Dear Sir,

BDL Capital Management is an asset management company founded in 2005 and which manages European equity funds invested over long-term horizons on the basis of companies’ fundamentals. BDL Capital Management currently holds more than 1% of Telekom Austria’s shares.

Climate change is leading to ever-stricter regulations and new consumption patterns. These developments present opportunities but also risks to European companies’ business models. Tougher financing conditions and asset impairment due to loss of market share as a result of an inadequate environmental policy, are just some of the factors that can negatively influence an enterprise’s intrinsic value. We therefore pay particularly close attention to the ESG policies of the companies in which we invest, and especially their energy transition strategy.