EuroTel Gets UMTS LicenseEuroTel Gets UMTS License

BRATISLAVA, Slovakia -- EuroTel Bratislava, a.s., ("EuroTel") announced that the Telecommunications Office of the Slovak Republic awarded EuroTel a license for the implementation and operation of a public mobile telecommunication network (the "license") based on the Universal Mobile Telecommunications System ("UMTS") standard. The license became effective on July 16, 2002 and is valid through 2022, at which point EuroTel will have the option to renew the license. EuroTel will commence providing UMTS services no later than 30 months from the date on which the UMTS frequency is released to it. EuroTel anticipates the release of the UMTS frequency to occur, in accordance with the license, no later than September 30, 2003. The cost of the license is Sk 1,499 million, of which Sk 500 million will be payable in mid-August 2002 and the remaining Sk 999 million is due on December 2, 2002. EuroTel will fund the payments required under the license from surplus cash carried on the balance sheet as of June 30, 2002. EuroTel Bratislava a.s.