In the context of its new strategy for expansion of its operations into new geographic markets, the Bank of Cyprus Group is examining the possibility of expanding its operations to Southeastern Europe and particularly the Balkans.

The studies under way are at the present stage preliminary and include alternative scenarios regarding specific countries in the Balkans, as well as various ways in which such an expansion could take place.

Upon completion of the relevant studies, the possibility of expansion will be examined by the Board of Directors of the Bank and any decisions will be announced.

It should be noted that any decisions for expansion are subject to the approval of the Central Bank of Cyprus.