With reference to reports in the Greek and Cypriot Press and in response to questions raised by the relevant Cypriot Regulatory Authorities, the Bank of Cyprus Group announces that it has always followed and continues to follow the developments in the Greek banking market where it has a successful 15-year presence. Among the strategic objectives of the Group is the further expansion of its operations in Greece. Consequently, the developments surrounding Emporiki Bank are naturally of interest to the Bank of Cyprus, which is examining the possibility of submitting a public offer to the shareholders of Emporiki Bank through the procedure already in progress. Concerning the Press articles which report Piraeus Bank as controlling a percentage of the share capital of Bank of Cyprus Public Company Ltd, the Group confirms that over the last month Piraeus Bank has purchased shares of the Bank of Cyprus. Piraeus Bank has informed the Group that these acquisitions were made purely for investment purposes.