11 Sep 2008 07:00

| Press Release | 11 September 2008 |
IRF European Finance Investments LtdÂ
("IRF" or the "Company")
First Half 2008 Results
IRF European Finance Investments Ltd (AIM: IRF) announces its audited financial results for the six months ended 30 June 2008.
Below are the financial highlights of the consolidated group, including Proton Bank and its subsidiaries (the "Group") and IRF and its wholly owned subsidiaries for the six months ended 30 June 2008.
Financial Highlights
| Amounts in € 000 | The Group | IRF |
| Amounts in € 000 | The Group | IRF |
| Income Statement items | ||
| Net Income | 45,641 | 18,848 |
| Profit before income tax | 4,805 | 15,300 |
| Income tax expense | (1,214) | - |
| Profit after tax | 2,807 | 15,300 |
| Attributable to equity holders of the Company | 4,596 | 15,300 |
| Minority Interests | (1,789) | - |
| Basic earnings per share (in euro/share) | 0.04 | 0.12 |
| Diluted earnings per share (in euro/share) | 0.04 | 0.12 |
| Balance Sheet Items | ||
| Cash and cash equivalents | 37,141 | 138,776 |
| Total assets | 2,798,237 | 590,939 |
| Total liabilities | 2,096,570 | 160,266 |
| Total Equity | 701,667 | 430,673 |
| Equity attributable to equity holders of the Company | 428,793 | 430,673 |
| Minority Interests | 272,874 | - |
Net Asset Value
IRF determined that its shares had a net asset value ("NAV") of $4.97 per share, on 30 June 2008, computed as follows: IRF owned a 20.60% interest in Proton Bank and a 8.16% interest in Marfin Investment Group ('MIG"). The value of these holdings, based on the closing share price on the Athens Stock Exchange on 30 June 2008, was €398.6 million. The Euro/$ exchange rate of $1.5753 on 30 June 2008 was used. As of 30 June 2008, IRF had 124.8 million common shares outstanding.
IRFÂ intends to determine and publish NAV on a periodic basis. This estimated NAV is provided for information purposes only and should not be relied upon for investment decisions.
Recent Acquisitions
Following further acquisitions made in the third quarter of 2008, IRF currently holds approximately 75.4 million shares of MIG, an investment holding company listed on the Athens Stock Exchange. This holding represents approximately 10.1% of the issued share capital of MIG.
Subsequent Event
In early July 2008, IRF received approximately €21.53 million in respect of the 56.6 million MIG shares owned by IRF on the record date for the related dividend payment.Â
For further information:
IRF European Finance Investments Ltd
Angeliki Frangou, Chairperson Tel: +30 (0) 210 428 0560
Numis Securities Limited
Nick Westlake (Nomad) Tel: +44 20 7260 1000
James Black (Broker) Tel: +44 20 7260 1000
About IRF
IRF was formed to invest in the financial services industry throughout Europe with a primary focus on credit institutions and insurance companies in South Eastern Europe. IRF's current strategy is the acquisition of financial institutions having valuations which do not reflect their potential and where marketing and operational efficiencies are possible. IRF owns a 20.60% interest in Proton Bank and a 10.1% interest in Marfin Investment Group.
About Proton Bank
Proton Bank is a full-service financial services institution, including retail and investment banking as well as the provision of specialized corporate advisory and investment services. Proton Bank has 28 branches in Greece and is listed on the Athens Stock Exchange under the symbol "PRO".Â
Forward-looking statements
All statements, other than statements of historical fact, included in this release are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current expectations and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements. IRF assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law.