The Government Debt Management Agency Ltd. (ÁKK Rt.) has mandated Dresdner Kleinwort Wasserstein and JP Morgan to lead manage a EUR 1 billion 7 year Eurobond issue for the Republic of Hungary. The launch and pricing of the bond is expected in the second half of October 2004.

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

Budapest, 28 September 2004