Bank of Cyprus convertible capital securities listing on July 8

A total of 645,327,822 in total Bank of Cyprus Public Company Ltd (BOCY) Convertible Capital Securities will be listed on the CSE and Athex and commence trading on Wednesday July 8, 2009, subject to the CSE Council approval. The Convertible Capital Securities of nominal value EUR1.00 each, bear a fixed interest rate of 5.50% for the first 5 years (until June 30, 2014) and a floating rate equal to the 6-month Euribor plus 3.00% thereafter. The interest will be payable 2 times a year, on June 30 and December 31 of each year. In addition, on the same date, the number of Convertible Bonds 2013/2018 (BCCB/ HIJKL) will be reduced to 209,418,753 in view of the exercise of the exchange right that the holders of Convertible bonds 2013/2018 had with the new Convertible Capital Securities. According to the terms of Issue of the Convertible Bonds 2013/2018
of the Bank the interest rate on the Bonds which will apply for the period 01/07/2009 until 31/12/2009 was reviewed and set at 2,322% (6-month Euribor 1,322% plus 1,00%).