2015 targets and dividend expectations

• Revenues: Low single digit increase driven by revenue restructuring and GTS acquisition
• EBITDA: Slight decrease due to higher severance expense
• Capex: Accelerating next generation fixed access rollout
• Dividend: Minimum of HUF 15 per share expected

2017 targets
The Company continues to expect revenue growth of ca. 2% CAGR compared to 2012 levels. At the same time, reported EBITDA is expected to be higher than earlier forecasted partly due to the current headcount rationalization program. We also expect to be able to leverage the acceleration of fixed network development in terms of improved market positions in Hungary. As a result, the Company now targets a reported EBITDA of at least HUF 185 billion and while keeping our Capex target of around HUF 80 billion unchanged, we also increase our free cash flow target to at least HUF 50 billion.

2015 and 2017 public guidance:

*excluding spectrum acquisitions and annual frequency fee capitalization

This investor news may contain 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 Reports for the year ended December 31, 2013 available on our website athttps://www.telekom.hu