The Government Debt Management Agency Pte Ltd. (ÁKK) has mandated BNP Paribas, Dresdner Kleinwort and ING Bank NV to lead manage a Euro benchmark long 10 year issue for the Republic of Hungary.

The launch and pricing of the bond is expected in the near future subject to market conditions.

The proceeds will be used for general financing purposes.

January 16, 2007.