On July 20, 2011, securities in the amount of GEL 5 000 000 with a maturity of 5 years were sold at the Ministry of Finance Treasury Notes Auction. Four commercial banks participated in the auction. The total demand amounted to GEL 9 900 000. Minimum yield was 14.000%, maximum yield was 14.400% and the weighted average yield was fixed at 14.140%. The coupon rate was 14.1%. Coupons will be paid semiannually.