Completion of the merger of Proton Bank S.A. ('Proton Bank'), Omega Bank S.A. ('Omega Bank') and Proton Securities S.A. ('Proton Securities') and appointment of Loucas Valetopoulos as Chief Executive Officer and Director of IRF

Merger completion:

IRF (AIM: IRF) is pleased to announce that today, the Ministry of Development of Greece cleared the merger of Proton Bank with Omega Bank and Proton Securities, which was approved by shareholders of the three companies on September 7, 2007.

The combined entity will become fully operational on Monday, October 2 under the name Proton Bank S.A.

Appointment of new Chief Executive Officer and Director:

IRF is also pleased to announce the appointment of Loucas Valetopoulos as IRF's Chief Executive Officer and as a member of its board of directors, effective September 29, 2006.  Mr. Valetopoulos succeeds Georgios (George) Kintis, who resigned from his position as Chief Executive Officer and Director of IRF, effective today.  Mr. Valetopoulos brings significant corporate management and banking experience to IRF.

Mr. Valetopoulos will also replace Mr. Kintis as a Director of the combined Proton and Omega companies.

Prior to being named IRF's Chief Executive Officer, Mr. Valetopoulos, aged 46, worked for over 21 years in corporate, investment banking and senior managerial positions, first with Citibank in Greece in 1985 and then for BNP Paribas and ABN-AMRO.  During this time, he also set up the Greek Government Investment Promotion Agency, an office responsible for the promotion and support of foreign direct investment into Greece.  As Vice Chairman of a publicly listed company, Electra S.A., that was later acquired by Piraeus Bank, he oversaw a €55 million share capital raise on the Athens Stock Exchange.  Since 2003, he has been Managing Director of a family-owned real estate consultancy, Valeur S.A., of which he remains Chairman.

With these announcements, IRF believes it is in position to build and manage IRF's business and to direct its investment policy.  Angeliki Frangou, Chairman of IRF, stated that 'George helped lay the foundation that enabled us to develop IRF in its early stages. We wish him well and now look to Loucas to lead us in the next phase of our development.'

At the date of this announcement, Mr. Valetopoulos (a) does not own any shares of IRF, (b) has no unspent convictions in relation to indictable offences, (c) has not been declared bankrupt or entered into an individual voluntary arrangement, (d) has not been a director of any company at the time of, or within the 12 months preceding, any receivership, compulsory liquidation, creditors' voluntary liquidation, administration, company voluntary arrangement or any composition or arrangement with its creditors generally or any class of its creditors with which such company was concerned, (e) has not been a partner in a partnership at the time of, or within 12 months preceding, a compulsory liquidation, administration or partnership voluntary arrangement of such partnership, (f) has not had his assets the subject of any receivership or been a partner in a partnership at the time of, or within the 12 months preceding, any assets thereof being the subject of a receivership, and (g) has not been the subject of any public criticisms by any statutory or regulatory authority (including any recognised professional body) nor has he ever been disqualified by a court from acting as a director of a company or from acting in the management or conduct of the affairs of any company.  Save as disclosed in this announcement, Mr. Valetopoulos has confirmed that there are no further disclosures required pursuant to Schedule Two paragraph (g) of the AIM Rules.