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Telekom Austria Cites IPO Irregularities

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VIENNA -- Telekom Austria Group has announced that new evidence exists about irregularities concerning the IPO stock option program of 2004. Precisely it is about the statement of a staff member, who confessed to have been involved in malversation. On February 26, 2004, the stock price has been influenced in that way that the trigger level was reached. The affected staff member was dismissed immediately after his confession.

The legal situation of a possible reimbursement is being analyzed. Hannes Ametsreiter, CEO of Telekom Austria Group, makes a further step ahead: He has made an agreement with the supervisory board of Telekom Austria AG to refund the bonus he received in 2004 on a trust account after all facts are judicially verified.

Hannes Ametsreiter: „In clearing the case our main target is to call in the amount of money from those who have caused the financial loss. Once again we emphasize that those, who have been guilty of misconduct, will be held responsible in full charge without any exception”.

Telekom Austria AG (NYSE: TKA; Vienna: TKA)

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