The Bank of Cyprus Ltd (the Bank) is pleased to announce that the issue of Capital Securities Series B has been successfully completed.

According to the Listing Particulars/Prospectus dated 11 February 2004, the issue of up to C£20 million Capital Securities Series B provided the option to the Bank to increase the amount of the issue should market conditions allow.

The total amount subscribed to the issue was well above C£20 million. Therefore, the Bank decided to increase the amount of the issue (by C£10 million) to C£30 million ( euros 51,2 million).

The proceeds of the issue will contribute towards the strengthening of the Bank?s capital base and will support the Group?s overseas expansion plans, particularly in Greece.

The date on which the Capital Securities Series B will be introduced for trading on the Cyprus Stock exchange (CSE) will be determined in conjunction with the CSE and will be announced in due course.

The Bank of Cyprus Group thanks the investing public for the confidence it has shown in the issue.