Magyar Telekom (Reuters: NYSE: MTA.N, BÉT: MTEL.BU and Bloomberg: NYSE: MTA US, BÉT: MTELEKOM HB), the leading Hungarian telecommunications service provider, today announced that due to option exercised as part of the company’s management incentive program the number of treasury shares held by Magyar Telekom declined from 2,460,559 to 2,456,659 as of December 5, 2005.