All Primary Dealers

Dear Sirs,

Jumbo Issue of PIB-Accrued Interest

Please refer to our schedule for the auction of Jumbo Issue of PIBs of Rs. 50 billion with opening/reopening dates as 06-10-2003, 06-11-2003 and 06-12-2003.

In this regard it is clarified that the settlement will be made by the successful bidders on re-opening dates i.e 06/11/2003 and 06/12/2003 at the amount calculated as per quoted price plus accrued interest for number of days lapsed since original issue date i.e 06-10-03 arrived at on the basis of respective coupon rates.