The price at which the Bank of Cyprus shares will be issued to the shareholders who opted to participate in the Dividend Reinvestment Plan (the Plan) with respect to the dividend for 2004 has been set at C£1,60 (euros 2,77) per share.

In accordance with the Terms and Operating Conditions of the Plan, the price at which the shares will be issued has been calculated as 90% (a discount of 10%) of the weighted average closing price of the Bank of Cyprus share (the Share) on the Cyprus Stock Exchange (CSE) and the Athens Exchange (ATHEX) of the first five working days during which the Share is quoted ex-dividend.

The dividend for 2004 will be paid to shareholders on 16 June 2005. A Letter of Allotment will be mailed to the shareholders participating in the Plan. The new shares will be credited to the depository accounts of the participating shareholders whose shares are deposited at the Central Registry/ Central Depository of the CSE, as well as to the securities accounts of the participating shareholders who have deposited their shares in the Dematerialised Secutiries System of the Athens Central Depository of the ATHEX.