Bank of Cyprus bid for Cytrustees approved

Bank of Cyprus Public Company Limited announced that on 16 February 2007, the Cyprus Stock Exchange (CSE) has approved its Offer Document for the Competitive Revised Public Offer of Bank of Cyprus to Cytrustees Investment Public Company Limited for the acquisition of up to 50% plus one share of Cytrustees issued share capital at EUR2,45 per share.

The Offer Document of the Competitive Revised Public Offer is available in electronic form at Bank of Cyprus website www.bankofcyprus.com.

Cytrustees shareholders who have submitted their declarations of Acceptance in accordance with the initial Public Offer by Bank of Cyprus dated 3 January 2007, are not required to submit a new Acceptance Declaration for the Competitive Revised offer pursuant to the terms of the Public Offer.

Pursuant to the relevant regulation on Public Offers the Acceptance Period ends on the 22nd February 2007.

The Acceptance Period could be extended for at least 30 days in case the CSE approves the Offer Document of the announced offer by Laiki Investments EPEY Public Company Limited for the acquisition of up to 50% plus one share of Cytrustees issued share capital at EUR2,43 per share. In such a case, the CSE and the Cyprus Securities and Exchange Commission, could extend the Acceptance Period of Bank of Cyprus Competitive Revised Public Offer up to the last day of Acceptance period of the Public Offer of Laiki Investment. In such a case an announcement will be made by the Cyprus Stock Exchange before 13:30 of 22nd February 2007.