Leading operator in the main Austrian telecommunications segments A very profitable and cash-generative mobile operation in Bulgaria and a strong mobile operation in Croatia Strong operating profitability and free operating cash flow generation A conservative balance sheet and transparent financial policy A competitive and regulated domestic wireline marketplace Fierce competition and strong regulatory pressure in the saturated Austrian mobile market Plans to continue expanding in southeast Europe The ratings on Telekom Austria AG reflect the group's continuing leading market position in all main segments of the Austrian telecommunications market, a strong financial profile supported by the cash-generative characteristics of some of its growing international mobile operations, continued solid operating performance, and a transparent and conservative financial policy. These factors are
