Filed Pursuant to Rule 433

Registration No. 333-170923

February 12, 2013

PRICING TERM SHEET

5.375% Notes due 2023

Issuer:	Hungary
Format:	SEC Registered
Security:	5.375% Notes due 2023
Size:	US$2,000,000,000
Maturity Date:	February 21, 2023
Coupon:	5.375%
Interest Payment Dates:	Semi-annual on February 21 and August 21 in each year commencing August 21, 2013
Day Count Convention:	ISMA – 30/360
Price to Public:	99.564%
Benchmark Treasury:	UST 1.625% due November 15, 2022
Benchmark Treasury Yield:	1.982%
Spread to Benchmark Treasury:	+345 bps
Yield:	5.432%
Listing:	Application will be made to list the Notes on the London Stock Exchange
Law:	New York
Expected Settlement Date (T+4):	February 19, 2013
CUSIP:	445545 AH9
ISIN:	US445545AH91
Anticipated Ratings:	Ba1 by Moody’s Investors Service, Inc. BB by Standard & Poor’s Ratings Services BB+ by Fitch Ratings, Ltd.
Joint Book-Running Managers:	BNP Paribas Citigroup Global Markets Inc. Deutsche Bank Securities Inc. Goldman Sachs International
Form:	The Notes will be book-entry securities in fully registered form, without coupons, registered in the name of Cede & Co., as nominee of DTC, in minimum denominations of US$2,000 and integral multiples thereof.

Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering.

You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling BNP Paribas, toll free at +1 (800) 854-5674, Citigroup Global Markets Inc., toll free at +1 (800) 831-9146, Deutsche Bank Securities Inc., toll free at +1 (800) 503-4611, or Goldman Sachs International, toll free at +1 (866) 471-2526.

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