Telekom Austria (1K) | Hold | Earnings upgrades due to CEE and capex cuts

Research evidence excerpt

Telekom Austria (1K) | Hold | Earnings upgrades due to CEE and capex cuts

target price will not be achieved within the expected timeframe.

Unless otherwise stated, models used are proprietary. Additional information about the proprietary models used in this report is accessible on request.

KEPLER CHEUVREUX’ equity research policy is to update research rating when it deems appropriate in the light of new findings, markets development and any relevant

information that can impact the analyst’s view and opinion.

Regulators

Location Regulator Abbreviation

KEPLER CHEUVREUX S.A - France Autorité des Marchés Financiers AMF

KEPLER CHEUVREUX, Sucursal en España Comisión Nacional del Mercado de Valores CNMV

KEPLER CHEUVREUX, Frankfurt branch Bundesanstalt für Finanzdienstleistungsaufsicht BaFin

KEPLER CHEUVREUX, Milan branch Commissione Nazionale per le Società e la Borsa CONSOB

KEPLER CHEUVREUX, Amsterdam branch Autoriteit Financiële Markten AFM

Kepler Capital Markets SA - Switzerland, Zurich branch Swiss Financial Market Supervisory Authority FINMA

Kepler Capital Markets, Inc. Financial Industry Regulatory Authority FINRA

KEPLER CHEUVREUX, London branch Financial Conduct Authority FCA

KEPLER CHEUVREUX, Vienna branch Austrian Financial Services Authority FMA

KEPLER CHEUVREUX, Stockholm Branch Finansinspektionen FI

KEPLER CHEUVREUX Oslo Branch Finanstilsynet NFSA

KEPLER CHEUVREUX, Bruxelles Branch Autorité des Services et Marchés Financiers FSMA

KEPLER CHEUVREUX, Dubai DIFC Branch Dubai Financial Services Authority DFSA

KEPLER CHEUVREUX Warsaw branch Komisja Nadzoru Finansowego KNF

KEPLER CHEUVREUX is authorised and regulated by both Autorité de Contrôle Prudentiel and Autorité des Marchés Financiers.