Investor Releases

Budapest, January 24, 2007

Magyar Telekom (Reuters: NYSE: MTA.N, BÉT: MTEL.BU and Bloomberg: NYSE: MTA US, BÉT: MTELEKOM HB), the leading Hungarian telecommunications service provider, announces that Dr. Tamás Pásztory, the Chief Human Resources and Legal Officer of Magyar Telekom Plc. is to leave the company.

The decision was initiated by Dr Pásztory, who leaves by mutual agreement with Magyar Telekom Plc.   Dr. Pásztory will leave the company with effect from March 30, 2007.

Magyar Telekom Plc expresses its acknowledgments and thanks Dr. Pásztory for his outstanding contributions to the development, success and improved operating efficiency of Magyar Telekom Group from the foundation of the Company in 1990 to the present day.

This investor news 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 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, 2004 filed with the U.S. Securities and Exchange Commission.