Teles AG

ots Ad hoc-Service: TELES AG TELES: Cost-Cutting Program and Reorientation Take Effect

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    (ots Ad hoc-Service) -          Berlin, 12th June 2000. The Teles Group will achieve the turn around by the middle of the year thanks to the expansion of business activities to the growth market of Internet value-added services and a comprehensive cost-cutting program. To this end over 25% of the jobs in the loss-making departments will be cut, a total of approximately 3 percent of all Group jobs. At the same time, however, a comparable number of new jobs are being created in the new business areas.

    The first two quarters of this year unfortunately still show negative results: In the first quarter revenues of Euro 39.9 million were achieved (1999: Euro 23 million) and losses after tax of Euro 0.7 million (1999: profit after tax amounted to Euro 1.4 million), and further losses are anticipated in the second quarter. From the third quarter, however, a positive profitability trend is expected to come into effect.

    The detailed report for the first quarter of 2000 will be published under at the end of this week.

    Prof. Sigram Schindler CEO of Teles AG

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