IRF European Finance Investments Ltd

Annual Information Update

for the 12 months to 31 December 2010

In accordance with Prospectus Rule 5.2, the following information and documents were published, or made available to the public in compliance with relevant laws and regulations during the 12 months to 31 December 2010.

This annual information update is required by and is being made pursuant to Article 10 of the Prospectus Directive as implemented in the United Kingdom (Prospectus Rule 5.2) and not for any other purpose and neither the Company, nor any other person, takes any responsibility for, or makes any representation, express or implied, as to the accuracy or completeness of, the information which it contains. This information is not necessarily up to date as at the date of this annual information update and the Company does not undertake any obligation to update any such information in the future. Furthermore, such information may have been prepared in accordance with the laws or regulations of a particular jurisdiction and may not comply with or meet the relevant standards of disclosure in any other jurisdiction.

This annual information update does not constitute an offer of any securities addressed to any person and should not be relied on by any person.

1.         Announcements made via a regulatory information service (London Stock Exchange)

2.         Documents filed at the Registrar of Companies in Bermuda

3.         Documents published or sent to shareholders or filed with the UKLA viewing facility

Documents submitted to the FSA can be viewed at the Document Viewing Facility situated at the Financial Services Authority, 25 The North Colonnade, Canary Wharf, London, E14 5HS

4.         Further information

For further information about IRF European Finance Investments Ltd, please contact:

Angeliki Frangou, Chairperson

      Tel: +30 (0) 210 428 0560

Sheldon Goldman

       Tel: +1 212 404 5740

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.