Budapest, April 6, 2005 17:00

In a closing act of its privatization process, Telekom Montenegro (TCG) held a General Meeting in Podgorica. The agenda included election of the new Board of Directors corresponding to the new ownership structure of the company.

Matáv, which has successfully acquired 73.04% stake in TCG, has nominated 6 members to the 7-member Board. As Matáv candidates, the shareholders have elected the following persons as members of the Board of Directors of Telekom Montenegro:

- Dr. Péter Dankó, Director, Group Legal Services, Matáv
- Dr. Pál Kustra, Project Manager, Business Development and M&A, Matáv
- Tamás Morvai, Director, Business Development and M&A, Matáv
- Dr. Oleg Obradović, Chairman, Telekom Montenegro
- Zoltán Tiszai, Director, Group Planning and Controlling, Matáv
- János Winkler, Deputy CEO, T-Mobile Hungary

The minority shareholders have nominated for Board membership:
- Slavko Carić, Director, Synergy Capital, Belgrade

Elek Straub, Matáv's Chairman-CEO said in assessment of the General Meeting:
"I was happy to learn that as a closing act of Matáv's Montenegro acquisition the General Meeting elected the new Board of Directors of Telekom Montenegro, which we hope will successfully direct the group through the strategic decisions it will take. As majority shareholder, Matáv wishes to lend every assistance to the new Board in order to make the privatization of Telekom Montenegro a real success story both for the shareholders and the customers."