IRF European Finance Investments Ltd 

('IRF' or the 'Company')

Q1 2008 Results

IRF European Finance Investments Ltd (AIM: IRF) announces its audited financial results for the 3 months ended 31 March 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 three months ended 31 March 2008.

Financial Highlights

During the three-month period ended 31 March, 2008, net income of IRF was adversely impacted by approximately €10.8 million in losses attributable to the currency appreciation of the United States Dollar against the Euro.  As IRF has a significant amount of cash and cash equivalents in United States Dollars, IRF has recorded a loss in translating the cash and cash equivalents from USD to Euros. 

Net Asset Value

IRF determined that its shares had a net asset value ('NAV') of $5.21 per share, on 31 March 2008, computed as follows: IRF owned a 20.60% interest in Proton Bank.  The value of this holding, based on the closing share price on the Athens Stock Exchange on 31 March 2008, was €93.0 million. IRF had 124.8 million common shares outstanding. The Euro/$ exchange rate of $1.5812 on 31 March 2008 was used.

IRF 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

As of 2 June 2008, IRF had acquired approximately 46.7 million shares of Marfin Investment Group ('MIG'), an investment holding company listed on the Athens Stock Exchange. This represents approximately 6.26% of the issued share capital of MIG.

For further information:

IRF European Finance Investments Ltd

Angeliki Frangou, Chairperson               Tel: +30 (0) 210 428 0560

Numis Securities Limited

Jagjit Mundi                                         Tel: +44 20 7260 1000

Nick Westlake    

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 6.26% 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'. 

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.