Common Shares

IRF European Finance Investments Ltd. ('IRF' or the 'Company') today announced that CREST members will now be able to hold and transfer interests in IRF's common shares of par value $.0015 (ISIN BMG493831058) (the 'Common Shares') within CREST, pursuant to a depositary interest facility (the 'DI Facility') established by IRF with Capita IRG Trustees Limited ('Capita').  The Common Shares will not themselves be admitted to CREST.

Pursuant to the DI Facility, Capita has issued depositary interests for IRF's Common Shares which will today be admitted to trading on AIM.  These depositary interests may be held and transferred within CREST, enable the transfer and settlement of trades in respect of the Common Shares electronically.

If CREST members wish to use the DI Facility, they can do so by inputting a stock deposit in the usual way pursuant to standard CREST procedures.  They will also be required to submit a deposit certification form to Capita, certifying compliance with the relevant transfer restrictions imposed by U.S. securities law.  The deposit certification form must be submitted to Capita no later than 6 hours after submission of a stock deposit to CREST.

Holders of Common Shares wishing to continue holding Common Shares in certificated form and trade such shares can continue to do so.

Unlike transfers of certificated Common Shares, transfers of the depositary interests will be subject to stamp duty reserve tax at the rate of 0.5%.

For further details, please refer to CREST operational bulletin number 1281, issued on 19 March 2007, for the special procedures contained therein.

Warrants

The Company has arranged for Capita to issue depositary interests for IRF's warrants (ISIN BMG493831132) (the 'Warrants').  These depositary interests will not be admitted to AIM until after the expiration of the offer made on 28 March 2007 to holders of Warrants to exercise their Warrants on modified terms.