BOC options set for Thursday debut

Bank of Cyprus Pcl (BOC) announced that on Thursday, 27 July 2006, trading on the 503.690 new ordinary shares of the Bank will begin on the Cyprus Stock Exchange and the Athens Exchange. The new shares to be introduced have resulted from the exercise of 503.690 Share Options on 30 June 2006 by 757 beneficiaries (staff of the Bank of Cyprus Group) at the exercise price of CYP 3,26 (€5,67) per new share, according to the 19 April 2000 resolution of the Bank’s Extraordinary General Meeting and the 19 January 2001 resolution of the Bank’s Board of Directors.

After the above increase, the Bank’s share capital amounts to CYP 273.071.566,50 divided into 546.143.133 ordinary shares, of a nominal value of CYP 0,50 (€0,87) each.

The listing of the new shares has been approved by the Boards of Directors of the Cyprus Stock Exchange and the Athens Exchange at their meeting on 20 July 2006.

As of 27 July 2006, the opening price of the Bank’s shares on the Athens Exchange will be adjusted according to the Regulation of the Athens Exchange. As of the same date, the new shares will be credited in the Dematerialised Securities System (“DSS”) accounts of the beneficiaries who have elected to have their shares registered on the DSS.