Press Releases

Budapest, February 24, 2011 13:00

Magyar Telekom announces that the Board of Directors requests a new authorization from the General Meeting for the purchase of ordinary shares accounting for no more than 10% of the share capital of Magyar Telekom Plc.

The purpose of the authorization is to supplement Magyar Telekom's current shareholder remuneration policy in line with international practice. At the same time the Board of Directors believes dividend should remain the main method for shareholder remuneration.

According to the Board of Directors' proposal the General Meeting would authorize the Board of Directors to purchase a total of up to 104,274,254 ordinary shares (with a face value of HUF 100 each) of Magyar Telekom Plc. The authorization would be valid for further 18 months starting on the approval date of the General Meeting. The shares to be purchased on the basis of this authorization may not at any time account for more than 10% of the share capital of Magyar Telekom Plc. In addition, the shares would be purchased through the stock exchange. The authorization may be exercised in full or in part, and the purchase can be carried out in partial tranches spread over various purchase dates within the authorization period until the maximum purchase volume is reached.

Magyar Telekom will hold its Annual General Meeting on 12th April 2011.