PRESS RELEASE

The Bank of Cyprus Group, announces its results for the nine months 1/1/2000 - 30/9/2000, which have been examined and approved by the Board of Directors of the Bank of Cyprus Ltd, at its meeting held on 28th November 2000. Operating profit before provisions for bad and doubtful debts for the nine months to 30th September 2000 reached C£95,5 million against C£81,6 million for the corresponding period of 1999, registering an increase of 17,0%.Profit after tax increased by 9,2% to C£50,0 million compared to C£45,8 million in the corresponding period of 1999. The above results are considered very satisfactory, especially if one takes into account the fact that they have been adversely affected by the conditions prevailing during 2000 in the Cyprus Stock Exchange in contrast to the favourable conditions prevailing in the corresponding period last year.As regards the whole of 2000, the profit from operations of the Group, excluding the results from revaluation and sale of investments in shares listed on the Cyprus Stock Exchange, is expected to register a significant increase against that of 1999, whilst total profit of the Group, which is expected to be satisfactory, will to some extent be affected by the conditions that will prevail in the Cyprus Stock Exchange until the year end.

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