Bank of Cyprus Ltd will be launching a Subordinated Bond (Lower Tier 2 capital) denominated in Euros, under its EMTN program, following a European roadshow commencing on 12 September, 2003. The size and the other terms of the issue will be determined by market conditions.

The joint lead managers and book-runners of the issue are JP Morgan and Merrill Lynch International.

The Bonds will be listed on the Luxembourg Stock Exchange.

The proceeds of the issue will be used to strengthen the Bank's capital base.