BOC hikes dividend to 7 cent

The Board of Directors of Bank of Cyprus Public Co. Ltd. decided to propose at the Shareholders’ Annual General Meeting to be held on Tuesday, 30 May 2006, the distribution of a dividend of 7 cent per share compared to 4 cent paid for 2004.

The recommended ex-dividend date is Friday, 2 June 2006. Transactions that take place up until Thursday, 1 June 2006, will be eligible to receive the dividend for 2005. The dividend, subject to the approval of the Annual General Meeting, will be paid to the eligible shareholders on Tuesday, 7 June 2006. 2

DIVIDEND REINVESTMENT PLAN

Investors are reminded that the Bank of Cyprus Dividend Reinvestment Plan is in force. The applicable discount offered under the Plan is 10%. Based on the 10% discount offered, dividends will be reinvested at 90% of the weighted average closing price of the share at the Cyprus Stock Exchange (CSE) and the Athens Exchange (ATHEX) for the first five working days that the share is quoted ex-dividend.