PRESS RELEASE

The issue of bonus shares to shareholders in the ratio of one bonus share for every five shares held was approved at the Extraordinary General Meeting (EGM) of the shareholders of the Bank of Cyprus Group, held on 22 November 2000 at the Bank of Cyprus Group (BOC) Headquarters in Nicosia. The Meeting authorised the Board of Directors to determine the date on which the bonus shares will be allocated to the shareholders.Following the Extraordinary General Meeting (EGM), the Board of Directors convened a meeting and decided that participation in the bonus issue of shares is granted to beneficiary shareholders of 6 December 2000. Transactions which are carried out until that date will include the right to participate in the bonus issue of shares. In other words, as of 7 December 2000, the BOC shares will trade ex-bonus. The new shares will be registered in the name of the shareholders on 18 December 2000 and will bear the same rights as existing shares.Listing of the new shares on the Cyprus Stock Exchange (CSE) and the Athens Stock Exchange (ASE) will take place simultaneously at both bourses on a date to be announced in the press.It is noted that due to the different settlement periods that apply to the CSE and the ASE, transfer of shares between the Dematerialised Securities System of the ASE and the Cyprus Share Register will not be effected during the seven working days following the last day on which the shares will trade cum-bonus. In other words, such transfers will not be effected from 7 December 2000 to 15 December 2000.Part of BOC's Share Premium Account will be used in order to cover the nominal value of the bonus shares to be issued.In the cases where the bonus issue results in the allotment of fractions of shares, then fractions less that ½ of a share, will be ignored and fractions equal to or exceeding ½ of a share will be allotted one share.As a result of the above bonus issue of shares, the conversion price of the Bank of Cyprus Convertible Bonds will be adjusted according to their terms of issue. Similarly, the rights of the Bank of Cyprus warrantholders will be adjusted accordingly.

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