The new BOC Group Top Executive Management (Messrs Andreas Eliades, Charilaos Stravrakis and Yiannis Kypri) in co-operation with the existing BOC Group Top Executive Management (Messrs Solon Triantafyllides, Christos Pantzaris, Evdokimos Xenophontos and George Charalambous) reviewed the new organisational structure which will support the Group?s new aims and priorities. This structure will become effective as of 1st January 2005, the date on which the new Top Executive Management will fully assume its duties.

The organizational structure of the Group at General Management level, is formed as follows:

1. The position of Group General Manager Information & Operations is created, for reviewing and co-ordinating the business of the two banking units in Cyprus and Greece so as to achieve synergies. As a first stage, the synergies between the two units will focus on Information Technology, Operations and Human Resources.

Mr Antonis Jacouris is appointed as the Group General Manager Information & Operations.

2. The Group General Manager Domestic Banking Mr Vassos Shiarly, will continue to be responsible for domestic banking. This sector is being restructured and strengthened as it focuses on four crucial areas: Retail Banking, Small and Medium-sized Enterprises, Corporate Banking and, International Banking Units and Representative Offices. As far as the front line is concerned, the focus is on selling and quick response to customer needs. The banking related subsidiary companies of the Group, Bank of Cyprus Finance Corporation (BCFC) and BOC Factors, are also part of domestic banking.

3. Mr Christis Hadjimitsis (currently the Group Financial Controller) is promoted to Group General Manager Finance (a position currently held by Mr Yiannis Kypri), and further to his duties in the Financial Management of the Group, he will also be responsible for the Group?s Strategic Planning.

4. Risk management at Group level continues to be of significant importance in the organisational structure. Risk Management is a priority both for the Group and the financial sector in general, in view of the Basle II Agreement, on the basis of which the calculation for capital adequacy will be drastically reviewed. To this end, the position of Group General Manager Risk Management is created, with the responsibility of all three areas of risk: credit risk, market risk and operational risk.

Mr Nicolas Karydas, ex officer of the Central Bank of Cyprus is appointed as the Group General Manager Risk Management.

5. Mr Kostas Vassilakopoulos (currently General Manager Retail Banking and SMEs ? Bank of Cyprus Greece) is promoted to Group General Manager ? Bank of Cyprus Greece.