Acting in the context of the provisions of paragraph 9(b) of the Terms of Issue of the C£25.000.000 Bank of Cyprus Ltd Subordinated Floating Rate Loan Stock 2003/2008 ('the Loan Stock'), the Bank of Cyprus Ltd ('the Bank') decided to exercise its option to call the Loan Stock in full.

The Loan Stock will be redeemed on 19 December 2003 at its principal amount plus any accrued interest for the six months ended 18 June 2003 and for 19 December 2003.

In accordance with paragraph 11(b) of the Terms of Issue of the Loan Stock, trading of the Loan Stock on the Cyprus Stock Exchange (CSE) will be suspended as of tomorrow, 14 November 2003.