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Alliance: No warrant exercised

Further to our announcement dated April 17, 2003 with regard to the exercise of warrants of Alliance International Reinsurance Company Limited, which give the warrant holders the right to purchase one share of nominal value 10 cents at CYP 2.50 for May 2003, we wish to inform you that no warrant has been exercised.

Pursuant to the issue terms, if warrants are not exercised, they cease to be valid.
Tuesday, 3 June, 2003 - 10:56