IRF European Fin Investments Ltd

27 December 2007







IRF European Finance Investments Ltd

27 December 2007







         IRF European Finance Investments Ltd. ('IRF' or the 'Company')



                                 Share Buy-Back





IRF announces that on the 24th December the Company purchased for cancellation

1,023,810  common shares of $0.0015 each (the 'Purchased Shares') at an average

price of $4.5 in the open market, for a total cost of approximately $4.6

million.





Following completion of this share buy-back, the Purchased Shares will be

cancelled from trading on AIM and accordingly, the reduced issued share capital

trading on AIM will amount to 124,832,394 Common Shares.





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 20.56% interest

in Proton Bank.





Proton is a full service financial services institution, including retail and

investment banking as well the provision of specialized corporate advisory and

investment services.  Proton is listed on the Athens Shares Exchange under the

symbol 'PRO'.  For more information about Proton, please see www.proton.gr.







Enquiries of the Company may be made to the Company's Nominated Adviser, Numis

Securities Limited, attn: Jagjit Mundi (+44 20 7260 1284) or Nick Westlake (+44

20 7260 1345).









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