Investor Releases

Budapest, February 12, 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 its subsidiary, Makedonski Telekomunikacii AD (MakTel) has signed an agreement to sell its fully owned company Montmak DOO for a consideration of EUR 5 million. Montmak DOO owns and operates a beach hotel facility on Montenegro’s Adriatic coast and had a book value of EUR 1 million as of December 31, 2007. The transaction is expected to close in the first quarter 2008.

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, 2006 filed with the U.S. Securities and Exchange Commission.