The Shareholders? Annual General Meeting (AGM) of the Bank of Cyprus Public Company Ltd (the Bank) which took place on 18 May 2005 approved the proposal of the Board of Directors for the payment of a dividend to shareholders of C£0,04 (euros 0,071) per share for 2004.

The ex-dividend date is Thursday, 26 May 2005. Transactions that take place up until Wednesday, 25 May 2005, will be eligible to receive the dividend for 2004.

It is clarified that, as of 26 May 2005 the opening price of the Bank?s shares on the Athens Exchange (ATHEX) will be adjusted according to the Rules and Regulations of the ATHEX.

The dividend will be paid to the eligible shareholders on Thursday, 16 June 2005.

1.Calculated based on the exchange rate of euros 1= C£0,58. The payment of the dividend will be based on the exchange rate in force on the working date immediately preceding the ex-dividend date, which may be different than the rate used for the purposes of this announcement.