Sustainable Bond Framework

ROC's Management of Proceeds Management of proceeds The Republic of Cyprus may use proceeds from the issuance of any Sustainable Instruments issued under this Framework for general budgetary purposes or such other use as may be specified in the applicable offering document for such issuance. Eligible Expenditures Register . • The Eligible Expenditures Register managed by the PDMO will reflect the working list of eligible expenditures based on the screening process described above, and will indicate the expenditures against which proceeds from any Sustainable Instrument issuance have been matched. The Eligible Expenditures Register will therefore reflect the net proceeds from each Sustainable Instrument issuance, the amount of proceeds matched against specified eligible expenditures, and the amount of proceeds remaining to be allocated for each Sustainable Instrument series. Selection & Allocation timing • The Republic will endeavor to fully match the net proceeds from any Sustainable Instrument issuance to Eligible Expenditures within two budget years from the date that the relevant Sustainable Instrument has been issued and will manage proceeds from any Sustainable Issuance accordingly on a per-issuance basis. In the event that amounts raised from Sustainable Instruments are not immediately and fully allocated to Eligible Expenditures, the PDMO will manage unallocated proceeds in line with its normal cash management guidelines and will ensure that its cash accounts maintain a balance that is no less than the amounts unallocated under any Sustainable Instrument issuances outstanding. 37

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