Bank of Cyprus Public Company Ltd ("the Bank") is pleased to announce the successful completion of its share capital increase with the issue of a total of 77.902.232 shares and proceeds to the Bank of C£109.063.125 (euro 190.171.0981). According to the final results of subscription, 406.983.858 Rights were exercised by their holders who subscribed for 67.830.643 shares, representing a subscription ratio of 87%. The remaining 10.071.589 shares (which resulted from the exercise of Rights that were not exercised by their holders) were placed late today with investors, mainly from Europe, but also Greece and Cyprus at the price of euro 4,50 (£2,58*) per share. The placement was approximately 3 times oversubscribed.

*Calculated using the exchange rate of ?1=C£0,5735 at 19 December 2005.