USB Board finds Aspis bid as “fair”

The Board of Directors Universal Bank Public Ltd (USB) announced that they

recommend shareholders to accept the public offer made by the Greek-based companies Aspis Pronia and Commercial Value for the acquisition of 20%-50% plus 1 share of USB for CYP1.36/share in cash (EUR2.35/share). The Board believes that the offer is fair and

reasonable. The BoD also noted that currently it does not have any concerns relating to the feasibility of the business plan for USB prepared by the bidders or about the prospects for the strengthening of the capital base of the Bank, since the control of USB has already been transferred to Schoeller Holdings Ltd and Path Holdings Ltd.

On 9 February 2007, Universal Life Insurance Public Company Ltd (UL), which was the major shareholder of USB with a 61.06% stake, completed the transfer of 51% of USB to Schoeller Holdings and Path Holdings at the price of CYP0.90/USB share (EUR1.56/USB share).