The Bank of Cyprus Group announces that it has received a Letter of Intent from third parties for the acquisition of 25% of the share capital of Universal Life Insurance Company Ltd that is presently held by Bank of Cyprus and related funds.

The Group has accepted in principle the procedure that will be followed, which includes the carrying out of legal and financial due diligence by independent legal and audit firms to be appointed by the prospective buyers.

On completion of the due diligence process the prospective buyers will submit a final offer, the terms of which will be reviewed by the Group in order to reach its final decision as to whether to accept the offer.

Nicosia, 12 August 2004