Investor Releases

Budapest, March 23, 2005

Announcement of Matáv Ltd. on the sale of shares not submitted for dematerialisation. Matáv Hungarian Telecommunications Company Ltd. (Registry No.: Cg-01-10-041928, registered office: 1013 Budapest, Krisztina krt. 55.) hereby informs its shareholders, that dematerialized shares equivalent to the shares that were not submitted during the course of dematerialisation process of the company's series "A" ordinary shares will be sold - in accordance with the relevant regulations - on the Budapest Stock Exchange no later than March 27, 2005 through an investment service provider as required by law.

From this time on holders of invalidated printed shares may not request their certificates to be replaced by dematerialized securities, but they can request the value of the sold dematerialised securities. The amount paid for one share will be the average selling price less the transaction cost.

Payments to shareholders will be made from March 29, 2005 at KELER's offices (1075 Budapest, Asbóth u. 9-11., Monday - Friday from 9.00 a.m. to 3.00 p.m). The amount can be paid in cash or can be transferred into a bank account. Cash payments will only be executed from 9.00 a.m. to 12.00 a.m.. KELER will not accept shares sent by mail, therefore we kindly ask our shareholders to present the shares personally or through an authorized representative. To receive their entitled payment, shareholders will have to present the printed shares, particulars, certificates needed to identify the owner of the shares (name, address, date and place of birth, mother's name, tax number) as well as a certificate showing how much money they originally paid for the shares.