issuer announces its inability to meet its financial obligations or ceases its payments, or
(e) a court opens insolvency proceedings against the Issuer, or the Issuer applies for or institutes such
proceedings, or
(f) the Issuer goes into liquidation unless this is done in connection with a merger, or other form of
combination with another company and such company assumes all obligations contracted by the Issuer,
as the case may be, in connection with this issue, or
(g) any governmental order, decree or enactment shall be made in or by Germany whereby the Issuer is
prevented from observing and performing in ful its obligations as set forth in these Terms and Conditions
and this situation is not cured within 90 days.
The right to declare Notes due shall terminate if the situation giving rise to it has been cured before the right is
exercised.
(2) Quorum. In the events specified in § 10 subparagraph (1)(b) or subparagraph (1)(c), any notice declaring
Notes due shall, unless at the time such notice is received any of the events specified in § 10 subparagraph
(1)(a), (1)(d), (1)(e), (1)(f) or (1)(g) entitling Holders to declare their Notes due has occurred, become effective
only when the Fiscal Agent has received such notices from the Holders of at least one-tenth in aggregate
principal amount of Notes then outstanding.
(3) Form of Notice. Any notice, including any notice declaring Notes due, in accordance with subparagraph (1)
shall be made by means of a declaration in text format (Textform, e.g. email or fax) or in written form delivered
to the specified office of the Fiscal Agent.
§ 11
SUBSTITUTION
(1) Substitution. The Issuer may, without the consent of the Holders, if no payment of principal of or interest on
any of the Notes is in default, at any time substitute for the Issuer any Subsidiary (as defined below) of it as
principal debtor in respect of all obligations arising from or in connection with this issue (the "Substitute
Debtor") provided that:
(a) the Substitute Debtor assumes all obligations of the Issuer in respect of the Notes;
(b) the Substitute Debtor has obtained all necessary authorisations and may transfer to the Fiscal Agent in
the Specified Currency and without being obligated to deduct or withhold any taxes or other duties of
whatever nature levied by the country in which the Substitute Debtor has its domicile or tax residence, all
amounts required for the fulfilment of the payment obligations arising under the Notes;
(c) the Issuer irrevocably and unconditionally guarantees in favour of each Holder the payment of all sums
payable by the Substitute Debtor in respect of the Notes and such guarantee contains a covenant by the
guarantor corresponding to the provisions in § 3;
(d) it is guaranteed that the obligations of the Issuer from the Guarantee and the Negative Pledge of the
Debt Issuance Programme of the Issuers apply also to the Notes of the Substitute Debtor; and
(e) there shall have been delivered to the Fiscal Agent an opinion or opinions of lawyers of recognised
standing to the effect that subparagraphs (a), (b) and (c) above have been satisfied.
For purposes of these Terms and Conditions "Subsidiary" shall mean any corporation or partnership in which
Deutsche Telekom directly or indirectly in the aggregate holds not less than 90 per cent. of the capital of any
class or of the voting rights.
(2) Notice. Any notice of such substitution shall be published in accordance with § 13.
6

(3) References. In the event of such substitution, any reference in these Terms and Conditions to the Issuer
shall from then on be deemed to refer to the Substitute Debtor and any reference to the country in which the
Issuer is domiciled or resident for taxation purposes shall from then on be deemed to refer to the country of
domicile or residence for taxation purposes of the Substitute Debtor.
§ 12
FURTHER ISSUES, PURCHASES AND CANCELLATION
(1) Further Issues. The Issuer may from time to time, without the consent of the Holders, issue further Notes
having the same terms and conditions as the Notes in all respects (or in all respects except for the issue date,
interest commencement date and/or issue price) so as to form a single Series with the Notes.
(2) Purchases. The Issuer may at any time purchase Notes in the open market or otherwise and at any price.
Notes purchased by the Issuer may, at the option of the Issuer, be held, resold or surrendered to the Fiscal
Agent for cancellation. If purchases are made by tender, tenders for such Notes must be made available to all
Holders of such Notes alike.
(3) Cancellation. All Notes redeemed in full shall be cancelled forthwith and may not be reissued or resold.
§ 13
NOTICES
(1) Publication. All notices concerning the Notes will be made by means of electronic publication on the
internet website of the Luxembourg Stock Exchange (www.bourse.lu). Any notice so given will be deemed to
have been validly given on the third day following the date of such publication.
(2) Notification to Clearing System. So long as any Notes are listed on the official list of the Luxembourg Stock
Exchange, subparagraph (1) shall apply. If the Rules of the Luxembourg Stock Exchange so permit, the
Issuer may deliver the relevant notice to the Clearing System for communication by the Clearing System to
the Holders, in lieu of publication as set forth in subparagraph (1) above; any such notice shall be deemed to
have been validly given on the seventh day after the day on which the said notice was given to the Clearing
System.
(3) Form of Notice. Notices to be given by any Holder shall be made by means of a declaration in text format
(Textform, e.g. email or fax) or in written form to be lodged together with an evidence of the Holder's
entitlement in accordance with § 14(4) to the Agent. Such notice may be given through the Clearing System in
such manner as the Agent and the Clearing System may approve for such purpose.
§ 14
APPLICABLE LAW, PLACE OF PERFORMANCE, PLACE OF JURISDICTION AND ENFORCEMENT
(1) Applicable Law. The Notes, as to form and content, and all rights and obligations of the Holders and the
Issuer, shall be governed by German law.
(2) Place of Performance. Place of performance shall be Frankfurt am Main.
(3) Submission to Jurisdiction. The non-exclusive place of jurisdiction for all legal proceedings arising out of or
in connection with the Notes shall be Frankfurt am Main. The German courts shall have non-exclusive
jurisdiction over the annulment of lost or destroyed Notes. The Issuer hereby submits to the jurisdiction of the
courts referred to in this subparagraph.
(4) Enforcement. Any Holder of Notes through a Clearing System may in any proceedings against the Issuer,
or to which such Holder and the Issuer are parties, protect and enforce in his own name his rights arising
under such Notes on the basis of (i) a statement issued by the Custodian with whom such Holder maintains a
securities account in respect of the Notes (a) stating the full name and address of the Holder, (b) specifying
the aggregate principal amount of Notes credited to such securities account on the date of such statement
and (c) confirming that the Custodian has given written notice to the Clearing System containing the
information pursuant to (a) and (b) and (ii) a copy of the Note in global or definitive form certified as being a
true copy by a duly authorised officer of the Clearing System or a depository of the Clearing System, without
the need for production in such proceedings of the actual records or the global Note or Definitive Note. Each
Holder may, without prejudice to the foregoing, protect and enforce his rights under these Notes also in any
other way which is admitted in the country of the Proceedings. For purposes of the foregoing, "Custodian"
means any banker other financial institution of recognised standing authorised to engage in securities custody
business with which the Holder maintains a securities account in respect of the Notes and includes the
Clearing System.
7

§ 15
LANGUAGE
These Terms and Conditions are written in the German language and provided with an English language
translation. The German text shall be controlling and binding. The English language translation is provided for
convenience only.

8

ANLEIHEBEDINGUNGEN DER SCHULDVERSCHREIBUNGEN
(German Language Version)
§ 1
WÄHRUNG, NENNBETRAG, FORM UND EIGENTUMSRECHT
BESTIMMTE DEFINITIONEN
(1) Währung und Nennbetrag. Diese Serie der Schuldverschreibungen der Deutsche Telekom AG
("Deutsche Telekom" oder die "Emittentin") wird in Euro ("EUR") (die "festgelegte Währung") im
Gesamtnennbetrag von EUR 1.000.000.000 (in Worten: Euro eine Milliarde) begeben und ist eingeteilt in
1.000.000 Schuldverschreibungen im Nennbetrag von EUR 1.000 (der "festgelegte Nennbetrag").
(2) Form und Eigentumsrecht. Die Schuldverschreibungen lauten auf den Inhaber und sind durch eine
Globalurkunde verbrieft. Die Übertragung des Eigentumsrechts an den Schuldverschreibungen erfolgt nach
den Vorschriften des jeweils anwendbaren Rechts.
(3) Vorläufige Globalurkunde - Austausch.
(a) Die Schuldverschreibungen sind anfänglich in einer vorläufigen Globalurkunde (die "vorläufige
Globalurkunde") ohne Zinsscheine verbrieft. Die vorläufige Globalurkunde wird, wie nachstehend
bestimmt, gegen Schuldverschreibungen in dem festgelegten Nennbetrag, die durch eine
Dauerglobalurkunde (die "Dauerglobalurkunde") ohne Zinsscheine verbrieft sind ausgetauscht.
Einzelurkunden und Zinsscheine werden nicht ausgegeben.
(b) Die vorläufige Globalurkunde wird frühestens an einem Tag (der "Austauschtag") gegen eine
Dauerglobalurkunde austauschbar, der 40 Tage nach dem Tag der Ausgabe der vorläufigen
Globalurkunde liegt und zwar nach Vorlage von Bescheinigungen gemäß U.S. Steuerrecht durch den
jeweiligen Kontoinhaber bei dem Clearing System sowie durch das Clearing System bei dem Fiscal
Agent, in der Form von für diese Zwecke bei dem Fiscal Agent erhältlichen Formularen. Darin wird
bescheinigt, dass der bzw. die wirtschaftlichen Eigentümer der durch die vorläufige Globalurkunde
verbrieften Schuldverschreibungen keine U.S.-Personen sind, ausgenommen bestimmte Finanzinstitute
oder bestimmte Personen, die Schuldverschreibungen über solche Finanzinstitute halten.
Zinszahlungen auf durch eine vorläufige Globalurkunde verbriefte Schuldverschreibungen erfolgen erst
nach Vorlage solcher Bescheinigungen. Eine gesonderte Bescheinigung ist für jede solche Zinszahlung
erforderlich. Jede Bescheinigung, die am oder nach dem 40. Tag nach dem Tag der Ausgabe der durch
die vorläufige Globalurkunde verbrieften Schuldverschreibungen eingeht, wird als ein Ersuchen
behandelt werden, diese vorläufige Globalurkunde gemäß diesem Absatz (b) dieses § 1 Absatz 3
auszutauschen. Wertpapiere, die im Austausch für die vorläufige Globalurkunde geliefert werden, dürfen
nur außerhalb der Vereinigten Staaten (wie in § 5 Absatz 1 definiert) geliefert werden.
Dauerglobalurkunden, die im Austausch für die vorläufige Globalurkunde geliefert werden, werden
ausschließlich außerhalb der Vereinigten Staaten (wie in § 5 Absatz 1 definiert) ausgeliefert.
(4) Bei Austausch von Globalurkunden zahlbare Gebühren. Der Austausch einer Globalurkunde gemäß
diesem § 1 erfolgt für die Inhaber der Schuldverschreibungen kostenfrei.
(5) Unterzeichnung der Schuldverschreibungen. Die Globalurkunden sind namens der Emittentin durch zwei
vertretungsberechtigte Personen der Emittentin zu unterschreiben. Sie tragen die Kontrollunterschrift des
Fiscal Agent oder seines Beauftragten.
(6) Clearing System. Jede Schuldverschreibungen verbriefende Globalurkunde wird von einem oder im
Namen eines Clearing Systems verwahrt, bis sämtliche Verbindlichkeiten der Emittentin aus den
Schuldverschreibungen erfüllt sind.
"Clearing System" bedeutet Clearstream Banking AG, Neue Börsenstraße 1, 60487 Frankfurt am Main,
Bundesrepublik Deutschland ("CBF") und jeder Funktionsnachfolger.
(7) Bestimmte Definitionen. In diesen Anleihebedingungen bedeutet:
"Globalurkunde" die vorläufige Globalurkunde oder die Dauerglobalurkunde.
"Gläubiger" in Bezug auf die bei einem Clearing System oder einem sonstigen zentralen
Wertpapierverwahrer hinterlegten Schuldverschreibungen der Inhaber eines Miteigentumsanteils oder
anderen Rechts an den hinterlegten Schuldverschreibungen, und andernfalls der Inhaber einer
Schuldver-schreibung.
"Zahlstelle" den Fiscal Agent in seiner Eigenschaft als Zahlstelle handelnd durch ihre nachstehend in § 7
bezeichnete Geschäftsstelle, die in § 7 genannte(n) Zahlstelle(n) oder eine gemäß § 7 ernannte Ersatz- oder
weitere Zahlstelle.
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Bezugnahmen in diesen Anleihebedingungen auf die "Schuldverschreibungen" beziehen sich auf die
Schuldverschreibungen dieser Serie und schließen, wenn der Zusammenhang dies erfordert,
Globalurkunden ein.
Bezugnahmen auf die "festgelegte Währung" schließen jede Nachfolge-Währung ein, die entweder durch
Gesetz in dem Hoheitsgebiet, in dem die festgelegte Währung ausgegeben wird, oder durch eine
zwischen-staatliche Vereinbarung eingeführt wird (die "Nachfolgewährung"), sofern Zahlungen in der
ursprünglichen Währung nicht mehr als zulässiges Zahlungsmittel für Zahlungen der Emittentin hinsichtlich
der Schuldverschreibungen gelten.
§ 2
STATUS
Die Schuldverschreibungen begründen nicht besicherte und nicht nachrangige Verbindlichkeiten der
Emittentin, die untereinander und mit allen anderen nicht besicherten und nicht nachrangigen
Verbindlichkeiten der Emittentin gleichrangig sind.
§ 3
NEGATIVVERPFLICHTUNG DER EMITTENTIN
Negativverpflichtung. Die Emittentin verpflichtet sich, solange Schuldverschreibungen ausstehen, jedoch nur
bis zu dem Zeitpunkt, an dem alle Beträge an Kapital und Zinsen dem Fiscal Agent zur Verfügung gestellt
worden sind, weder ihr gegenwärtiges noch ihr zukünftiges Vermögen ganz oder teilweise in irgendeiner
Weise zur Besicherung einer gegenwärtigen oder zukünftigen Kapitalmarktverbindlichkeit, die von der
Emittentin oder einer anderen Person eingegangen oder gewährleistet ist, zu belasten oder eine solche
Belastung zu diesem Zweck bestehen zu lassen, ohne gleichzeitig die Gläubiger an derselben Sicherheit im
gleichen Rang und gleichen Verhältnis teilnehmen zu lassen. "Kapitalmarktverbindlichkeit" ist jede
Verbindlichkeit zur Zahlung aufgenommener Gelder, die durch Schuldscheine verbrieft, verkörpert oder
dokumentiert ist oder durch Schuldverschreibungen oder sonstige Wertpapiere, die an einer Börse oder an
einem anderen anerkannten Wertpapiermarkt notiert oder gehandelt werden oder werden können. Um
etwaige Zweifel bezüglich von asset-backed financings der Emittentin zu vermeiden, schließt das in diesem §
3 benutzte Wort "Vermögen" nicht solche Vermögensgegenstände der Emittentin ein, die nach dem jeweils
auf die Transaktion anwendbaren Zivilrecht ohne Rückgriffsmöglichkeiten veräussert sind.
§ 4
ZINSEN
(1) Zinssatz und Zinszahlungstage. Die Schuldverschreibungen werden in Höhe ihres Gesamtnennbetrages
verzinst, und zwar vom 25. März 2019 (einschließlich) bis zum Fälligkeitstag (wie in § 6 Absatz 1 definiert)
(ausschließlich) mit jährlich 1,750 %. Die Zinsen sind nachträglich am 25. März eines jeden Jahres zahlbar
(jeweils ein "Zinszahlungstag"). Die erste Zinszahlung erfolgt am 25. März 2020.
(2) Auflaufende Zinsen. Der Zinslauf der Schuldverschreibungen endet mit Ablauf des Tages, der dem Tag
vorangeht, an dem sie zur Rückzahlung fällig werden. Falls die Emittentin die Schuldverschreibungen bei
Fälligkeit nicht einlöst, erfolgt die Verzinsung der Schuldverschreibungen vom Tag der Fälligkeit bis zu dem
Tag, der dem Tag der tatsächlichen Rückzahlung der Schuldverschreibungen vorangeht, in Höhe des
gesetzlich festgelegten Satzes für Verzugszinsen.2
(3) Berechnung der Zinsen für gebrochene Zeiträume. Sofern Zinsen für einen Zeitraum von weniger als
einem Jahr zu berechnen sind, erfolgt die Berechnung auf der Grundlage des Zinstagequotienten (wie
nachstehend definiert).
(4) Zinstagequotient. "Zinstagequotient" bezeichnet im Hinblick auf die Berechnung eines Zinsbetrages auf
eine Schuldverschreibung für einen beliebigen Zeitraum (der "Zinsberechnungszeitraum"): die tatsächliche
Anzahl von Tagen im Zinsberechnungszeitraum, dividiert durch die tatsächliche Anzahl von Tagen in der
jeweiligen Zinsperiode.
§ 5
ZAHLUNGEN
(1) Zahlungen auf Kapital. Zahlungen auf Kapital in Bezug auf die Schuldverschreibungen erfolgen nach
Maßgabe des nachstehenden Absatzes 3 an das Clearing System oder dessen Order zur Gutschrift auf die

2 Der gesetzliche Verzugszinssatz beträgt für das Jahr fünf Prozentpunkte über dem von der Deutsche Bundesbank von Zeit zu
Zeit veröffentlichten Basiszinssatz, §§ 288 Absatz 1, 247 BGB.
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