Nicosia, 13 June 2016

In line with its strategy of maintaining a lean operating structure, Bank of Cyprus Public Company Ltd (the "Bank" or the “Group”) successfully completed a voluntary exit plan. Through the plan, 359 applicants have been approved to leave at a total cost of €57 mn.

Following the completion of two voluntary exit plans during the first half of 2016, the number of personnel in Cyprus is reduced by 10%, with an estimated annual saving of 12% of personnel expenses.

The completion of the voluntary exit plan is another milestone in the Group's restructuring and journey back to strength.