Main characteristics:

Amount:                       EUR 1 billion
Tenor:                          7 years
Maturity:                      September 27, 2003.
Coupon:                       4% p.a.
Issue price:                   99,146%
Spread:                        mid swap + 22 bps and
                                    July 2010 Bund + 35 bps

The deal was lead managed by Morgan Stanley International and UBS Investment Bank.

The proceeds will be used to re-finance public debt in foreign currency maturing in 2003 and in early 2004.

Budapest, September 19, 2003