Bank of Cyprus new shares from options

Bank of Cyprus Public Company Ltd announced that on 23 May 2007, 3.167.241 new ordinary shares of the Bank will be introduced for trading on the Cyprus Stock Exchange and the Athens Exchange resulting from the recent increase in the share capital by CYP1.583.620,50 (EUR2.718.195).

The new shares to be introduced have resulted from the exercise of 3.162.241 Share Options on 30 April 2007 by 4.229 beneficiaries (staff of the Bank of Cyprus Group) at the exercise price of CYP3,70 (EUR6,35 ) per new share and the exercise of 5.000 Share Options by 1 beneficiary (staff of the Bank of Cyprus Group) at the exercise price of CYP4,32 (EUR7,42), according to the 19 April 2000 resolution of the Bank’s Extraordinary General Meeting and the 14 September 2006 resolution of the Bank’s Board of Directors.

After the above increase, the Bank’s share capital amounts to CYP278.667.675,50 divided into 557.335.351 ordinary shares, of a nominal value of CYP0,50 (EUR0,8423) 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 meetings on 17 May 2007 and 18 May 2007 respectively.

As of 23 May 2007, 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.