AIM

14 June 2006





          ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH AIM RULE 2



ALL APPLICANTS MUST COMPLETE THE FOLLOWING:



COMPANY NAME:

IRF European Finance Investments Ltd.

COMPANY ADDRESS:

Canon's Court

22 Victoria Street

Hamilton

COMPANY POSTCODE:

HM12

COUNTRY OF INCORPORATION:

Bermuda

COMPANY BUSINESS OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTMENT STRATEGY TO BE DISCLOSED IN

ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (J) OF THE AIM RULES:

IRF European Finance Investments Ltd. intends to invest in the financial services industry in Europe but with a

primary focus on credit institutions and insurance companies in Greece, Bulgaria, Romania and Turkey or other

countries in Southern Europe.

DETAILS OF SECURITIES TO BE ADMITTED (i.e. where known, number of shares, nominal value and issue price to which

it seeks admission and the number and type to be held as treasury shares):

Common shares of $0.0015 each

Number of common shares:

Existing                                               57,291,675

Number of warrants

Existing                                               91,666,680

CAPITAL TO BE RAISED ON ADMISSION:

None

FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS:

Angeliki Frangou - Chairman, Director

Andreas Vgenopoulos - Deputy Chairman, Director

Georgios Kintis -Chief Executive Officer, Director

Sheldon Goldman - Non-executive Director

John Karakadas - Non-executive Director

Alexander Meraclis - Non-executive Director

Dennis Malamatinas - Non-executive Director



PERSON(S) INTERESTED IN 3% OR MORE OF THE ISSUER'S CAPITAL, EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL

BEFORE AND AFTER ADMISSION:

Ordinary shares







                                                                          After



Morstan Nominees Ltd                                                      20.9%

Angeliki Frangou                                                          15.7%

Andreas Vgenopoulos                                                       15.4%

New Smith                                                                  5.1%

Amaranth LLC                                                               4.4%

Funds controlled by York Investment Ltd. and its affiliates                7.3%

North Sound Legacy International Ltd.                                      3.1%





Warrants





                                                                          After



Morstan Nominees Ltd                                                      26.2%

Angeliki Frangou                                                          12.6%

Andreas Vgenopoulos                                                        7.3%

New Smith                                                                  6.3%

Funds controlled by York Investment Ltd and its affiliates                 9.1%

North Sound Legacy International Ltd.                                      3.9%

NCB Trust Limited                                                          3.6%

Goldman Sachs International Nominee                                        3.2%





NAMES AND ADDRESSES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (G) OF THE AIM RULES:

N/A

ANTICIPATED ACCOUNTING REFERENCE DATE:

31 December

EXPECTED ADMISSION DATE:

28 June 2006

NAME AND ADDRESS OF NOMINATED ADVISER:

Collins Stewart Limited, 9th Floor, 88 Wood Street, London EC2V 7QR

NAME AND ADDRESS OF BROKER:

Collins Stewart Limited, 9th Floor, 88 Wood Street, London EC2V 7QR

DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT

THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES:

The Admission Document will be available from the offices of Collins Stewart Limited, 9th Floor, 88 Wood Street,

London EC2V 7QR and will contain full details about the applicant and the admission of its securities

DATE OF NOTIFICATION:

14 June 2006



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