The price at which the Bank of Cyprus shares will be issued to the shareholders who opted to participate in the Dividend Reinvestment Plan with respect to the final dividend for 2001 has been set at C£1,51 per share.

In accordance with the Terms and Operating Conditions of the Dividend Reinvestment Plan, the price at which the shares will be issued has been calculated as 92,5% (a discount of 7,5%) of the weighted average closing price of the Bank of Cyprus share (the Share) on the Cyprus Stock Exchange (CSE) and the Athens Stock Exchange (ASE) of the first five working days during which the Share is quoted ex-dividend.

The final dividend for 2001 will be paid to shareholders on 20 May 2002. A dividend certificate will be mailed to the shareholders who opted to participate in the Dividend Reinvestment Plan, stating, among others, the amount of the reinvested dividend. In addition, a Certificate of Transactions and Balance of Registered Securities will be mailed to those shareholders, stating the date on which the Shares were credited to their account, the number of Shares allotted and the reinvestment price. The shareholders whose shares are deposited on the Dematerialised Share System (DSS) of the Athens Central Securities Depository will not receive such a Certificate, but the Operator of their account at the DSS will inform them of the number of Shares that have been credited to their securities account.