To all shareholders
of TELES AG
5th August 1999
Shareholder Information
Dear Sir or Madam,
We have received numerous calls regarding the present price performance of our shares, which is indeed frustrating. There is no reasonable explanation for this. Our business is developing according to plan, and there have been no unusual occurrences of any kind whatsoever. We therefore continue to hold to our revenues and profit forecasts for 1999.
It is of course a fact that the Neue Markt index is in general under pressure at present, and the German press often comments on developments in the telecommunications industry in Germany very negatively. We consider these phenomena to be only temporary: The NEMAX 50 should recover significantly in the fourth quarter, and the TELES share particularly should then reflect the company's actual business development in 1999. We hope that by the end of this year / the beginning of next year the share price will exceed the maximum price of 95 Euro achieved in January 1999. Current discussions with our customers justify our positive expectations for the second half of this year.
We hope that you, our shareholder, will continue to remain loyal to our company. We are convinced that our share price will start performing positively – something to which you have become accustomed where TELES shares are concerned.
We would like to draw your attention at this point to the fact that the semi-annual accounts of TELES AG will be published as planned on 16th August 1999.
Best regards,
Prof. Dr.-Ing. Sigram Schindler
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