In the context of the continuous review of the Group?s activities and aiming for its smooth operation and increased efficiency, and also in view of the retirement of important top management members of the Group in Cyprus within 2003-2004, the following arrangements in the top management structure of the Group in Cyprus have been decided:

1.Mr George Charalambous retains the position of Senior Group General Manager, with his main responsibilities being the Coordination of the Development of Banking Operations Cyprus and Group Credit Risk.

2.Under the new arrangements, the development of banking operations that previously operated under two Group General Managers, the General Manager Corporate Banking and the General Manager Branch Banking, is merged into one Group General Management Unit, the Group General Management - Development of Banking Operations Cyprus. Mr Vassos Shiarly is the Group General Manager ? Development of Banking Operations Cyprus.

3.Under the new arrangements, Mr Antonis Jacouris, previously Group General Manager Support Services, is the Group General Credit Risk.

4.Mr Yiannis Kypri retains the position of Group General Manager Finance and in addition he is assigned the following Support Services which he takes over from the Group General Management Support Services: Information Technology, Organisation & Methods, Technical Services, Valuation and Estate Management, Supplies.

5.Mr Charilaos Stavrakis retains the position of Group General Manager International Banking Services, and in addition he is assigned the Treasury operations, which he takes over from the Group General Manager Finance. He also retains the position of General Manager of the Group?s subsidiary company, CISCO.

6.Mr Charalambos Charalambides, previously Group General Manager Corporate Banking, is due to retire in 2004 and will start handing over his responsibilities to the Group General Manager ? Development of Banking Operations Cyprus. Mr Charalambides will retain his position of Group General Manager and he will be assigned special duties.

The Human Resources Department, which previously reported to the Group General Manager Support Services, will report directly to the Group Chief Executive, Mr Christos Pantzaris.

All the Group General Managers will continue to report to the Chief Executive of Bank of Cyprus, Mr Christos Pantzaris, and to the Group Chief General Manager, Mr Evdokimos Xenophontos, in accordance with their respective responsibilities.

The new arrangements at the top management structure will become effective on 1 November 2003.