Announcement

Nicosia, 18 September 2014

NOT FOR DISTRIBUTION IN THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN

This announcement shall not constitute an offer to sell or a solicitation of an offer to purchase any securities in the United States, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. The securities are not being registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States except pursuant to an applicable exemption from such registration. No public offering of securities will be made in the United States.

On 1 September 2014, the Bank of Cyprus Public Company Ltd (“Bank” or “Group”) announced the Closing Date of 18 September 2014 for the Placing and Open Offer. The Bank is pleased to confirm that the closing of the Placing and Open Offer successfully took place today. The Bank has received full payment for the Placing Shares and the Open Offer Shares and has issued 4.166.666.667 new ordinary shares with nominal value of €0,10 each at a price per share of €0,24.

As a result of this issue, the Bank's issued share capital now comprises 8.922.377.345 ordinary shares with a nominal value of €0,10 each.

In accordance with Cyprus Law 190 (I)/2007 and the Securities and Cyprus Stock Exchange Law (articles 171 and 172), the Bank hereby declares that it has been notified that the following shareholders own 5% or more of the Bank's issued share capital:

• Cyprus Popular Bank Public Co Ltd, with a holding of 9,624%
• Renova Group, with a holding  of 5,455%   
• TD Asset Management, with a holding of 5,232%
• European Bank for Reconstruction and Development, with a holding of 5,021%.

Unless otherwise defined herein, all capitalised terms used in this announcement have the meanings given to them in the circular to shareholders dated 30 July 2014 of the Bank which is available on the Bank's website at www.bankofcyprus.com (select Investor Relations/Capital Increase 2014).

Group Profile

Founded in 1899, Bank of Cyprus Group is the leading banking and financial services group in Cyprus. The Group provides a wide range of financial products and services which include retail and commercial banking, finance, factoring, investment banking, brokerage, fund management, private banking, life and general insurance. The Group operates through a total of 280 branches, of which 144 operate in Russia, 130 in Cyprus, 1 in Romania, 4 in the United Kingdom and 1 in the Channel Islands. Bank of Cyprus also has 5 representative offices in Russia, Ukraine, China and South Africa. The Bank of Cyprus Group employs 6.747 staff worldwide. At 30 June 2014, the Group's Total Assets amounted to €28,6 bn and Total Equity was €2,8 bn.