Press Releases

Budapest, December 20, 2001

Matáv and T-Venture Holding GmbH is pleased to announce the opening of T-Venture’s office in Budapest, Hungary. The office will be operational from January 2002 and will be located at Matáv.

Matáv and T-Venture intend to establish a venture capital fund for early stage minority investments. This fund is expected to become operational during the first quarter of 2002.

T-Venture Holding is the corporate venture capital arm of Deutsche Telekom. Since 1997, T-Venture has invested over Euro 250 million in more than 60 portfolio companies, all in the TIMES sector and mostly in the earlier stages of their development. T-Venture has portfolio stakes across the globe - throughout Europe, in North America, Asia, and Israel - and is one of the leading technology investors in Europe.

Hungary represents T-Venture’s first expansion into Central and Eastern Europe, based upon its unique ties to Matáv and upon the open and fast developing nature of the Hungarian economy. Market studies have shown that technology investing has boomed in Hungary in the last two years, and has even held up well in 2001. About 2/3 of the early stage-investments in Hungary is in the TIMES (Telecommunications - Information Technology -Multimedia - Entertainment - Security) sector. Matáv and T-Venture believe that T-Venture’s global expertise and Matáv’s key local market position can be combined to benefit from and promote Hungary’s emerging high tech sector.