The Board of Directors of Proton Investment Bank S.A. is pleased to announce that it has been officially notified of the intention of IRF European Finance Investments Ltd to purchase a stake between 28% to 30% of the total share capital of Proton, at a price of ? 9.5 per share. IRF and Messrs Antonios Athanassoglou and Elias Lianos entered last night into a binding Sale and Purchase Agreement in order for IRF to become a strategic investor in Proton.

The share transfer will be completed within 4-6 weeks and the purchase is conditional only on IRF?s shareholder approval. It is also noted that a Shareholders Agreement has been entered into between IRF and Messrs A. Athanassoglou and E. Lianos. It is intended that A. Athanassoglou and E. Lianos will continue being responsible for managing the operations of the Bank. The transaction is governed by the principles of the supervision of the Banking Sector by the Central Bank of Greece.

IRF European Finance Investments Ltd is an international investment fund, listed in the AIM London Stock Exchange. Its shareholders comprise mainly of international institutional investors as well as investors of Greek origin. Ms. Angeliki Frangou is the Chairman of the company.

The agreement is expected to contribute to Proton?s stability in its growth and result in creating a wide range of synergies between the two entities. It will also enhance the Bank?s ability to attract capital for the implementation of its Business Plan.