Unknown Executive

Dear shareholders and distinguished guests, I'm pleased to welcome you to the 10th Annual General Meeting of Bank of Cyprus Holdings Public Limited Company. On behalf of the Board of Directors, I'd like to thank you for joining us today.

Unknown Executive

[foreign language]

Dear shareholders, distinguished guests, it is with a great pleasure that I welcome you to the Annual General Meeting of the Bank of Cyprus. On behalf of the Board of Directors, I would like to thank you for being here, and I would also like to request your cooperation and the Chairman, the Executive Financial Director and other members of the Board of Directors and internal and external legal advisers are at your disposal to respond to any question. I would like to give the floor to the Secretary of the Board of Directors.

Katia Santis
Chief Legal Officer & Company Secretary

Have 43 shareholders attending today's meeting either in person or via proxies. This corresponds to 32.25% of the bank's share capital, which is equivalent to 140,595,769 shares. I would now like to invite both the Chairman and the CEO to address the shareholders. I would like to remind you that the speeches of both the Chairman and the CEO addressing the shareholders are also available on the company's website. Mr. Chairman?

Efstratios-Georgios Arapoglou

[foreign language]

Interest rate increases in response to inflationary pressures usually take 6 months to a year to feed through to the economy, by which time inflation could