IRF European Finance Investments Ltd



25 April 2008







         IRF European Finance Investments Ltd. ('IRF' or the 'Company')







            IRF acquires a stake in Marfin Investment Group ('MIG')







IRF is pleased to announce that is has acquired 8,666,290 ordinary shares in

MIG, an investment holding company listed on the Athens Stock Exchange, for

approximately EUR 40.9 million in cash. The consideration was funded entirely

from the Company's existing cash resources. The average purchase price per share

was approximately EUR 4.72, representing a discount of approximately 8.9% to the

EUR 5.18 closing price on 24 April 2008. These shares represent approximately

1.04% of the issued share capital of MIG. This investment is in line with the

Company's investment strategy as approved by shareholders at the Company's

recent AGM on 31 March 2008. The Company believes that such investment should

enable the Company to build value for IRF's shareholders.







MIG invests in private equity, privatisations and infrastructure projects and

principally operates in Greece, Cyprus and South East Europe. It has a market

capitalisation of approximately EUR 4.32 billion; in the financial year ended 31

December 2007, MIG had assets of EUR 6.87 billion and made a post tax profit of

EUR 330.4 million.







For further information:







IRF European Finance Investments Ltd



Angeliki Frangou, Chairperson                        Tel: +30 (0) 210 428 0560







Numis Securities Limited



Jagjit Mundi                                         Tel: +44 20 7260 1000



Nick Westlake









About IRF







IRF was formed to invest in the financial services industry throughout Europe.

IRF's current strategy is to seek investment opportunities in the financial

sector in Europe with a primary focus in South East Europe financial

institutions, investment funds and insurance companies. These investment

opportunities may include control or non-control positions in both public and

private entities.







IRF already owns a 20.6% interest in Proton Bank S.A. ('Proton').  Proton is a

full service financial services institution, including retail and investment

banking as well the provision of specialized corporate advisory and investment

services.  Proton is listed on the Athens Shares Exchange under the symbol

'PRO'. For more information about Proton, please see www.proton.gr.





















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