We inform you that filing of class actions for the Convertible Enhanced Capital Securities (CECS or CoCoCos) of the Bank of Cyprus is continuing and in early 2015 one of our clients' class actions will be heard before the Multi-member Court of First Instance of Athens. This Court will for the first time rule on the Bank of Cyprus's liability for the CoCoCos, as well as on its compensation obligation toward our clients.

For the remaining securities of the Bank of Cyprus (Convertible Bonds and Contingent Convertibles) we have as well instituted judicial proceedings for the repayment of the funds of the citizens who so unfairly lost their money overnight.

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