In 1998 the Bank of Cyprus Public Company Ltd (the Bank) introduced for trading its Global Depositary Receipts (GDRs) to the London Stock Exchange to facilitate investment in the Bank?s shares by the international investing public.

With the lifting of all foreign exchange controls as from 1st May 2004 (following the entry of Cyprus to the European Union) and due to the trading of the Bank?s shares in two European exchanges, the Cyprus Stock Exchange and the Athens Exchange, the advantages previously offered by the GDRs no longer apply.

For the above reasons, the Bank has decided to proceed with the necessary actions to withdraw the GDRs from the international market and as a last step to withdraw their listing on the London Stock Exchange. For this purpose, the Bank has given the required 90 days notice to the GDRs Depositary bank (Bank of New York) to terminate the Deposit Agreement. The GDRs will not be delisted from the London Stock Exchange until all required procedures have been fully completed.

It is noted that the total number of shares represented by GDRs amounts to 90.000 and that each GDR represents four shares.