Bank of Cyprus to issue share options

The Annual General Meeting of Bank of Cyprus Public Company Ltd that will be held at the Bank of Cyprus Group Headquarters on Wednesday, 14 May 2008 at 4.30pm will among others accept the resignation of the Chairman, Eleftherios P. Ioannou who having reached 75 years of age retires in accordance with the Company’s Articles of Association. The remaining members of the Board, being eligible, offer themselves for re-election.
As it has also been announced on 17 March 2008, the Board of Directors decided to propose to the Annual General Meeting Messrs Michalis Sarris and Nicos Tsakos for the fulfillment of the two vacant positions (of Messrs Eleftherios P. Ioannou and Charilaos Stavrakis).
The AGM will also be called upon to approve a Board proposal for the establishment of a Share Options Plan for the employees of the Bank of Cyprus Group without these shares being offered first to existing shareholders. The terms of the Share Options Plan include the following:
(i) The Board of Directors of the Bank may decide to grant the options one-off or in parts at any time within the context of the resolution of the General Meeting, at its discretion.
(ii) The beneficiaries of the Share Options Plan are the employees of the Bank of Cyprus Group.
(iii) The maximum number of shares to be issued by the Bank under the Plan is 15 million of EUR1 nominal value each. The said shares shall be issued subject to the exercise of the corresponding share options.
(iv) The exercise price of the share options is determined as 10% above the average closing share price on the Athens Stock Exchange during the last 30 working days of the Exchange that immediately precede the date that the options were granted.
(v) The Share Options will be granted for the period 2008-2010.