Nicosia, 18 January 2017

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD VIOLATE THE LAWS OF THAT JURISDICTION

Following the sanctioning of the Scheme of Arrangement (the “Scheme”) by the District Court of Nicosia on 21 December 2016, Bank of Cyprus Public Company Limited (the “Bank”) announces that, following the submission of the Court Order to the Registrar of Companies and the registration, by the latter of the Reduction of Capital, the Scheme has become effective in accordance with its terms today, 18 January 2017 (the “Effective Date”). Accordingly as of the Effective Date:

• all of the shares comprising the issued share capital of the Bank have been cancelled and the Bank has issued and allotted 8.922.944.533 new ordinary shares of nominal value €0,10 each, credited as fully paid to Bank of Cyprus Holdings Public Limited Company (“BOC Holdings”); and

• BOC Holdings has issued and allotted New Shares and has procured the issue of Depositary Interests representing New Shares, in accordance with the terms of the Scheme.

Unless otherwise defined, capitalised terms used herein have the meanings given to them in the Shareholders' Circular published by the Bank on 21 November 2016 setting out the full details of the Scheme.