A small-break loss-of-coolant accident experiment conducted at the PMK-2 integral test facility in Hungary is analyzed using the RELAP5/MOD3.1 thermal-hydraulic code. The experiment simulated a 7.4% break in the cold leg of a VVER-440/213-type nuclear power plant as part of the International Atomic Energy Agency’s Fourth Standard Problem Exercise (SPE-4). Blind calculations of the exercise are presented, and the timing of various events throughout the transient is discussed. A posttest analysis is performed in which the sensitivity of the calculated results is investigated. The code RELAP5 predicts most of the transient events well, although a few problems are noted, particularly the failure of RELAP5 to predict dryout in the core even though the collapsed liquid level fell below the top of the heated portion. A discrepancy between the predicted primary mass inventory distribution and the experimental data is identified. Finally, the primary and secondary pressures calculated by RELAP5 fell too rapidly during the latter part of the transient, resulting in rather large errors in the predicted timing of some pressure-actuated events.