IRF is pleased to announce that it yesterday completed the acquisition of approximately 7.30 million shares in the open market in Piraeus Bank, a commercial banking group listed on the Athens Exchange, for approximately €146.9
million in cash. This acquisition was funded partly through utilisation of IRF's cash balances and partly through a credit facility arranged with a commercial bank. The shares acquired represent 2.8% of Piraeus Bank's outstanding shares as of June 30, 2006, and include a 2% position purchased by IRF in a block transaction on September 21, 2006. IRF's current intention is to retain this minority stake as an investment.

Piraeus Bank has diversified banking interests in the retail, commercial and investment banking sectors.  Piraeus Bank has a growing international presence, focused in Southeastern Europe, the Eastern Mediterranean as well as New York and London.  Piraeus Bank has a market capitalization of approximately €5.3 billion and net revenue and net income (after minority interest) of €632.1 million and €260.6 million, respectively, for the six months ended June 30,
2006.  In the financial year ended December 31, 2005, following strong profit growth, the total dividend proposed for distribution was increased to €107.4 million (50 eurocents per share) an increase of 25 per cent. on the previous
year. For more information concerning Piraeus Bank, please see www.piraeusbank.gr.

'This acquisition is consistent with IRF's objectives of taking advantage of the consolidation trend within the Greek banking market,' said Angeliki Frangou, Chairman of IRF.  Ms. Frangou added 'we continue to execute our plan of enhancing shareholder value.  Piraeus Bank is a dividend paying stock, and we expect to earn income on our investment while retaining the potential for capital appreciation.'