Hadjiioannou Farm proceeds to the issue of bonds

On a meeting held on Monday, March 17, 2003, the Board of Directors of Hadjiioannou Farm Ltd has decided the issue of four-year convertible bonds of CYP 4,000,000 with zero coupon and a convertible price of 18 cents per share. Bondholders will have the right to convert bonds into shares of Renos Hadjiioannou Farm Ltd at the price of 18 cents per share any time within the period of four years until the expiry date. The expiry date will be four years from the date of issue. The bonds that have not been converted to shares to date, will be converted at the price of 18 cents per share at the expiry date. These bonds will be used for the purchase of poultry facilities that will enable the Company to secure an increased supply of chicken and maintain low costs at the abattoirs in the face of the adoption of EU legislations. The bonds will be listed in the CSE. The decision of the Board will be subject of the approval of the AGM.