Press Releases

Budapest, May 24, 2005

Magyar Telekom today announced the inauguration of its Shared Service Center (EurAccount Ltd.), providing financial and accounting services for the members of Magyar Telekom Group.

In line with Magyar Telekom Group's strategy announced on August 12, 2004 financial and accounting services are being centralized as part of the cost cutting and rationalization plan. EurAccount Ltd., which was founded with 450 million HUF share capital, provides financial and accounting services for the members of the group, and in addition to cost savings, also lends strategic opportunities for Magyar Telekom Group. The primary purposes of the centralization are to provide best-in-industry service to internal customers, improve operational efficiencies and reduce costs associated with non-core activities.

EurAccount is 100% owned by Magyar Telekom Group, Chairman of the Board is dr. Klaus Hartmann, Chief Financial Officer and Board member of Magyar Telekom, managing director is Beáta Pál Bálintné.