Decisions on the agenda items of Magyar Telekom's Annual General Meeting

24/04/2020

Decisions on the agenda items of Magyar Telekom's Annual General Meeting

Budapest, April 16, 2021 16:00

Magyar Telekom's Board of Directors, based on the authorisation set out in Government Decree 502/2020 (XI. 16.) (hereinafter the Decree ), today approved the audited consolidated and separate financial statements of the Company for the year 2020 and decided to pay a dividend of total HUF 15,311,396,940 from the profit of 2020. The Board of Directors adopted an authorisation to purchase Magyar Telekom ordinary shares and elected the Company's Statutory Auditor.

Due to the situation caused by the coronavirus epidemic Magyar Telekom could not hold its Annual General Meeting with participation in person. The Board of Directors of the Company, in accordance with Section 9 (2) of the Decree, decided on the published agenda items at its meeting held today. Shareholders holding at least 1% of the voting rights may initiate the convening of the General Meeting to subsequently approve the resolutions adopted by the Board of Directors by no later than May 16, 2021, for decisions on the financial statements and the use of the profit, and for all other decisions within 30 days upon the end of the state of danger.

The Board of Directors approved the 2020 Consolidated Financial Statements of the Company prepared according to International Financial Reporting Standards (IFRS) including Statements of Financial Position Total Assets of HUF 1,349,894 million and Profit for the year 2020 of HUF 46,317 million; and the Company's 2020 Separate Financial Statements prepared according to International Financial Reporting Standards (IFRS) including Statements of Financial PositionTotal Assets of HUF 1,258,844 million and Profit for the year 2020 of HUF 41,552 million.

The Board of Directors then decided on the use of the profit for the year earned in 2020. A total dividend of HUF 15,311,396,940 shall be paid by the Company to the shareholders from the profit of 2020. The Company pays the dividend from the HUF 41,551,634,873 profit after tax based on the Separate Financial Statements and the remaining amount of HUF 26,240,237,933 of the profit after tax based on the Separate Financial Statements shall be allocated to retained earnings. The schedule for the payment of dividends has been amended subject to the provisions of the Decree: the first day of dividend disbursement is June 2, 2021. The record date of the dividend payment is May 21, 2021. On May 17, 2021 the Board of Directors will publish a detailed announcement on the order of the dividend disbursement on the websites of the Company and the Budapest Stock Exchange. The dividend is paid by KELER Zrt., in compliance with the instructions of the Company. If, based on the Decree, shareholders holding at least 1% of the voting rights initiate the convening of the General Meeting until May 16, 2021 the dividend - in deviation from the above - shall only be paid out upon the subsequent approval of the General Meeting.

The Board of Directors adopted an authorisation to purchase Magyar Telekom ordinary shares, which applies to trading through the stock exchange or through an OTC transaction for a period of 18 months from the date of the decision. The purpose of the authorization is to execute Magyar Telekom's shareholder remuneration program for 2021; and the operation of share based incentive plans.

Subsequently, the Board of Directors approved the Corporate Governance and Management Report for the business year of 2020. It was also declared that the management activities of the members of the Board of Directors were carried out in an appropriate manner in the previous business year, therefore they were discharged from liability for the 2020 financial year. (The decisions on the discharge become effective upon approval by the General Meeting.)

No decision was made on the remuneration of the members of the Board of Directors and the decrease of the share capital of the Company.

Finally, the Board of Directors elected PricewaterhouseCoopers K nyvvizsg l Kft. as the Company's Statutory Auditor to perform the audit services for the 2021 business year for the period ending on May 31, 2022, or, if the Annual General Meeting is held prior to May 31, 2022, on the day of the Annual General Meeting closing the 2021 business year. The Board of Directors also approved the essential elements of the contract to be concluded with the Statutory Auditor.

LINK:	https://www.telekom.hu/about_us/press_room/press_releases/2020/april_2...
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