On Wednesday, 23 January 2008, 255.579 new ordinary shares of Bank of Cyprus Public Company Ltd ('the Bank') will be introduced for trading on the Cyprus Stock Exchange and the Athens Exchange resulting from the recent increase in the share capital by £127.789,50 (218.341 euro). The new shares to be introduced have resulted from the exercise of 255.579 Share Options on 31 December 2007 by 365 beneficiaries (staff of the Bank of Cyprus Group) at the exercise price of C£3,26 (5,57 euro) per new share, according to the 19 April 2000 resolution of the Bank's Extraordinary General Meeting and the 19 January 2001 resolution of the Bank's Board of Directors.

After the above increase, the Bank?s share capital on 31 December 2007 amounted to C£283.111.541,50 divided into 566.223.083 ordinary shares, of a nominal value of C£0,50 (0,8423 euro) each. It is noted that, as of 1st January 2008 the nominal value of the Bank's shares has been converted from C£0,50 each into 1,00 euro each.

The listing of the new shares has been approved by the Boards of Directors of the Cyprus Stock Exchange at their meeting on 17 January 2008 and by the Boards of Directors of the Athens Exchange at their meeting on 17 January 2008.

As of 23 January 2008, the opening price of the Bank's shares on the Athens Exchange will be adjusted according to the Regulation of the Athens Exchange. As of the same date, the new shares will be credited in the Dematerialised Securities System ('DSS') accounts of the beneficiaries who have elected to have their shares registered on the DSS.

For any further information or clarifications, please contact any of the following:

Cyprus: Greece:
Shares & Loan Stock Department Custody, Shareholders & Derivatives
tel. +357 22 842100 Clearing Department
fax. +357 22 336258 tel. +30210 6477555/332/334
Fax. +30210 6477329