IRF European Finance Investments Ltd.

("IRF" or the "Company")

Result of Special General Meeting

The directors of IRF wish to announce that at the Company's Special General Meeting held earlier today, the resolution to reduce part of the Company's share premium was duly passed.

Enquiries:

Angeliki Frangou, Chairperson                                    Tel:+30 (0)210 428 0564

Sheldon Goldman, Deputy Chairperson                      Tel:+1 (0)212 404 5740