BOC EGM approves euro shiftover

The Extraordinary General Meeting (EGM) of the shareholders of Bank of Cyprus, held on 5 December 2007 in Nicosia, which was attended by 1.387 shareholders, either in person or by proxy, who represented 150.783.371 shares, that is 26,8% of the total share capital unanimously approved the following:

(a) Approved the increase in the Company’s authorised share capital from CYP300.000.000 to CYP438.955.500 (EUR750.000.000) with the creation of 277.911.000 additional ordinary shares of a nominal value of CYP0,50 each.

(b) Approved that on 1st January 2008, the share capital of the Company be divided into ordinary shares of a nominal value of EUR1,00 each and that such an amount be transferred from the “Share premium” account into the “Issued share capital” account, so that the number of the Company’s issued shares immediately before the execution of the provisions of the present resolution be exactly the same as the number of shares immediately after the execution of the provisions of the present resolution, with the only difference that the nominal value of the shares will be converted from CYP0,50 each into EUR1,00 each.

(c) Approved the adoption of revised Articles of Association of the Company in substitution of the existing Articles of Association.

The Board of Directors decided not to propose resolution 3 of the EGM agenda, concerning the establishment of a Share Options Scheme for the staff of the Bank of Cyprus Group. The issue will be submitted at the next General Meeting of the Company together with the detailed terms of the proposed scheme.