DEFINED TERMS

The term "Report" refers to this Report on Form 6-K for the six-month period ended June 30, 2004.

Deutsche Telekom AG is a private stock corporation organized under the laws of the Federal Republic of Germany. As used in this Report, unless the context otherwise requires, the term "Deutsche Telekom" refers to Deutsche Telekom AG and the terms "we," "us", "our" and "Group" refer to Deutsche Telekom and, as applicable, Deutsche Telekom and its direct and indirect subsidiaries as a group. Our registered office is at Friedrich-Ebert-Allee 140, 53113 Bonn, Germany, telephone number +49-228-181-0. Our agent for service of process in the United States is Deutsche Telekom, Inc., 101 East 52nd Street, New York, N.Y. 10022.

FORWARD-LOOKING STATEMENTS

This Report contains forward-looking statements that reflect the current views of our management with respect to future events. Forward-looking statements generally are identified by the words "expects," "anticipates," "believes," "intends," "estimates," "aims," "plans," "will," "will continue," "seeks" and similar expressions. Forward-looking statements are based on current plans, estimates and projections, and therefore you should not place too much reliance on them. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statement in light of new information or future events, although we intend to continue to meet our ongoing disclosure obligations under the U.S. securities laws (such as our obligations to file annual reports on Form 20-F and periodic and other reports on Form 6-K) and under other applicable laws. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and are generally beyond our control. We caution you that a number of important factors could cause actual results or outcomes to differ materially from those expressed in, or implied by, the forward-looking statements. These factors include, among other factors: the development of demand for our telecommunications services, particularly for new, higher value service offerings; competitive forces, including pricing pressures, technological changes and alternative routing developments; regulatory actions and the outcome of disputes in which the company is involved or may become involved; the pace and cost of the rollout of new services, such as UMTS, which may be affected by the ability of suppliers to deliver equipment and other circumstances beyond our control; public concerns over health risks putatively associated with wireless frequency transmissions; risks associated with integrating our acquisitions; the development of asset values in Germany and elsewhere, the progress of our debt reduction program, including its degree of success in achieving desired levels of liquidity improvement and proceeds from disposals; the development of our cost control initiatives, including in the area of personnel reduction; risks and uncertainties relating to benefits anticipated from our international expansion, particularly in the United States; the progress of our domestic and international investments, joint ventures and alliances; our ability to gain or retain market share in the face of competition; our ability to secure and retain the licenses needed to offer our services; the effects of price reduction measures and our customer acquisition and retention initiatives; the availability, term and deployment of capital, particularly in view of our debt refinancing needs, actions of the rating agencies and the impact of regulatory and competitive developments on our capital outlays; and changes in currency exchange rates and interest rates. If these or other risks and uncertainties (including those described in "Forward-Looking Statements," "Item 3. Key Information — Risk Factors" and "Item 5. Operating and Financial Review and Prospects — Factors Affecting Our Business" contained in our most recent Annual Report on Form 20-F for the year ended December 31, 2003 filed with the U.S. Securities and Exchange Commission) materialize, or if the assumptions underlying any of these statements prove incorrect, our actual results may be materially different from those expressed or implied by such statements.

EXCHANGE RATES

Unless otherwise indicated, all amounts in this document are expressed in euros. As used in this document, "euro" or "EUR" means the single unified currency that was introduced in the Federal Republic of Germany (referred to as the "Federal Republic") and ten other participating member

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states of the European Union on January 1, 1999. "U.S. dollar" or "USD" means the lawful currency of the United States of America. As used in this document, the term "noon buying rate" refers to the rate of exchange for euro as announced by the Federal Reserve Bank of New York for customs purposes as the rate in The City of New York for cable transfers in foreign currencies. Unless otherwise stated, conversions of U.S. dollars into euro have been made at the rate of USD 1.00 to EUR 0.8199, which was the noon buying rate on June 30, 2004.

Amounts appearing in this report that were translated into euros from other currencies were translated in accordance with the principles described in the consolidated financial statements contained in our Annual Report on Form 20-F under "Consolidation principles — Foreign currency translation."

DEUTSCHE TELEKOM AT A GLANCE

				For the six months ended June 30,								Change				% Change				For the year December 31, 2003
				2004				2003
				millions of € (except where indicated)
Net revenue (total revenues excluding inter-segment revenues)					28,398				27,211				1,187				4.4				55,838
Domestic					17,025				17,136				(111	)			(0.6	)			34,691
International					11,373				10,075				1,298				12.9				21,147
Results from ordinary business activities					2,752				1,092				1,660				n.m.				1,398
Financial income (expense), net					(1,791	)			(1,945	)			154				7.9				(4,031	)
Depreciation and amortization					(6,031	)			(6,481	)			450				6.9				(12,884	)
of property, plant and equipment					(3,779	)			(4,133	)			354				8.6				(8,206	)
of intangible assets					(2,252	)			(2,348	)			96				4.1				(4,678	)
Other taxes					(97	)			(96	)			(1	)			(1.0	)			(162	)
Net income					1,824				1,109				715				64.5				1,253
Earnings per share /ADS (EUR) (1)					0.43				0.26				0.17				65.4				0.30
Investments in property, plant and equipment and intangible assets (2)					(2,536	)			(2,105	)			(431	)			(20.5	)			(6,234	)
Net cash provided by operating activities					7,128				6,260				868				13.9				14,316

				As of June 30,								Change				% Change				As of December 31, 2003
				2004				2003
				millions of € (except where indicated)
Debt (in accordance with consolidated balance sheet)					49,979				61,248				(11,269	)			(18.4	)			55,411
Equity ratio (%) (3)					32.2				28.6				3.6				—				29.1
Number of employees
Deutsche Telekom Group					247,830				250,533				(2,703	)			(1.1	)			248,519
Salaried employees (excl. civil servants)					199,866				200,554				(688	)			(0.3	)			198,726
Civil servants					47,964				49,979				(2,015	)			(4.0	)			49,793
Telephone lines (4)					57.7				58.1				(0.4	)			(0.7	)			57.9
Mobile subscribers (majority shareholdings) (5)					71.6				61.8				9.8				15.9				66.7

	n.m. — not meaningful

(1)	Earnings per share (according to German GAAP) for each period is calculated by dividing net income/loss by the weighted average number of outstanding shares. One ADS (American Depositary Share) corresponds in economic terms to one share of common stock of Deutsche Telekom AG.

(2)	Excluding goodwill.

(3)	The ratio equals total shareholders' equity divided by total assets.

(4)	Telephone lines of the Group (including ISDN channels), including for internal use.

(5)	Number of subscribers of T-Mobile's fully consolidated mobile communications companies, plus the majority shareholdings of MATÁV and Hrvatske telekomunikacije (HT). Mobimak subscribers included for the first time as of March 31, 2004. The figures for the previous year have been adjusted accordingly.

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DEUTSCHE TELEKOM AG

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
AS OF JUNE 30, 2004 AND DECEMBER 31, 2003 AND
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2004 AND 2003
AND THE YEAR ENDED DECEMBER 31, 2003
(Unaudited)

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DEUTSCHE TELEKOM AG

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

								For the three months ended June 30,								For the six months ended June 30,								For the year ended December 31, 2003
								2004				2003				2004				2003
				Note				(millions of €, except per share data)
Net revenue									14,412				13,593				28,398				27,211				55,838
Cost of sales									(7,766	)			(7,741	)			(15,336	)			(15,310	)			(31,402	)
Gross profit									6,646				5,852				13,062				11,901				24,436
Selling costs									(3,274	)			(3,168	)			(6,569	)			(6,555	)			(13,505	)
General and administrative costs									(1,129	)			(1,290	)			(2,234	)			(2,625	)			(4,976	)
Other operating income					(3	)			2,758				1,118				3,489				2,629				4,558
Other operating expenses					(4	)			(1,914	)			(1,061	)			(3,205	)			(2,313	)			(5,084	)
Operating results									3,087				1,451				4,543				3,037				5,429
Financial income (expense), net					(5	)			(681	)			(853	)			(1,791	)			(1,945	)			(4,031	)
Results from ordinary business activities									2,406				598				2,752				1,092				1,398
Income tax (expense) benefit					(6	)			(658	)			(266	)			(738	)			194				225
Income after taxes									1,748				332				2,014				1,286				1,623
Income applicable to minority shareholders									(93	)			(76	)			(190	)			(177	)			(370	)
Net income									1,655				256				1,824				1,109				1,253
Earnings per share (1) and ADS (2) (German GAAP)									0.39				0.06				0.43				0.26				0.30

(1)	Earnings per share (according to German GAAP) for each period is calculated by dividing net income by the weighted average number of outstanding shares.

(2)	One ADS (American Depository Share) corresponds in economic terms to one share of common stock of Deutsche Telekom AG.

The accompanying notes are an integral part of these
unaudited condensed consolidated financial statements.

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DEUTSCHE TELEKOM AG

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

								As of June 30, 2004				As of December 31, 2003
								(millions of €)
				Note
ASSETS
Noncurrent assets					(9	)
Intangible assets									46,415				45,193
Property, plant and equipment									46,009				47,268
Financial assets									3,415				3,190
									95,839				95,651
Current assets
Inventories, materials and supplies									1,630				1,432
Receivables									5,721				5,762
Other assets									3,040				3,162
Marketable securities									200				173
Liquid assets									6,594				9,127
									17,185				19,656
Prepaid expenses and deferred charges									1,218				772
TOTAL ASSETS									114,242				116,079
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity					(10	)
Capital stock									10,746				10,746
Additional paid-in capital									50,103				50,092
Retained earnings									248				248
Unappropriated net loss carried forward from previous year									(23,311	)			(24,564	)
Net income									1,824				1,253
Cumulative translation adjustment account									(7,034	)			(8,017	)
Minority interest									4,177				4,053
									36,753				33,811
Accruals
Pensions and similar obligations									4,537				4,456
Other accruals									12,216				11,247
									16,753				15,703
Liabilities					(11	)
Debt									49,979				55,411
Other									9,893				10,451
									59,872				65,862
Deferred income									864				703
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES									114,242				116,079

The acompanying notes are an integral part of these
unaudited condensed consolidated financial statements.

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DEUTSCHE TELEKOM AG

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)

				Capital stock nominal value				Additional paid-in capital				Consolidated shareholders' equity generated				Cumulative translation adjustment account				Minority interest				Shareholders' equity in accordance with the consolidated balance sheet				Treasury stock				Consolidated shareholders' equity
				(millions of €)
Balance at December 31, 2002					10,746				50,077				(24,316	)			(5,079	)			3,988				35,416				(7	)			35,409
Changes in the composition of the group																					(5	)			(5	)							(5	)
Dividends for 2002																					(79	)			(79	)							(79	)
Proceeds from exercise of stock options									8																8								8
Net income													1,109								177				1,286								1,286
Foreign currency translation																	(1,611	)			(65	)			(1,676	)							(1,676	)
Balance at June 30, 2003					10,746				50,085				(23,207	)			(6,690	)			4,016				34,950				(7	)			34,943
Balance at December 31, 2003					10,746				50,092				(23,063	)			(8,017	)			4,053				33,811				(7	)			33,804
Changes in the composition of the group																					(8	)			(8	)							(8	)
Dividends for 2003																					(150	)			(150	)							(150	)
Proceeds from exercise of stock options									11																11								11
Net income													1,824								190				2,014								2,014
Foreign currency translation																	983				92				1,075								1,075
Balance at June 30, 2004					10,746				50,103				(21,239	)			(7,034	)			4,177				36,753				(7	)			36,746

The accompanying notes are an integral part of these
unaudited condensed consolidated financial statements.

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DEUTSCHE TELEKOM AG

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

				For the six months ended June 30,								For the year ended December 31,
				2004				2003				2003
				(millions of €)
Cash flows from operating activities
Net income					1,824				1,109				1,253
Income applicable to minority shareholders					190				177				370
Income after taxes					2,014				1,286				1,623
Depreciation and amortization					6,031				6,481				12,884
Income tax expense (benefit)					738				(194	)			(225	)
Net interest expense					1,768				1,930				3,776
Net gains from the disposal of noncurrent assets					(104	)			(608	)			(792	)
Results from associated companies					13				22				247
Other noncash transactions					(1,801	)			(451	)			(699	)
Change in working capital (assets) (1)					(640	)			(926	)			(542	)
Decrease in accruals					694				146				1,584
Change in working capital (liabilities) (2)					(239	)			59				149
Income taxes received					483				235				88
Dividends received					30				41				39
Cash generated from operations					8,987				8,021				18,132
Net interest payments					(1,859	)			(1,761	)			(3,816	)
Net cash provided by operating activities					7,128				6,260				14,316
Cash flows from investing activities
Cash outflows for investments in intangible assets					(281	)			(287	)			(844	)
property, plant and equipment					(2,653	)			(2,007	)			(5,187	)
financial assets					(433	)			(221	)			(373	)
consolidated companies					(156	)			(26	)			(275	)
Cash inflows from disposition of intangible assets					8				11				24
property, plant and equipment					207				548				1,055
financial assets					287				1,050				1,569
shareholdings in consolidated companies and business units					1				1,502				1,510
Net change in short-term investments and marketable securities					(331	)			(4,792	)			(18	)
Other					0				0				466
Net cash used for investing activities					(3,351	)			(4,222	)			(2,073	)
Cash flows from financing activities
Net change in short-term debt					(5,715	)			(3,534	)			(9,214	)
Issuance of medium and long-term debt					89				5,157				6,951
Repayments of medium and long-term debt					(419	)			(2,048	)			(2,879	)
Dividends paid					(170	)			(54	)			(92	)
Proceeds from exercise of stock options					11				8				15
Changes in minority interests					0				(7	)			(7	)
Net cash used for financing activities					(6,204	)			(478	)			(5,226	)
Effect of foreign exchange rate changes on cash and cash equivalents					30				(18	)			(43	)
Net increase (decrease) in cash and cash equivalents					(2,397	)			1,542				6,974
Cash and cash equivalents, at beginning of the period					8,686				1,712				1,712
Cash and cash equivalents, at end of the period					6,289				3,254				8,686

(1)	Changes in receivables, other assets, inventories, materials and supplies and prepaid expenses and deferred charges.

(2)	Changes in other liabilities (which do not relate to financing activities) as well as deferred income.

The accompanying notes are an integral part of these
unaudited condensed consolidated financial statements.

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Note (1) Summary of presentation principles

Our condensed consolidated financial statements (unaudited) as of June 30, 2004 and December 31, 2003 and for the three months and the six months ended June 30, 2004 and 2003 and the year ended December 31, 2003, have been prepared in accordance with the requirements of the German Commercial Code (Handelsgesetzbuch — HGB) and the German Stock Corporation Law (Aktiengesetz — AktG).

These condensed consolidated financial statements are unaudited. In management's opinion, these unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the consolidated results of operations, balance sheet and cash flows for each period presented. The consolidated results for interim periods are not necessarily indicative of results for the full year. These financial results should be read in conjunction with our Report on Form 20-F for the year ended December 31, 2003.

German GAAP differs in certain respects from generally accepted accounting principles in the United States (U.S. GAAP). Application of U.S. GAAP would have affected the balance sheets as of June 30, 2004 and December 31, 2003 and net income for the six months ended June 30, 2004 and 2003. A qualitative and quantitative discussion of the significant differences between German GAAP and U.S. GAAP appears in Note (14) herein, and in more detail in Notes (41) through (44) to our consolidated financial statements contained in our Annual Report on Form 20-F for the year ended December 31, 2003.

Note (2) Changes within the consolidated group

We sold shareholdings in various companies last year which were included (some ratably) in the consolidated financial statements as of June 30, 2003. These were, at T-Com, the remaining cable businesses, at T-Mobile, Niedermeyer in Austria, at T-Systems, TeleCash GmbH, SIRIS S.A.S., Multilink SA. and other less significant shareholdings, and, at T-Online, Auto.t-online. The T-Online division acquired the Scout24 group in the first half of 2004. The following table shows the effects of the new acquisitions and disposals on the individual line items of the consolidated statement of income for the first six months of 2004.

				T-Mobile				T-Online				T-Systems				T-Com				Total
				(millions of €)
Net revenue					(67	)			33				(145	)			(127	)			(306	)
Cost of sales					52				(14	)			134				80				252
Gross profit					(15	)			19				(11	)			(47	)			(54	)
Selling costs					15				(12	)			17				32				52
General and administrative costs					6				(7	)			13				65				77
Other operating income					(1	)			3				(109	)			(381	)			(488	)
Other operating expenses					0				(5	)			20				64				79
Operating results					5				(2	)			(70	)			(267	)			(334	)
Financial income (expense), net					0				(1	)			4				0				3
Results from ordinary business activities					5				(3	)			(66	)			(267	)			(331	)
Income taxes					0				(1	)			1				166				166
Income (loss) after taxes					5				(4	)			(65	)			(101	)			(165	)
(Income) loss applicable to minority shareholders					0				(1	)			0				0				(1	)
Net income (loss)					5				(5	)			(65	)			(101	)			(166	)

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Note (3) Other operating income

The components of other operating income for the six months ended June 30, 2004 and 2003 are as follows:

				For the six months ended June 30,
				2004				2003
				(millions of €)
Reversal of accruals					476				365
Income from write-up of noncurrent assets					1,807				7
Income from the disposal of noncurrent assets (including sales of investments)					149				1,078
Income from adjustments to valuation allowances (including asset-backed securities)					318				353
Cost reimbursements					149				256
Foreign currency transaction gains					57				90
Insurance compensation					21				42
Refund of value-added-tax					15				27
Other income					497				411
Total					3,489				2,629

Note (4) Other operating expenses

The components of other operating expenses for the six months ended June 30, 2004 and 2003 are as follows:

				For the six months ended June 30,
				2004				2003
				(millions of €)
Amortization of goodwill					(1,236	)			(1,270	)
Foreign currency transaction losses					(109	)			(136	)
Losses on disposal of noncurrent assets					(54	)			(107	)
Other operating expenses					(1,806	)			(800	)
Total					(3,205	)			(2,313	)

Note (5) Financial income (expense), net

The components of financial (income) expense, net for the three- and six-months ended June 30, 2004 and 2003 are as follows:

				For the three months ended June 30,								For the six months ended June 30,
				2004				2003				2004				2003
				(millions of €)
Net interest expense					(795	)			(873	)			(1,768	)			(1,930	)
Income (loss) related to associated and related companies					70				4				(2	)			1
Income (loss) related to financial assets and marketable securities					44				16				(21	)			(16	)
Financial income (expense), net					(681	)			(853	)			(1,791	)			(1,945	)

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Note (6) Income taxes

Our domestic combined income tax rate for the first six months of 2004 was 39%, consisting of a corporate income tax of 25%, a trade earnings tax and a solidarity surcharge levied at 5.5% on corporate income tax.

The German Tax Incentive Reduction Act (Steuervergünstigungsabbaugesetz) introduced a limitation on the use of loss carryforwards (minimum taxation) for corporate income tax and trade tax with effect from 2004. As a result, we incurred corporate income tax and trade tax expense, despite the existence of net operating loss carryforwards. There was an additional tax expense as a result of the recognition of deferred tax liabilities (EUR 0.4 billion) from the required write-up of U.S. mobile communications licenses. The income tax benefit reported for the first half of 2003 mainly relates to corporate income tax benefits (EUR 0.4 billion) in connection with the corporate reorganization of T-Mobile International AG & Co. KG.

Note (7) Personnel

				For the three months ended June 30,								For the six months ended June 30,
				2004				2003				2004				2003
				(millions of €)
Personnel costs					(3,433	)			(3,510	)			(6,793	)			(6,902	)

In the first half of 2004, personnel costs fell by EUR 0.1 billion, or 1.6 %, as compared to the first half of 2003, due primarily to a decline in the number of employees. Staff reductions, at T-Com and T-Systems in particular, were offset by staff increases at T-Mobile USA and T-Online (acquisition of the Scout24 group). Currency translation effects and the absence in 2004 of an adjusted discount rate applied to pension accruals, (additional minimum liability (AML)), which amounted to EUR 0.2 billion in the first half of 2003, also contributed to the decrease in personnel costs. Salary increases agreed to as part of our collective bargaining with certain unions and expenses for severance packages offset, in part, the decrease in personnel costs.

Average number of employees

				For the six months ended June 30,												For the year ended December 31,
				2004				2003				Change				% Change				2003
Civil servants					49,407				50,198				(791	)			(1.6	)			49,998
Salaried employees (excluding civil servants)					198,666				202,503				(3,837	)			(1.9	)			201,265
Total					248,073				252,701				(4,628	)			(1.8	)			251,263
Trainees and student interns					9,838				9,811				27				0.3				9,958

Number of employees at balance sheet date

				As of June 30,				December 31,												As of June 30
				2004				2003				Change				% Change				2003
Civil servants					47,964				49,793				(1,829	)			(3.7	)			49,979
Salaried employees (excluding civil servants)					199,866				198,726				1,140				0.6				200,554
Deutsche Telekom group					247,830				248,519				(689	)			(0.3	)			250,533
Trainees/student interns					9,035				11,554				(2,519	)			(21,8	)			9,406

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Note (8) Depreciation and amortization

				For the three months ended June 30,								For the six months ended June 30,
				2004				2003				2004				2003
				(millions of €)
Amortization of intangible assets					(1,127	)			(1,180	)			(2,252	)			(2,348	)
of which: UMTS licenses					(151	)			(148	)			(301	)			(299	)
of which: U.S. mobile communications licenses					(125	)			(128	)			(242	)			(265	)
of which: goodwill					(623	)			(629	)			(1,236	)			(1,270	)
Depreciation of property, plant and equipment					(1,888	)			(2,032	)			(3,779	)			(4,133	)
Total depreciation and amortization					(3,015	)			(3,212	)			(6,031	)			(6,481	)

Note (9) Noncurrent assets

The components of noncurrent assets as of June 30, 2004 and December 31, 2003 are as follows:

				As of
				June 30, 2004				December 31, 2003
				(millions of €)
Intangible assets					46,415				45,193
of which: goodwill					24,135				24,513
of which: UMTS licenses					10,112				10,260
of which: U.S. mobile communications licenses					10,024				8,179
Property, plant and equipment					46,009				47,268
Financial assets					3,415				3,190
Total noncurrent assets					95,839				95,651

Note (10) Shareholders' equity

The components of shareholders' equity as of June 30, 2004 and December 31, 2003 are as follows:

				As of
				June 30, 2004				December 31, 2003
				(millions of €)
Capital stock					10,746				10,746
Additional paid-in capital					50,103				50,092
Retained earnings					248				248
Unappropriated net loss carried forward from previous year					(23,311	)			(24,564	)
Net income					1,824				1,253
Cumulative translation adjustment account					(7,034	)			(8,017	)
Minority interest					4,177				4,053
Shareholders' equity					36,753				33,811

12

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Note (11) Liabilities

The components of liabilities as of June 30, 2004 and December 31, 2003 are as follows:

				As of
				June 30, 2004				December 31, 2003
				(millions of €)
Debt
Bonds and debentures					46,805				51,613
Liabilities to banks					3,174				3,798
Total debt					49,979				55,411
Other liabilities					9,893				10,451
Total liabilities					59,872				65,862

During the first six months of 2004 we redeemed bonds of EUR 0.9 billion denominated in Japanese Yen and bonds of EUR 3.1 billion and medium term notes of EUR 1.1 billion at maturity.

Note (12) Guarantees and commitments, and other financial obligations

Guarantees and commitments, and other financial obligations decreased by EUR 0.3 billion compared with the end of 2003. This development was the result of offsetting effects: the decrease in guarantee commtitments was almost offset by an increase in purchasing and leasing obligations in particular. The Toll Collect venture refinanced its syndicated project development loans from several banks. We have guaranteed three individual bank loans related to Toll Collect that aggregate a maximum of EUR 0.6 billion.

Note (13) Segment information in accordance with SFAS 131

Effective as of April 1, 2004, responsibility for the investment in Toll Collect was transferred from T-Com to T-Systems. For segment reporting purposes, the net carrying amounts relating to the Toll Collect investment as well as their effects on the statement of income are no longer shown under T-Com, but under T-Systems. To facilitate comparison, prior-year figures and the figures for the first quarter of 2004 have been adjusted to reflect the changes described above.

All segment information in this report has been prepared in accordance with U.S. Statement of Financial Accounting Standards No. 131 (SFAS 131) and German Accounting Standard 3, "Segment Reporting" (GAS 3).

The following tables give an overall summary (including a reconciliation line) of our segments for the fiscal year ended December 31, 2003 and for the quarter ended June 30 and the first six months of both 2003 and 2004.

For the year ended December 31, 2003				Net revenue				Intersegment revenue				Total revenue				Depreciation and amortization				Net interest income/ (expense)				Income/(loss) related to associated and related companies				Income/(loss) before income taxes
				(millions of €)
T-Com (1)					25,116				4,090				29,206				(5,169	)			(315	)			31				4,690
T-Mobile					21,572				1,206				22,778				(5,196	)			(992	)			97				831
T-Systems (1)					7,184				3,430				10,614				(1,499	)			(39	)			(447	)			(581	)
T-Online (2)					1,662				189				1,851				(430	)			110				90				104
Group Headquarters & Shared Services					304				3,964				4,268				(881	)			(2,874	)			(3	)			(4,071	)
Reconciliation					0				(12,879	)			(12,879	)			291				334				(23	)			425
Group					55,838				0				55,838				(12,884	)			(3,776	)			(255	)			1,398

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For the three months ended June 30, 2004				Net revenue				Intersegment revenue				Total revenue				Depreciation and amortization				Net interest income/ (expense)				Income/ (loss) related to associated and related companies				Income/ (loss) before income taxes
				(millions of €)
T-Com (1)					6,054				828				6,882				(1,204	)			16				12				1,405
T-Mobile					6,005				232				6,237				(1,270	)			(160	)			95				1,846
T-Systems (1)					1,813				812				2,625				(350	)			(10	)			5				(38	)
T-Online (2)					456				44				500				(111	)			28				0				45
Group Head-quarters & Shared Services					84				1,070				1,154				(173	)			(578	)			4				(839	)
Reconciliation					0				(2,986	)			(2,986	)			93				(91	)			(2	)			(13	)
Group					14,412				0				14,412				(3,015	)			(795	)			114				2,406

For the three months ended June 30, 2003				Net revenue				Intersegment revenue				Total revenue				Depreciation and amortization				Net interest income/ (expense)				Income/ (loss) related to associated and related companies				Income/ (loss) before income taxes
				(millions of €)
T-Com (1)					6,123				1,030				7,153				(1,282	)			(101	)			12				888
T-Mobile					5,233				324				5,557				(1,295	)			(297	)			7				475
T-Systems (1)					1,754				813				2,567				(380	)			(8	)			(27	)			(100	)
T-Online (2)					402				47				449				(105	)			29				(4	)			21
Group Head-quarters & Shared Services					81				990				1,071				(213	)			(508	)			39				(626	)
Reconciliation					0				(3,204	)			(3,204	)			63				12				(7	)			(60	)
Group					13,593				0				13,593				(3,212	)			(873	)			20				598

For the six months ended June 30, 2004				Net revenue				Intersegment Revenue				Total revenue				Depreciation and amortization				Net interest income/ (expense)				Income/ (loss) related to associated and related companies				Income/ (loss) before income taxes
				(millions of €)
T-Com (1)					12,107				1,750				13,857				(2,388	)			(9	)			22				2,804
T-Mobile					11,683				498				12,181				(2,504	)			(426	)			96				2,002
T-Systems (1)					3,535				1,565				5,100				(690	)			(11	)			(144	)			(228	)
T-Online (2)					909				84				993				(220	)			55				0				82
Group Head-quarters & Shared Services					164				2,080				2,244				(385	)			(1,348	)			6				(1,995	)
Reconciliation					0				(5,977	)			(5,977	)			156				(29	)			(3	)			87
Group					28,398				0				28,398				(6,031	)			(1,768	)			(23	)			2,752

For the six months ended June 30, 2003				Net revenue				Intersegment Revenue				Total revenue				Depreciation and amortization				Net interest income/ (expense)				Income/ (loss) related to associated and related companies				Income/ (loss) before income taxes
				(millions of €)
T-Com (1)					12,564				2,079				14,643				(2,600	)			(231	)			18				2,314
T-Mobile					10,239				628				10,867				(2,559	)			(601	)			9				398
T-Systems (1)					3,469				1,658				5,127				(747	)			(26	)			(35	)			(126	)
T-Online (2)					796				98				894				(207	)			60				(6	)			23
Group Head-quarters & Shared Services					143				2,021				2,164				(499	)			(1,155	)			7				(1,452	)
Reconciliation					0				(6,484	)			(6,484	)			131				23				(8	)			(65	)
Group					27,211				0