Ownership in Marfin Investment Group Holdings S.A.

IRF European Finance Investments Ltd

January 21, 2015

Ownership in Marfin Investment Group Holdings S.A.

IRF European Finance Investments Ltd ("IRF" or the "Company") announces that Piraeus Bank has unilaterally taken possession of 100.4 million shares in Marfin Investment Group Holdings S.A. ("MIG") owned by IRF and pledged as collateral pursuant to a pledge agreement entered into by IRF as security for its loan facility. As a result, IRF's share ownership in MIG has decreased from 14.72% to 4.01%.

Following the general collapse of business activity in Greece in 2012, IRF has constructively engaged in reforming its business and engaged in good faith negotiation with Piraeus Bank to restructure its loan facility.

In December 2013, IRF understood that Piraeus Bank was agreeable to restructuring the loan, in a manner compatible with the existing business realities, IRF made the required payments to Piraeus Bank and from that time forward, IRF and Piraeus Bank held a series of meetings and conversations ending in October 2014 with the acceptance by IRF of Piraeus Bank preliminary terms on the structure of the revised loan pending customary approvals and documentation.

The recent actions by Piraeus Bank were unilateral and without notice. At the time of the unilateral acquisition, the MIG shares were trading at around €0.18 per share which is at the lowest level those shares have ever traded. This is believed to reflect the current political environment in Greece rather than the performance of the underlying business. In fact, In November 2014, in connection with announcing its third quarter results, MIG announced an NAV of €1.13 per share. These actions by Piraeus Bank are therefore in breach of the existing contracts.

IRF will use its resources to protect its shareholders against all direct, collateral, consequential and other damages that may be incurred. IRF announces that it has reserved all rights relating to the unilateral acquisition of shares in MIG by Piraeus Bank, including without limitation, its rights to assert civil and other claims.

Enquiries

Panagiotis Throuvalas, Chief Executive Offiver. Tel: +30 (0)210 428 0564