Bank of Cyprus new shares from share options

On Wednesday, 31 October 2007, 36.530 new ordinary shares of Bank of Cyprus Public Company Ltd (“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 CYP18.265,00 (EUR31.264). The new shares to be introduced have resulted from the exercise of 36.530 Share Options on 30 September 2007 by 55 beneficiaries (staff of the Bank of Cyprus Group) at the exercise price of EUR5,59 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 CYP281.169.819,50 divided into 562.339.639 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 at their meeting on 25 October 2007 and by the Boards of Directors of the Athens Exchange at their meeting on 17 October 2007.

As of 31 October 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.