At its meeting held today the Board of Directors of the Bank of Cyprus Public Company Ltd unanimously decided to appoint as members of the Board of Directors Mr. Eleftherios Ioannou and Mr. Manthos Mavrommatis with immediate effect. The Board of Directors took into serious consideration, among other things, the need to appoint independent non-executive directors to the Board of Directors, to enhance the orderly conduct of its activities.

Mr. Eleftherios Ioannou holds the qualification of the Chartered Institute of Bankers of London and has comprehensive experience in banking. He has served in senior managerial positions in other commercial banks and the Central Bank of Cyprus. From 1990 to 2000 he was the Managing Director of ALPHA BANK Ltd, formerly Lombard Natwest Bank Ltd. He was also Chairman and Managing Director of Alpha Bank in Romania from 2000 to 2004.

Mr. Manthos Mavrommatis studied economics at the London School of Economics and holds an MBA from the Business School of the University of Chicago. He is a member of the Board of Directors of a number of private companies. He served as chairman of the Board of Directors of the Nicosia Chamber of Commerce and Industry for the last six years, and was recently elected chairman of the Cyprus Chamber of Commerce and Industry.