The Bank of Cyprus Group has noted the Opinion of the Fifth Department of the Council of State, which was issued an 11 July 2006.

The opinion is relevant to the pension arrangements of Emporiki 8ank of Greece S.A. and expresses views relating to the constitutionality of Law 3371/2005 of the Hellenic Republic, which regulates the pension arrangements.

Acting with a high level of duty of care to safeguard the best interests of its own shareholders, staff and customers, the Bank of Cyprus Group Is reviewing these developments.

Bank of Cyprus has commissioned its legal advisers to examine the new developments and their possible consequences, in cooperation with a group of legal and other specialists on pension and constitutional issues.