DEUTSCHETELEKOM AG

Code of Ethics for the Chief ExecutiveOfficer, Chief Financial Officer and Chief Accounting Officer

It is the policy of Deutsche Telekom AG (the"Company") to conduct its business andcorporate activities in accordance with the principles of ethical andresponsible leadership. The Chief Executive Officer, the ChiefFinancial Officer and the Chief Accounting Officer of the Company(each, an "Officer"; collectively, the"Officers") bear special responsibility forensuring that the interests of the Company's shareholders,employees and customers are protected and promoted by ethical andhonest management practices.

This Code of Ethics (the"Code") has been adopted by the Company forthe Officers in order to promote honesty, integrity, transparency andethical conduct by those persons in their performance of theirmanagement responsibilities.

The enforcement of the Codeshall be, within the framework of applicable law and corporate policy,the responsibility of the Supervisory Board of the Company. Subject tothis framework the Supervisory Board may request the assistance of themembers of the Management Board and officials of the Company, such asthe Heads of Corporate Control, Group Auditing or the Chief LegalOfficer of the Company, in carrying out this responsibility.

This Code, and any waiver of it, shall be made publiclyavailable, as required by applicable law. In addition to the Code, theOfficers are subject to, and shall comply with, all other applicablecompliance codes and policies of the Company.

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| 1.  | Honest and Ethical Conduct |

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| 1.1  | The Company is committed to the highest standardsof ethical business conduct. The Officers must engage in honest andethical conduct at all times and in all respects in discharging theduties of their respective offices. |

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| 1.2  | The Officers must exercise high standards ofconduct in their dealings with the Company's employees, itsinvestors, customers, suppliers, and with the governmental officialsand agencies of all jurisdictions in which the Company operates. |

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| 1.3   | Each Officer must avoid situations inwhich his or her personal interests could conflict with, or even appearto conflict with, the interests of the Company. All conflicts ofinterest of an Officer, whether actual or apparent, must be addressedin a manner that complies with the ethical requirements of this Code. A"conflict of interest" exists whenever anindividual's private interests interfere or conflict in any way(or even appear to interfere or conflict) with the interests of theCompany. A conflict of interest also exists in any situation where thegain, or potential gain, from information attained through employmentwith the Company is used for personal benefit and/or to the detrimentof the Company. Conflicts of interest may also arise when a member ofan Officer's family receives improper personal benefits as aresult of the Officer's position in the Company, regardlesswhether such benefits are received directly from the Company orindirectly from a third party. |

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| 1.4  | All conflicts or potential conflicts of interestshould immediately be reported to the Supervisory Board. |

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| 2.   | Disclosure of Information |

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| 2.1   | Each Officer shall be responsible forproviding and requiring full, fair, accurate, understandable and timelydisclosure in documents and reports the Company files with, or submitsto, governmental and regulatory agencies (including the U.S. SecuritiesExchange Commission) or otherwise communicates to the public at large.All such information provided by each Officer shall be promptlyprovided and must be accurate, complete and in compliance with allapplicable legal requirements of all jurisdictions in which the Companyoperates. |

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| 2.2   | The Officersshall also ensure that the Company will establish and maintain legallyand operationally adequate internal accounting and disclosure controls.The Officers shall assess the adequacy of such controls on an ongoingbasis and implement any changes in the controls that may benecessary. |

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| 3.   | Compliance with Law |

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| 3.1   | The Officers shall cause the Companyto respect and comply with all applicable laws, rules and regulationsof all jurisdictions in which the Company conducts business, includingthe standards relating to accounting and auditing matters. This duty oflegal compliance includes the observance of all laws, rules andregulations applicable to personal trading in the Company'ssecurities by the Officers, and the use by the Officers of material,non-public information relating to the Company. Each Officer shall alsogive his or her personal support to the Company's policy of fullyand accurately recording and reporting all financial information asrequired by applicable accounting regulations. |

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| 3.2  | The Officers shall be responsible for causing theCompany to establish, maintain and periodically assess adequateprocedures for the detection and reporting of any deviation in practicefrom the Company's policy of full compliance with all applicableaccounting regulations. |

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| 3.3   | This Codeof Ethics does not, and is not intended to, summarize all laws, rulesand regulations applicable to the Company and its employees, officersand directors. It is the responsibility of each Officer to adhere toall applicable requirements and prohibitions imposed by those laws,rules and regulations, including those relating to accounting andauditing matters. |

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| 4.   | InternalReporting |

If any Officer is concerned that an act oromission of an Officer, or of any person acting at the direction of anOfficer, may constitute a violation of this Code, then such Officershould promptly inform the Supervisory Board of the Company of suchconcern. Failure to do so shall constitute a violation of thisCode.

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| 5.   | Accountability forCompliance |

Each of the Officers shall be personallyaccountable for compliance with this Code. The Supervisory Board of theCompany shall be responsible for the investigation of all allegedviolations of this Code. In the event a violation of the Code isestablished, appropriate sanctions will be imposed by, or on behalf of,the Supervisory Board of the Company in accordance with applicable lawand with applicable Company guidelines and policy, which may includesanctions and disciplinary measures including discharge from theCompany. Violations of this Code may also constitute or result inviolations of law and may ensue civil or criminal penalties for theOfficers, their supervisors and/or the Company.

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| 6.  | Amendment, Modification and Waiver |

This Code may be amended, modified or waived in writing fromtime to time, and all such amendments, modifications or waivers, bothexpress and implied, shall be subject to the disclosure requirements ofall applicable laws, rules and regulations.

(Valid as ofMarch 2004)

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