At a press conference held at the Bank of Cyprus (BOC) Group Headquarters in Nicosia on 27 February 2001, the Group Chairman, Mr Solon Triantafyllides, announced the Group results for 2000, following their approval by the Group's Board of Directors.The BOC Board of Directors decided to present the results for 2000 in two sections: RESULTS For the first time the Group's full financial report and audited accounts are published at this time of year.1st Section Profit from ordinary operations reached C£92,1 m. for 2000, an increase of 51,4% over that of 1999. The Group's strength emerges from the fact that profit from ordinary operations during 2000 is significantly increased over that of 1999, which was the biggest such increase ever achieved by the Group. Profit after the deduction of taxes and before the deduction of losses from disposal and revaluation of investments reached C£65,1 m., an increase of 53,9% over that of 1999.2nd Section Profit before tax after the deduction of losses from the disposal and revaluation of investments during 2000 reached about C£70 m., a decrease of 30% over the previous year. Profit after the deduction of losses from the revaluation of investments in the Cyprus Stock Exchange (CSE) and the deduction of taxes, reached about C£43 m. compared to C£78 m. in the previous year. It is important to mention that almost all losses from the investment portfolio for 2000 are unrealised losses. Profit after the deduction of all losses from the revaluation of the Group's investments in shares, even though it is lower than that of 1999, continues to be satisfactory, enabling the Group to maintain its dividend policy by paying a total dividend of 13 cents per share. Total dividend this year is increased by 22% because of the bonus issue of 1:5 given out in 2000. It is noted that even with the decreased profit (once losses from the investment portfolio are taken into account), profit for 2000 when compared to that for 1998, i.e. before the distortion in the Cyprus stock market of the last two years, shows an increase of 53% before tax and an increase of 37% after tax. As regards 2001, Mr S. Triantafyllides said: ?The year 2001 will be more of a rational year since results will largely be based on ordinary banking/economic factors rather than on exogenous factors. The year 2001 is anticipated to be a very good year for the Group since expected profit from banking operations compares favourably to that of 2000. Furthermore, we do not anticipate losses from the revaluation of investments in shares. Even if there are any, they will not be significant. In effect, it is expected that in 2001 profit both before and after tax will be significantly increased over that of 2000.?DIVIDEND On the basis of the above results, the Group will pay out for 2000 a final dividend of 8 cents per share or 16%, over and above the interim dividend of 5 cents per share or 10%. Therefore, the total dividend for 2000 is 13 cents per share or 26%. The dividend yield of the BOC share (which with today's value is around 4,5%) is considered very satisfactory.OTHER FINANCIAL DATA The Group's other financial data marked a significant increase during 2000. In specific, total assets increased by 20% and reached C£6,3 billion. Advances reached C£3,8 billion, showing an increase of 27,1% and deposits reached C£5,1 billion an increase of 21,3%. The increase in the Group's capital base was particularly important. Shareholders interest, i.e. share capital and reserves, increased from C£391,7 m. in 1999 to C£571,4 m. in 2000, an increase of 46%. The Group's number of shareholders increased from 51,000 in 1999 to 67,700 in 2000.NEW FUNDS RAISED In respect of the use of the new funds raised, the Group Chairman said that the Group's dynamic expansion in Greece will absorb most of the funds raised as a result of the issue of the 39 m. BOC shares in Greece, which amounted to around C£200 m. Inthe context of the Group's dynamic expansion, the Group intends to increase its branch network in Greece from 31 to 60 branches by the end of the year and to 120, within the next three years. In relation to this Mr S. Triantafyllides said: ?Our aim is to increase our market share in Greece to 5% by 2004 from today's 2%. This is the main benefit accruing from the issue of the new capital because an increase of 1% in our market share in Greece, is equivalent to an increase of around 4% in market share in the Cyprus market.? The Group's companies in Greece exhibited particularly positive results for the year 2000. In specific, profit before tax of the Group's Companies in Greece, reached Drachma 13,5 billion from Drachma 8,3 billion, an increase of 62,3%. Total deposits and advances of BOC Greece also exhibited a significant growth for 2000. Deposits increased by 63% to Drachma 484 billion for 2000, from Drachma 297 billion in 1999.Advances increased by 95% to Drachma 495 billion, from Drachma 254 billion in 1999. Recently, the Group's insurance companies EuroLife and General Insurance Company set up branches in Greece, where a dynamic expansion is being planned also. The said branches will bear the name ?Kyprou Life? and ?Kyprou Insurance? respectively. Commencement of their operations is expected to take place by the end of March 2001. They will be housed at the Group's Headquarters in Alexandra Avenue, Athens. With these moves the Group's vision to set up in Greece a Group parallel to that in Cyprus offering a full range of banking and banking related products and services, is fulfilled. Further to the Group's rapid expansion in Greece, part of the new funds raised will be utilised for the development of BOC Australia (AUS$52 m. or C£18,5 m.), whereas an additional part will be used to acquire Interbank of New York as soon as the U.S.A. authorities grant their approval. Referring to the rest of the Group's activities abroad, Mr S. Triantafyllides said that in 2000 BOC (London) operated its first Business Centre in North London. In addition the Group's representative office in Manchester was transformed into a full branch. Profit from the Group's banking operations in the UK increased by 40,5% in 2000 compared to that of 1999.Mr S. Triantafyllides said that the year 2000 was a milestone for the Group. On the one hand, the BOC shares were listed on the Athens Stock Exchange (ASE) and on the other the CSE showed a vertical drop following the rapid increase in prices of 1999. In closing, Mr S. Triantafyllides emphasised that the Group's strategic moves and the dynamic expansion abroad particularly in Greece, are assets for the Group's further progress. Prospects both for the year 2001 and for the longer term are very encouraging.