Bank of Cyprus increases bond rate

The Board of Directors of Bank of Cyprus decided to revise the interest rate of the Convertible Bond issue 2013/2018 from 6.5% to 7,5% fixed for the first two interest periods (that is until 30 June 2009) and floating interest rate thereafter, which will be set at the beginning of each six-monthly period and will apply to the specific interest period.
For the period commencing 30 June 2009 until 30 June 2013 the floating interest rate will be equal to the 6-month Euribor in force at the beginning of each interest period plus 1,00%.
In the event that the Convertible Bonds are not redeemed, then for the period 1 July 2013 to 30 June 2018 the floating interest rate will be equal to the 6-month Euribor in force at the beginning of each interest period plus 3,00%.
Furthermore, relating to the price range for the Strike Price for the purpose submitting irrevocable applications in the event of unsubscribed Convertible Bonds, this price range has been set at EUR1.0 to EUR1.01. According to the terms of the issue which are described in the Securities Note dated 25 June 2008, the strike price will be determined via the method of bookbuilding.
A Supplementary Prospectus incorporating the above mentioned changes and any other significant developments since the approval of the Prospectus has been submitted to the relevant authorities for approval.