Bank of Cyprus UK appointment

Bank of Cyprus Group announced that Spyros Neophytou, who joined the Bank of Cyprus in the UK in 1972, is retiring as General Manager of the UK operations of the Group at the end of April 2006 and will be

succeeded by his present deputy, Iacovos Koumi.

Iacovos Koumi joined Bank of Cyprus UK in 1999 having worked in finance and banking in the City of London. Born and educated in the UK, Koumi is a Fellow of the Institute of Chartered Accountants in England and Wales, a Fellow of the UK Securities & Investment Institute and a trustee director of the London-based Exposure youth media charity.

In a separate development, the Group announced that its meeting scheduled for 6 April 2006, the Board of Directors of Bank of Cyprus will examine, among other matters, the requirements of the Group for

Tier 2 Capital, in view of the Bank’s option to repay the Subordinated Bonds 2006/2011 on or after 20 June 2006. The Subordinated Bonds 2006/2011 were issued in Euro (EUR 275 mln) on 20 June 2001.