The Government Debt Management Agency Ltd. (ÁKK Rt.) has mandated HSBC Bank and Lehman Brothers to lead manage a benchmark sterling bond issue for the Republic of Hungary. The size and tenor of the bond will be decided on the basis of investor interest.

The launch and pricing of the bond is expected in the second half of April 2004.

The proceeds will be used to re-finance public debt maturing in 2004.

Budapest, April 13 2004.