Investor Releases

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 the Board of the Hungarian National Regulatory Authority (NRA) has published its draft resolutions concerning the new reference offers applicable retrospectively from May 1, 2008. The final resolutions are expected to be published by the end of August 2008.

Budapest, June 20, 2008

The impact of the new draft interconnection fees published by the NRA is estimated at an average 26% decrease in tariffs compared to previous levels. The table below sets out the new and previous per minute interconnection rates excluding VAT:

The table below sets out the new and previous reference unbundling and local bitstream access offer fees excluding VAT:

This investor news contains forward-looking statements. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore should not have undue reliance placed upon them. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Such factors are described in, among other things, our Annual Report on Form 20-F for the year ended December 31, 2007 filed with the U.S. Securities and Exchange Commission.

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