Changes in the composition of MAX, MAX Composit, RMAX and ZMAX indices from 1st August 2011

Dear Investors!

You can find the amounts of Hungarian Government Bonds (HGBs) and Treasury Bills (T-Bills) transferred by Pénztárak Garancia Alapja (Guarantee Fund of Pension Funds) by 30th June 2011 in the attached table: here

Total amounts of the transferred HGBs and T-Bills are going to be delisted from the relevant indices (MAX, MAX Composit, RMAX, ZMAX) on 1st August 2011.

Please note the above changes when using these indices.

ÁKK Zrt.

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Government Debt Management Agency Private Company Limited by Shares

H-1027 Budapest, Csalogány utca 9-11.

registered at the Metropolitan Court of Budapest as Court of Registration

registration no.: 01-10-044549

E-mail:akk@akk.hu

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HGB and T-bill calculator

Security:

Type:

Date:

Convention:

Yield (%):

Clean Price (%):

Acc. Interest (%):

Gross Price (%):

EHM yield (%):

Face Value:

Net Price:

Acc. Interest:

Gross Price:

Date: settlement date; minimum value: 01-01-2003; the date on which securities must be delivered and paid for to complete a transaction
Type: DKJ - discount treasury bills, KTV - treasury bonds
Convention: calculation method: ISMA (Act/Act) or EHM (Act/365 No Leap)
Security: T-Bond or T-Bill denominated in HUF
Yield %: yield to maturity, the percentage rate of return paid if the security is held to its maturity date
Clean Price %: net present value of selected security, if it is not the input field, then = gross price% - acc. interest%
Acc. Interest %: the amount of interest accumulated but not paid between the issue date or most recent payment and the settlement date
Gross Price %: present value of selected security, if it is not the input field, then = clean price% + acc. interest%
Face Value: optional positive integer value, Net Price, Acc. Ineterst and Gross Price will be recalculated
Net Price: Clean Price% * face value
Acc. Interest: Acc. Interest% * face value
Gross Price: Gross Price% * face value

Goals, activities and legal framework	Organisational structure of ÁKK
The goals and the activities of ÁKK History of sovereign debt management in Hungary and ÁKK The organisational and legal framework of government debt management	Organisational structure The Management of ÁKK

Government securities	Auction, subscription and tap issue results	Yields, indices and secondary market turnover	Central government debt, deficit financing	Pension Reform and Debt Reduction Fund	Historical data
Main features of the government securities Actual interest rates Interest rates of retail securities Characteristics of foreign currency bonds	Discount Treasury Bill auctions Government Bond auctions Non-competitive sale Switch auctions Buy-back auctions 1-year Hungarian Government Security, former name 1-year Interest Bearing Treasury Bill subscription Half-year Hungarian Government Security, former name Half-year Interest-Bearing Treasury Bill subscription Treasury Saving Bill Plus Bonus Hungarian Government Security, former name Bonusz Hungarian Government Bond Premium Hungarian Government Security, former name Premium Hungarian Government Bond Premium Euro Hungarian Government Security, former name Premium Euro Hungarian Government Bond 2-year Hungarian Government Security, former name 2-year Government Bond	Best bid and ask prices of Primary Dealers Benchmark yields MAX index values Composition of CMAX Index BMX Index values Daily KELER OTC turnover Weekly KELER OTC turnover MTS Hungary turnover Non-resident holdings in HUF government securities Zero coupon yields Government security prices at the end of the month Secondary market turnover in government securities Weekly turnover in Government Bonds and Discount T-Bills reported by Primary Dealers Breakdown of secondary market turnover by investor groups Main investor groups' net buying position in the secondary market Interest rate subsidy on housing loans Interest rate subsidy on housing loans - Benchmark yields	Central government gross debt Breakdown of forint government securities Amount outstanding of government securities The foreign currency loan debt of Hungary Ownership structure of HUF government securities Maturity profile of the central government debt (annual and quarterly figures) Macroeconomic indicators Rating history of Hungary's debt Monthly report on debt transactions External public debt by currency and by category	Assets of the Pension Reform and Debt Reduction Fund Amounts used for reducing public debt	Indexes Auctions Market data Non-resident holdings Turnover

Types of government securities	Prospectuses, Rules of Procedure	Primary Dealers	Retail Sale
Hungarian Government Bond (MÁK) Premium Hungarian Government Security (PMÁP), former name Premium Hungarian Government Bond (PMÁK) Bonus Hungarian Government Security (BMÁP), former name Bonus Hungarian Government Bond (BMÁK) Premium Euro Hungarian Government Security (P€MÁP), former name Premium Euro Hungarian Government Bond (P€MÁK) 2-year Hungarian Government Security (2MÁP), former name 2-year Government Bond (2MÁP) Discount Treasury Bill (DKJ) 1-year Hungarian Government Security (1MÁP), former name 1-year Interest-Bearing Treasury Bills (KKJ) Half-year Hungarian Government Security (FMÁP), former name Half-year Interest-Bearing Treasury Bills (FKJ) Treasury Savings Bills (KTJ) Treasury Savings Bills Plus (KTJ Plusz) Information about "Residency Bond"	Public Offering on the issuance of the Hungarian Government Bonds (KTV) Public Offering on the issuance of the Discount Treasury Bills (DKJ) Public Offering on the issuance of the Hungarian Government Bonds (KTV) through exchange auction Invitation to offer as to the secondary market repurchase of Hungarian Government Bonds before maturity Offering Circular on the public issuance of Hungarian Government Bonds Offering Circular on the public issuance of Discount Treasury Bills Official calculation method Government bond indices description Rules of procedure for repo transactions Rules of procedure for the non-competitive tender of Hungarian Government Bonds Rules of procedure for the price discovery executed prior to the switch auctions Rules of procedure for calculating benchmark yields in the Hungarian government securities market Rules of procedure for the secondary market buyback of Hungarian Government Bonds	Conditions of application Market makers in government securities List of Primary Dealers The ranks of the primary market share of Primary Dealers in the last half-year	Hungarian State Treasury Hungarian Postal Service

Publications	Analyses
Monthly reports Quarterly reports Annual reports Debt Management Outlook publications Issuance calendar Quarterly Issuance plan	Monthly report on debt transactions Weekly Report Analyses

Changes in the composition of MAX, MAX Composit, RMAX and ZMAX indices from 1st August 2011

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