Investor Releases

April 11, 2002

Matáv (NYSE: MTA.N and BSE: MTAV.BU), the leading Hungarian telecommunications service provider, hereby announces that Westel Mobile Telecommunications Co. Ltd. held its Annual General Meeting on April 10, 2002

The financial statements according to the Hungarian Accounting Rules (HAR) and report on the 2001 business activities were approved, changes in the governing bodies of the company were approved and a resolution was made for a total dividend payment of HUF 23.5 billion.

As a result of the personnel changes, the members of the new Board of Directors are:

Elek Straub, dr. Klaus Hartmann, Klára Armuth, Manfred Ohl, dr. Tamás Pásztory, Fridbert Gerlach, Michael Günther, Martin Boit, András Sugár és dr. Zsigmond Bodnár.

The members of the new Supervisory Board are: dr. Stephan von Rosenberg, dr. Dóra Petrányi, Siegfried Pleiner, Irene Lange, József Szűcs és István Maradi.

Westel is the largest mobile operator in Hungary with approximately 2.5 million subscribers and over 50% GSM market share as of end of 2001