Growth rates well exceeding those of the Greek market were recorded by the Bank of Cyprus in Greece during 2003. The Bank of Cyprus increased significantly both customer deposits and loans and advances. As a result, the Bank?s market share increased accordingly.

Based on the most recently published data of the Bank of Greece (October 2003), the Bank of Cyprus recorded an annual growth rate in deposits of 29,4% against 0,8% of the total market and the Bank?s market share reached 3,0%.

Based on the same data, the Bank?s total loans and advances recorded an annual increase of 29,1% against 17,2% of the total market. The growth rate in loans to businesses was even higher, reaching 29,0% against 10,8% of the total market. The Bank?s market share reached 3,4% in total loans and advances and 4,6% in loans to businesses. In addition, the Bank of Cyprus recorded an annual growth rate of 44,4% in housing loans and 37,3% in consumer loans against growth rates of the total market of 28,3% and 23,9%, respectively.

The above growth rates are indicative of the successful strategy followed by the Bank of Cyprus Group in Greece. The Bank operates 83 branches throughout Greece and it is expected that by the end of 2004 the number of branches will reach 100. The rapid expansion of the branch network will continue, with a target of 120 branches by the end of 2005.