IRF confirms that it has disposed of its entire holding of approximately 8.5 million shares in Piraeus Bank in the open market and realised a net gain on this investment of approximately €12.8 million or approximately US$16.4 million.

IRF acquired its stake in Piraeus Bank earlier this year for a total cash consideration of approximately €170 million.  Part of this acquisition was funded by means of a credit facility arranged with a commercial bank in Greece. Following IRF's disposal of its interest in Piraeus Bank, and utilising these sale proceeds, IRF has now repaid this credit facility in full.  The remaining proceeds from the sale will be retained by the Company for future acquisitions or investments.

Given the substantial appreciation in value of the Company's interest in Pireaus Bank over a short period, the directors of IRF determined it was in the best interests of the Company to dispose of its investment in Piraeus Bank at this time, rather than continue to hold this investment.

Acquisition of an interest in Proton Bank by Fortress Group LLC

IRF also confirms that Fortress Investment Group LLC, the US private equity fund, recently acquired a 7.2 per cent. interest in Proton Bank (on a diluted basis) in the open market.

In June 2006, IRF acquired a 28 per cent. interest in Proton Bank.  Following Proton Bank's merger with Omega last month and taking into account the shares issued therewith, IRF now owns a 20.16 per cent. interest in Proton.  IRF continues to maintain a controlling position within Proton Bank and has now appointed six of the eleven board members on Proton Bank's board.