Press Releases

Budapest, June 23, 2010 12:15

Magyar Telekom intends to delist its American Depositary Receipts (ADRs) from the New York Stock Exchange (NYSE). Magyar Telekom's Board of Directors approved the decision at its meeting today.

The main purpose of delisting is to reduce complexity in financial reporting and administrative costs. The Company remains committed to serve its investor base in the United States, as well as to comply with the highest standards of corporate governance, and to provide transparent financial reporting. The Company intends to file a Form 25 with the SEC to effect the delisting not later than the end of 2010.

"Magyar Telekom adjusts to international trading practices and by doing so reduces the complexity of its presence in the capital markets. The vast majority of international investors already use our listing in Budapest to buy and sell Magyar Telekom shares," said Thilo Kusch, Chief Financial Officer and Member of the Board of Directors.

The ADR program will be modified to reflect the delisting and will be maintained on a Level I basis, allowing ADRs to be traded over-the-counter. The Company will maintain its primary listing on the Budapest Stock Exchange and will continue to make English translations of its annual reports, financial statements, and investor releases available on its website at www.telekom.hu.

Once the delisting has become effective and Magyar Telekom meets the criteria for deregistration, Magyar Telekom intends to file a Form 15F with the U.S. Securities and Exchange Commission (SEC) to deregister its securities and terminate its reporting obligations under the applicable U.S. laws and regulations.

Magyar Telekom will keep its investors and all other capital market participants informed about the further developments.

Magyar Telekom reserves the right, for any reason, to delay the filings or to withdraw them prior to their effectiveness, and to otherwise change its plans in this regard.

About Magyar Telekom
Magyar Telekom is Hungary's largest telecommunication service provider, which offers the full range of telecommunication and info-communication (ICT) services, including fix and mobile phone, data transmission and non-voice, as well s IT and system integration services. The company pursues its business through its two business units: Consumer Services Business Unit (the T-Home brand of services accessed at home and the T-Mobile brand of mobile communication services); Business Services Business Unit (T-Systems brand). Magyar Telekom is majority owner of Makedonski Telekom, the largest fix and mobile service provider of Macedonia, as well as Crnogorski Telekom, Montenegro's largest telecommunication service provider. Magyar Telekom's majority (59.21%) owner is MagyarCom Holding GmbH, which is exclusively owned by Deutsche Telekom AG. Further information is available at www.telekom.hu.