The T-Share.

Economic recovery and the euro crisis dominated the year on the stock exchanges // Markets impressed by Deutsche Telekom’s long-term shareholder remuneration policy

T-Share information.
		2010	2009

^* Deutsche Telekom delisted from the New York and Tokyo stock exchanges in the 2010 financial year. The last day of trading at the NYSE was on June 18, 2010 and at the Tokyo Stock Exchange on July 15, 2010.
Xetra closing prices	€
Share price on the last trading day		9.66	10.29
Year high		10.60	11.39
Year low		8.55	7.93
Trading volume
German exchanges	billions of shares	4.7	5.3
New York Stock Exchange (ADRs)*	millions of shares	184	356
Tokyo Stock Exchange*	millions of shares	1.4	0.3
Market capitalization on the last trading day	billions of €	41.7	44.9
Weighting of the T-Share in major stock indexes on the last trading day
DAX 30	%	4.7	5.8
Dow Jones Euro STOXX 50^®	%	1.1	1.2
T-Share – key figures
Earnings per share (basic and diluted)	€	0.39	0.08
Proposed dividend	€	0.70	0.78
Number of shares issued	millions, at year-end	4,321.32	4,361.32

Capital markets environment.

While the global economy in 2009 went through the worst recession since 1945, 2010 was marked by economic recovery on the one hand and the debt crisis in several European countries on the other.

Economic activity around the globe was revived, in many cases with the help of large-scale fiscal and monetary policy programs. However, fear of national bankruptcy in Greece, Ireland and other European countries put the euro under considerable pressure. The EU and the IMF had to help out with financial aid facilities worth several billions.

Market demand worldwide centered on cyclical stocks, e.g., stocks that depend heavily on economic growth. These, however, were in fact among the main losers in the crisis year of 2009. Consequently, in 2010 defensive stocks such as health and telecommunications that had not experienced such a pronounced decline beforehand tended to lag somewhat behind the strengthening markets.

Development of international indexes.

Europe’s indexes developed very differently depending on their exposure to the euro crisis, on the significance of the financial sector, and on the strength of the respective national economies. For instance, the DAX rose by a total of 16.1 percent, making it one of Europe’s best performing indexes in 2010. For the first time since June 2008, it passed the 7,000 points mark several times in December and closed the year at 6,914. By contrast, Spain’s IBEX 30 sustained a drop of 17.4 percent while Greece’s index lost as much as 35.6 percent.

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