In line with the Group's policy for transparency and in accordance with the regulations of the Capital Markets Committees of Cyprus and Greece, the Bank of Cyprus Group announces that the profits for the first quarter of 2002, which will be officially announced on 22 May 2002, will show a marked reduction compared to those of the first quarter of 2001. This was expected given that the first quarter of 2002 carries the full impact of the reduction in interest rates as well as the adverse effects on the international and the Cyprus economy, particularly on tourism, following the tragic events of 11 September. The corresponding quarter of 2001 was not affected by any of the above adverse factors.

The results of the first quarter should not be considered as representative of the results for the whole of 2002, as we expect that the results of the second half of 2002 will be better than the results of the second half of 2001 (which was also affected by the above factors).