IRF is pleased to announce that today it completed the acquisition in the open market of approximately 7,734,403 million shares in Marfin Popular Bank, a commercial banking group listed on the Athens Exchange, for approximately €65 million in cash.  This acquisition was funded through the utilisation of IRF's cash balances.  The shares acquired represent approximately 1% of Marfin Popular Bank's outstanding shares as of December 31, 2006.  IRF's current intention is to retain this minority stake as an investment.

Marfin Popular Bank is the result of a merger between Marfin Financial Group, Egnatia and Cyprus Popular Bank which occurred in the last quarter of 2006 and as a result is a significant bank in both Greece and Cyprus, with diversified banking interests in the retail, commercial and investment banking sectors.
Currently, Marfin Popular Bank has a market capitalisation of approximately €6.5 billion.

IRF also announces that in connection with this acquisition in Marfin Popular Bank, Dennis Malamatinas has announced his resignation from the Board of IRF, effective as of today.  Mr. Malamatinas is also a board member of Marfin Financial Group, an affiliate of Marfin Popular Bank.

'This acquisition allows IRF to enjoy the continued consolidation within the Greek banking market' said Angeliki Frangou, Chairman of IRF.  Ms. Frangou added 'we will miss Mr. Malamtinas' valuable contributions to IRF, but understand his retirement from the board given our acquisition of an interest in Marfin Popular Bank.'