On 24.10.2005, MARFIN FINANCIAL GROUP signed a private agreement for the acquisition of OMEGA BANK. According to this agreement, MARFIN FINANCIAL GROUP will acquire directly 20.9% of the shares of OMEGA BANK as well as the voting rights of shares representing 19.1% of the Bank. Next, after the completion of the impending share capital increase, MARFIN FINANCIAL GROUP will propose to the remaining shareholders of OMEGA BANK to sell to it, provided they wish to do so, their shares under the same financial terms, while at the same time, will undertake the subscription of the share capital increase of OMEGA BANK.

However, the implementation of the aforementioned agreement is subject to the approval of the Bank of Greece and the carrying out of a detailed due dilligence report by OMEGA BANK, in order to confirm its adjusted book value, according to IAS, which has been set at EUR 119 million. The initial, price per share is 1.2 times of the aforesaid book value of OMEGA BANK, while with the implementation of the agreement MARFIN FINANCIAL GROUP will immediately undertake the control of the Bank.

It should be also noted that (with the due dilligence report which is still pending), the implementation of the acquisition of OMEGA BANK is expected to increase MARFIN FINANCIAL GROUP'S assets by some 90% (on consolidated level), total loans by almost 160%, total deposits by some 130% and the total of its institutional portfolios by 80% approximately. However, at this stage, the final price of the investment required is not known yet so as to calculate a return on investment. Even though this acquisition is expected to increase the earnings per share of MARFIN FINANCIAL GROUP starting in 2006, accurate projections can be made only after the completion of the due dilligence report and the realization of the revised business plan of OMEGA BANK.