Auction Resuls of 4,60% GRDS Issued on 23.4.2003 (First Tranche Issue dated 23.4.2003)

An auction was held on 22.4.2003 for the sale by the Central Bank of Cyprus, for and on behalf of the Government of the Republic of Cyprus, of upto £10.000.000 4,60% Government Registered Development Stock with date of issue 23.4.2003 and maturity in fifteen years.

The total value of the bids submitted was £2.300.000; competitive bids amounted to £300.000 while non-competitive bids to £2.000.000. All bids were accepted.

The lowest and highest prices of the competitive bids accepted were £99,50 and £100,00 respectively for every £100 nominal value, representing annual yields of 4,65% and 4,60% respectively. In accordance with the published terms of the auction non-competitive bids amounting to £2.000.000 were accepted at the weighted average yield/price of the accepted competitive bids. This price was £99,77 per £100 nominal value representing an annual yield of 4,62%.