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-Aug-2006 TO 02-Nov-2006 HAS BEEN FIXED AT 3.211000 PCT

DAY BASIS 92/360

INTEREST PAYABLE VALUE 02-Nov-2006 WILL AMOUNT TO:
EUR 8.21 PER EUR 1,000.00 DENOMINATION
EUR 82.06 PER EUR 10,000.00 DENOMINATION.
EUR 820.59 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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