Investor Releases

Budapest, December 23, 2008

Magyar Telekom (Reuters: NYSE: MTA.N, BÉT: MTEL.BU and Bloomberg: NYSE: MTA US, BÉT: MTELEKOM HB), the leading Hungarian telecommunications service provider, today announced that the Office of the Macedonian Agency for Electronic Communication granted a UMTS license to T-Mobile Makedonija AD Skopje on December 17, 2008.

T-Mobile Makedonija AD Skopje, the leading mobile operator in Macedonia and a fully owned subsidiary of Makedonski Telekom AD, is granted the right to use Macedonian UMTS frequency blocks for 10 years. The one-off license fee is EUR 10 million, which was paid in December 2008. Obligations include the launch of the service within 6 months, 50% population coverage within 1 year and 80% population coverage within 3 years from the date of granting the license.

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, 2007 filed with the U.S. Securities and Exchange Commission.