PROTON INVESTMENT BANK S.A. (PROTON) herewith announces the transfer of 12.638.050 shares, corresponding to the 28% of the company's share capital, from a group of former shareholders to IRF EUROPEAN FINANCE INVESTMENTS LTD (IRF). The transaction took place today, June 30, 2006.
At the same time the Board of Directors of the Bank has been formed as follows:
Angeliki Frangou, Chairman, Non-Executive Member
Anthony Athanassoglou, Vice-Chairman, Executive Member
Elias Lianos, Managing Director, Executive Member
George Kintis, Non-Executive Member
George Minettas, Non-Executive Member
Alexandra Stavropoulou, Independent Non-Executive Member
Panagiotis Alexakis, Independent Non-Executive Member

IRF targets the acquisition of strategic participations in financial organizations and insurance companies in the European Union, focusing on Southeastern European countries. IRF is listed on the Alternative Investment Market (AIM) of the London Stock Exchange. The acquisition of 28% of PROTON's share capital is consistent with the company's business concept and planning. IRF's 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.