Budapest,

According to the expired contract, CosmoTelco had the right to acquire additional shares in Stonebridge from Matáv such that CosmoTelco's holding can be increased from the current 7.4% by an additional 10% of the issued share capital of Stonebridge. The expiry date of the extension is November 30, 2003, other conditions are unchanged.

Stonebridge owns 51% of the Macedonian telecommunications company, MakTel. The current shareholders of Stonebridge are Matáv with an 89.55% stake, SEEF with a 3.05% and CosmoTelco with a 7.4% stake.