ÁKK Rt. has given mandate to lead manage a USD Global Bond issue

The Government Debt Management Agency Ltd. (ÁKK Rt.) has mandated Deutsche Bank and Morgan Stanley to lead manage a 10 year US dollar benchmark Global Bond issue for the Republic of Hungary.

Launch and pricing of the bond is expected in the second half of January 2005.

The proceeds will be used to re-finance public debt maturing in 2005.

FSA/IPMA stabilisation.

Budapest, 1 December 2004