Investor Presentaiton

Macroeconomic overview Total Government revenue vs expenditure (% of GDP) Prudent fiscal policy delivers strong results (% of GDP) Total revenue ■Total expenditure Actual fiscal balance & current forecast Original Programme fiscal target 42,8% 42,5% 42,1% 41,4% -0,2% -0,1% -0,7% 40,4% 40,6% 40,5% 39,6% 39,1% 39,0% 37,7% 37,0% 36,3% 36,5% -4,8% -4,9% -2,8% -5,8% -5,8% -4,8% -5,8% -5,8% -5,9% -7,4% -7,7% Unemployment will ease gradually 2010 2011 2012 2013 2014 2015E 2016F 2010 2011 2012 2013 2014 2015E 2016F 3.000 15,9% 16,1% 15,5% 2.500 14,5% 13,2% 11,9% 2.000 0,5% 0,8% 0,9% 1,2% -0,1% 1.500 -4,2% 1.000 -5,2% 500 2011 2012 2013 2014 2015* 2016* 2017* Unemployment rate (% of labour force) -Employment growth % Figures for 2015, 2016 and 2017 are based on European Commission report 0 Maturity profile of Cyprus Government Debt (€ mn) SOURCE: Statistical Service of Republic of Cyprus, European Commission, Bloomberg, IMF and company reports, Eurostat, Calculations by BOC Economic Research 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 ■Other Loans ■Domestic Bonds/T-bills IMF-ESM loans EMTN Securities 2029 2030 2031 2032 2033 2034 2035+ Bank of Cyprus 53 KOINO WKYпPIW 1237

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