The Bank of Cyprus Ltd proceeds with the Initial Public Offering in Cyprus and listing on the Cyprus Stock Exchange (CSE) up to 200.000 Floating Rate Capital Securities 'Series B' of nominal value £100 each (with the right to extend the issue according to market conditions). The issue of the Capital Securities 'Series B' forms part of the Bank of Cyprus Capital Securities Program.

Subscription list will remain open: 18 February 2004 ? 17 March 2004, 1.00 p.m.

Minimum subscription amount: CYP5.000

The Listing Particulars / Prospectus dated 11 February 2004 contains detailed information on the Company and the Terms of Issue. The publication of the contents of the Listing Particulars / Prospectus has been approved by the Council of the CSE and the Cyprus Securities and Exchange Commission.

Copies of the Listing Particulars / Prospectus and Application Forms are available at all Bank of Cyprus branches in Cyprus and at the offices of the Lead Manager, CISCO. The above are authorised to receive Application Forms accompanied by the subscription moneys.

The names and contact details of the persons authorised to provide information on this Initial Public Offering, are listed in the Listing Particulars and on the Application Forms.

The public may also contact the listed authorised persons at the offices/branches of Bank of Cyprus through Direct Banking in Cyprus on 800 00 800.

Information: www.bankofcyprus.com

Lead Manager: The Cyprus Investment and Securities Corporation Ltd (CISCO)