T-Online Shares Have Stronger-Than-Expected Start

The initial public offering of T-Online International whose IPO on the German Neuer Markt
was oversubscribed ten-fold, took place Tuesday with an opening price of 28.30
Euro (27.06USD). The initial price listing lies barely over the issue price
of 27 Euro (25.82USD), which was fixed at the low end of the price-span in
view of the current state of the markets. Total proceeds of the IPO, amount
to 3.08 billion Euro (2.95 billion USD), according to Deutsche Telekom chief
executive Ron Sommer.

Altogether 4.62 million private investors subscribed to T-Online stocks, of
this number, 528,000 were T-Online customers, who had previously taken part
in a user survey. Some of them are believed to have already sold their
stocks within hours following the first listing. In early business, dealers
had registered purchases by consortial banks to support prices. The stock is
currently increasing in value against the general Neuer Markt trend and the
current price lies at 32.90 Euro (31.48USD). Tendency is climbing, comment
dealers.

German Finance Minister Hans Eichel (Socialdemocratic Party) assesses the
current price trend of T-Online as a sign that price losses on the Neuer
Markt will soon come to an end. He came to the conclusion that a
“fundamentally better situation in Europe” would soon kick in. “Follow the
figures”, he recommended the gathered listeners at the initial conference
marking the debut of the daughter of the Deutsche Telekom