Hungarian Financial Supervisory Authority (HFSA) has launched an investigation in connection with the sector analysis issued by Morgan Stanley Investment Bank co-workers that appeared with the title „Central Eastern European Bank: cheap for good reason –value traps” on 5th November 2008.

The aim of the investigation is to reveal whether the analysis has constituted market manipulation under Sections 199-205 of Act of CXX of 2001 on the capital market in relation to any of the market participants.

With regard to the current financial situation HFSA pays special attention to publications concerning regulated markets, and with its every means acts against all market behavior aiming to market manipulation.

Budapest, 7th november 2008

Hungarian Financial Supervisory Authority

Additional information to the press:

István Binder spokesman

T:06-30+92-16-361

E-mail: binder.istvan@pszaf.hu