As a recognition of the staff''s efforts to improve the financial results of the Group and the progress which has been achieved in this respect since the beginning of 2005, the Board of Directors of Bank of Cyprus Public Company Ltd ("the Bank") decided at its meeting held on 14 September 2006 to issue Share Options 2006/2007 to the Group permanent employees in Cyprus and Greece. The number of the Share Options 2006/2007 to be issued will be approximately 4.283.300. The issue of the Share Options 2006/2007 falls within the provisions of the special resolution approved at the Shareholders Extraordinary General Meeting which was held on 19 April 2000. The Share Options 2006/2007 will be issued to the persons permanently employed by the Group in Cyprus and Greece as of 30 September 2006. The Share Options 2006/2007 will not be transferable, nor will they be listed on the Cyprus Stock Exchange or Athens Exchange. The exercise price of the Share Options 2006/2007 has been set at C£3,70 and the exercise period starts on 31 March 2007 and ends on 30 June 2007.