The Central Bank of Cyprus announces the offer by auction on a bid-price basis of up to 70.000.000 5,75% Government Registered Development Stock with date of issue 3 January, 2005 and repayment at par in five years. Details about the auction are published in the form of an Announcement in the Official Gazette of the Republic on 8 April, 2005. Government Registered DevelopmentStocks (GRDS) offered by auction are issued in series. For 5-year GRDS, First Series (2005-2010) 5,75% GRDS is offered, which will be effected in tranches. The issue of the Fourth Tranche will take place on 20 April, 2005. The auction will take place on Monday 18 April, 2005. Applicants should include in their bid accrued interest from 3 January, 2005 (the issue date of the Series). The said accrued interest (1,68562 per 100 nominal value of stock) less 3% Defence Contribution (0,05057 per 100 nominal value of stock) which amounts to 1,63505 (payable by Private Individuals and Provident Funds) should accompany the bid. In the case of other investors the accrued interest (1,68562 per 100 nominal value of stock) less 10% Defence Contribution (0,16856 per 100 nominal value of stock) amounting to 1,51706 should accompany the bid. The total amount payable should be rounded to the nearest cent. The full amount of interest in respect of the period 3 January, 2005 to 3 July, 2005 shall be paid to the stockholders on 3 July, 2005. Bids on the prescribed form for the 5-year stock will be accepted from 14 April, 2005 until 9.00 a.m. of 18 April, 2005. Only forms designed for the Fourth Tranche Issue should be used. Application forms for the submission of bids and copies of the Announcement on the auction procedures and Terms of Issue for 5 year GRDS can be obtained from the Securities Section of the Central Bank of Cyprus.