ADR program

ADSs are a U.S. dollar-denominated form of equity ownership in a non-U.S company. They represent that company’s share and carry the rights attaching to them. ADR is the acronym for American Depositary Receipts. An ADR is the physical certificate evidencing ownership of one or more ADSs that trade on US financial markets. The term ADR is used interchangeably with the term ADS.

In the United States, Magyar Telekom stock was listed and traded on the New York Stock Exchange (NYSE) under a Sponsored Level III ADR Program between November 1997 and November 2010.

On October 20, 2010 Magyar Telekom provided written notice to the New York Stock Exchange (NYSE) of its intention to delist its American Depositary Shares (ADSs) from the Exchange. The Company filed the related Form 25 with the Securities and Exchange Commission on November 2, 2010. The delisting became effective on November 12, 2010, from which time Magyar Telekom ADSs are traded in the U.S. OTC securities market.

Following the NYSE delisting, the Company maintains its American Depositary Receipt program on a Level I basis.

JP Morgan Chase Bank is the depositary for Magyar Telekom ADRs. Magyar Telekom ADRs are backed by common shares held under custody in Hungary by Deutsche Bank, Hungary in JP Morgan’s name on behalf of Magyar Telekom ADR holders.