The Board of Directors of Bank of Cyprus Public Company Ltd ("Bank of Cyprus") was informed of the "investment" interest of Piraeus Bank S.A. and subsequently its "strategic" interest in Bank of Cyprus. As already announced, Bank of Cyprus in line with its strategy of growth in the Greek market and the privatization program of the Greek Government, has submitted a public tender offer for 100% of the share capital of Emporiki Bank of Greece S.A. ("Emporiki"). The extensive and traditional client base of Emporiki and the significant potential for improvement of its operations using the experience of Bank of Cyprus, provide an opportunity to create a leading Hellenic Banking Group and create value for the shareholders of both banking groups. The Board of Directors of Bank of Cyprus believes that the actions of Piraeus Bank S.A. are not in the best interest of the shareholders of Bank of Cyprus as a whole, as they lack completeness as well as substantiated strategic intention.