Investor Releases

Budapest, February 22, 2005

Matáv (NYSE: MTA.N and BSE: MTAV.BU), the leading Hungarian telecommunications service provider announced that the Extraordinary General Meeting approved today the decision of the Board of Directors on changing the name of Matáv to Magyar Telekom.

The General Meeting heard the information of Chairman and CEO Elek Straub on the changing of the company's name and brand strategy, then took a decision on renaming. In compliance with the resolution of the General Meeting, the company's full name will be Magyar Telekom Távközlési Részvénytársaság (Magyar Telekom Telecommunications Company Ltd.) and its abbreviated name will be Magyar Telekom Rt.

The Articles of Association have to be modified because of the change of the full and abbreviated names of the company, therefore the General Meeting also took a decision on the amendment of the relevant sections (1.1 and 1.2) of the company's Articles of Association.

This investor release contains 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 on 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 Report on Form 20-F for the year ended December 31, 2003 filed with the U.S. Securities and Exchange Commission.