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Hungary - Tender Offer Launch - Modified Dutch Auction

HUNGARY ANNOUNCES TENDER OFFERS FOR EACH OF ITS OUTSTANDING U.S.$2,000,000,000 5.750% NOTES DUE 2023 (OF WHICH U.S.$1,151,760,000 IS OUTSTANDING) AND U.S.$2,000,000,000 5.375% NOTES DUE 2024 (OF WHICH U.S.$1,642,972,000 IS OUTSTANDING).

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