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Exercise of Warrants

IRF European Finance Investments Ltd. (the 'Company' or 'IRF') announced today the results of a private program offered to certain qualified investors ('Holders') for the early exercise of the Company's outstanding publicly traded warrants ('Warrants').

Angeliki Frangou, Chairman of IRF stated 'the purpose of the program was to simplify the Company's capital structure while simultaneously raising additional capital to take advantage of strategic market opportunities, otherwise outside of the Company's resources.  We expect to announce a public program, identical in all material respects, shortly to our remaining warrant holders'.

Private Program

Under the private program, IRF effectively modified the terms of its Warrants to temporarily: (1) increase the number of common shares of the Company ('Common Shares') received upon exercise of a Warrant from one Common Share to 1.20 Common Shares on payment of $5.00; and (2) permit the exercise of a Warrant such that the Holder received one Common Share in exchange for every 8.75  arrants
surrendered.  Warrant holders were able to use one or both methods to convert their Warrants into Common Shares.

Results of Private Program

'I am pleased with the reduction in the number of Warrants outstanding, from approximately 161% of our shares outstanding to approximately 38% of our shares outstanding.   I am also pleased with the cash proceeds from the program - 98.6% of the Warrants participating in the program were exercised on a cash basis', said Angeliki Frangou.

Of the 48,214,674 Warrants (representing 52.6% of the Warrants outstanding) which participated in the private program, 47,548,029 Warrants were exercised by payment of the $5.00 exercise price and 666,645 Warrants were exchanged for Common Shares.  As a result:
-    237,740,145 of gross cash proceeds were raised.   Fees and expenses incurred in connection with this private program are expected to amount to approximately one per cent. of the gross cash proceeds
-    57,133,822 new Common Shares were issued

Following the issuance of these Common Shares relating to these Warrants pursuant to the private program, IRF has 113,995,497 Common Shares and 43,452,006 Warrants outstanding.  These Warrants will expire on the earlier of redemption or on 14 November 2009, unless accelerated pursuant to the terms of the Warrants.

Certain Aim Notifications

Application has been made to AIM for all the Common Shares issued in connection with the private program to be admitted to trading on AIM.

Pursuant to the private program, the participation by certain holders of Warrants represents a related party transaction under the AIM Rules for
Companies.  Ms. Angeliki Frangou, Zebra Holding Company and Morstan Nominees Limited: (i) directly or indirectly exercised 16,881,340 Warrants, 6,666,668 Warrants and 24,000,000 Warrants, respectively, (ii) paid $84,406,700, $33,333,340 and $120,000,000, respectively and (iii) received 20,257,608 Common Shares, 8,000,001 Common Shares and 28,800,000 Common Shares, respectively. Following completion of this program, ownership by each of the foregoing parties is 20.70%, 9.94% and 35.79%.

Pursuant to Rule 13 of the AIM Rules for Companies, IRF's Directors (excluding Ms. Frangou) having consulted with IRF's Nominated Adviser, Collins Stewart, determined that the terms of the private program, insofar as its shareholders are concerned, are fair and reasonable.

This news release is merely a notification and is neither an offer to sell nor a solicitation of an offer to buy any securities. The private program was effected only by means of an offer letter and related documents distributed to certain Holders.

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