Further to Bank of Cyprus' (the Bank) announcement dated 26 August 2004, in relation to the Bank's decision to proceed with the necessary actions to withdraw the GDRs from the international market and as a last step to withdraw their listing on the London Stock Exchange, the Bank announces that the necessary actions were completed yesterday in accordance with the Deposit Agreement between the Bank and the Depositary bank of the GDRs (Bank of New York).

Effective tomorrow, 25 November 2004, the GDRs will not be traded and will be de-listed from the London Stock Exchange.