Republic of Hungary


RE: Republic of Hungary
    EUR 500,000,000.00
    MATURING: 02/Nov/2012
    ISSUE DATE: 02/Nov/2005
    ISIN: XS0234096237

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
02/Feb/2007 TO 02/May/2007 HAS BEEN FIXED AT 3.832000 PCT.

DAY BASIS 89/360

INTEREST PAYABLE VALUE 02/May/2007 WILL AMOUNT TO
EUR 9.47 PER EUR 1,000.00 DENOMINATION.
EUR 94.74 PER EUR 10,000.00 DENOMINATION.
EUR 947.36 PER EUR 100,000.00 DENOMINATION.

IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON
TEL: 44 20 7508 3858/3855 OR FAX: 44 20 7508 3881.



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