Bank of Cyprus convertible issue over-subscribed

Bank of Cyprus announces that the issue of up to EUR645.327.822 Convertible Capital Securities has been oversubscribed with total subscriptions amounting to EUR 659 mln. Subscriptions were received from Eligible Shareholders (with priority right on the basis of EUR 11 Convertible Capital Securities for every 10 shares held as at 12 May 2009) as well as from Convertible Bond 2013/2018 holders and other investors.
The total subscription amount came from consideration of EUR 527 mln Convertible Bonds 2013/2018 and EUR 132 mln in cash.
In accordance with the Terms of the issue, the subscriptions of shareholders, based on their priority rights, and Convertible Bond 2013/2018 holders have been satisfied in full. Non priority subscriptions whose consideration was in cash have been satisfied in full for amounts up to EUR 25.000. For
Applications of more than EUR 25.000 the minimum amount of EUR 25.000 has been satisfied and the remaining amount has been partly satisfied (at approx. 78%), so that the total issue amounts to EUR 645.327.822.
The Allotment letters for the Convertible Capital Securities will be dispatched to the subscribers on 17 June 2009.
The capital raised from the issue will be used to further strengthen the Group’s capital adequacy andin particular its Tier 1 capital.