Hungarian Telephone and Cable Announces New Management Team.

SEATTLE -- Hungarian Telephone and Cable Corp. (AMEX:HTC) announced today a new management team to manage Hungarian Telephone's Hungarian subsidiaries: Hungarotel, PanTel and PanTel Technocom.

Torben V. Holm, Hungarian Telephone's new President and Chief Executive Officer, will lead a management Executive Committee, which committee will also include Jan Mulder, the previous CEO of PanTel; William T. McGann, Hungarian Telephone's Chief Financial Officer; and Alex Wurtz, Hungarian Telephone's new head of Corporate Business Development. Mr. Mulder has agreed to help the company with the PanTel and management integration process but he will leave the company before the end of this year. Mr. Wurtz comes to Hungarian Telephone from Nawras, a mobile telephone provider in Oman which was set up by TDC A/S (NYSE:TLD) and QTel, the incumbent telecom operator in Qatar. Mr. Wurtz was the Chief Operating Officer of Nawras.

As part of the PanTel integration, Hungarian Telephone also announced that Hungarian Telephone's and PanTel's Budapest offices would be combined and that all of the company's Budapest-based employees will work out of PanTel's Budapest office.

COMMENTS FROM TORBEN V. HOLM

Commenting on the management organizational changes and the integration process, Torben V. Holm, President and Chief Executive Officer, stated, "I look forward to working with the appointed management team and all employees of the combined entities. Together, we will form a great team. I would like to emphasize that this company will take the customer into account first when making its decisions. My vision for Hungarian Telephone is to be the best telecommunications provider in Central and Eastern Europe.

ABOUT HUNGARIAN TELEPHONE AND CABLE CORP.

Hungarian Telephone and Cable Corp. is the leading alternative telecommunications service provider in the Republic of Hungary with a presence in other countries in Central and Eastern Europe.

Note: This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These and all forward-looking statements are only predictions or statements of current plans that are constantly under review by the Company. Such statements are qualified by important factors that may cause actual results to differ from those contemplated, including as a result of those factors detailed from time to time in the company's Securities and Exchange Commission filings. The foregoing information should be read in conjunction with the company's filings with the U.S. Securities and Exchange Commission, including, but not limited to, reports on Forms 10-K and 10-Q. The company has no obligation to update or revise these forward-looking statements to reflect the occurrence of future events or circumstances.