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Investor Release 25 November 2009

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Investor Release 25 November 2009 Investor Relations +30 210 350 4000 +44 207 054 9280 www.marfininvestmentgroup.com Investor Release 25 November 2009 MARFIN INVESTMENT GROUP FINANCIAL RESULTS 30.09.2009 KEY FINANCIAL HIGHLIGHTS Marfin Investment Group (MIG) has reported its financial results for the first 9 Months of 2009: 9 Consolidated Q3 sales reached €532.0m, 13.1% quarterly growth; 9 Consolidated Q3 EBITDA reached €70.2m, vs €30.7m in Q2; 9 Q3 net profit after minority interests of €14.2m 9 Consolidated 9M sales reached €1,393.5m, recording 6.1% growth over 9M 08; 9 Consolidated 9M EBITDA reached €116.7m; 9 Recurring 9M EBITDA stood at €132.9m, presenting an increase of 13.8% over the respective period of 20081; 9 9M net profit after minority interests of €18.5m 9 NAV stood at €3.7bn as of September 30th, 2009 9 On a per share basis, NAV amounted to €4.89 MIG enjoys a very sound capital structure and robust liquidity during these difficult times: 9 MIG’s cash at the parent company level amounted to €428.2m 9 At parent company level, debt stood at only €150m INVESTMENT ACTIVITY in Q3 2009 Changes in shareholdings in key investments: 9 Hygeia, from 33.3% at end of the third quarter to 44.4% following Hygeia’s share capital increase 9 MIG Real Estate, from 50.0% to 40.1% (reflecting MIG Real Estate’s IPO) 9 SingularLogic tender offer to take the company private through subsidiary MIG Technology, which held 90.03% of the company as of Q3 2009 9 Olympic Air, Olympic Handling, and Olympic Engineering (MRO), from 49.0% in each company at the end of the second quarter to 100.0% of each (1) Excludes capital gain on disposal of OTE shareholding and RKB revaluation Investor Relations +30 210 350 4000 +44 207 054 9280 www.marfininvestmentgroup.com Investor Release 25 November 2009 MIG CONVERTIBLE BOND LOAN ANNOUNCED On October 13, the Board of Directors voted on the issuance of a Convertible Bond Loan (CBL) of €403m, through the issuance of up to 84,457,262 bonds. These bonds will be convertible into shares of MIG at a conversion price which will be 10% higher than the 5-day volume weighted average price of MIG’s share price during the 5 trading days prior to the first day of trading of the CBL on the Athens Exchange. MIG shareholders will have pre-emption rights for all convertible bonds in the ratio of 1 bond for every 9 ordinary shares of MIG. The CBL will carry a coupon of 5% annually while its term will be for 5 years Completion of the issuance of the CBL is expected within six months, while the prospectus will be submitted to the CMC for approval next week RECENT EVENTS AT HYGEIA On September 28th 2009, Hygeia announced it would be pursuing a Share Capital Increase (SCI), with pre-emption rights in favour of its existing shareholders for up to 37,689,273 new ordinary registered shares with voting rights, at a subscription price of €2.20 per share and at a ratio of 3 new shares for each 10 existing ordinary shares The exercise period ended on October 27th; the issue was fully covered and the total proceeds of the SCI reached €82,916,400.60 As a result, as of November 6th, MIG’s stake in Hygeia is 44.4% On October 29th, Ms Rita Souvatzoglou was appointed as the new CEO of Hygeia, ahead of the planned January retirement of Mr Themistoklis Chamaris. Mr Charamis will stay with the Group during this transition period SINGULARLOGIC TAKE-PRIVATE On August 3rd, MIG announced that it would be taking SingularLogic private through a subsidiary, MIG Technology Holdings SA (63.2% owned by MIG) The Public Offer for 100% of the company’s share capital, subject to the requirements and approvals by the Greek CMC (Capital Market Commission), is expected to be completed before year-end As of Q3 2009, MIG Technology held 90.03% of SingularLogic UPDATES AT OLYMPIC On October 1st, MIG launched the new Olympic Group of Companies: o Legal completion occurred on September 30th, in which the remaining 51% Investor Relations +30 210 350 4000 +44 207 054 9280 www.marfininvestmentgroup.com Investor Release 25 November 2009 of the Olympic Air, Olympic Handling, and Olympic Engineering (MRO) businesses were acquired o During the months prior to the launch, the design and implementation of a new and highly publicised marketing concept, built around the following key pillars was effected: Impeccable reliability and punctuality Top-notch, friendly service Brand new, rejuvenated product Technologically advanced fleet of Airbus A319/A320s and Bombardier Dash-8 Q400/100s, comprising one of the youngest fleets in the market Targeting of the Greek customers’ national sentiment and emotional connection to their historical carrier o In the two months since the launch, Olympic has focused on: Creating commercial agreements and relationships with other carriers Implementing a pricing policy with a clear focus on yield maximization (Full Service Carriers pricing model) Further establishing links to major international hubs Concentrating on extracting significant/sizeable synergies between Olympic Handling, Olympic Engineering (MRO) and other MIG companies Through these initiatives, MIG is confident that the new Olympic Air will once again rise in due time as the country’s top national carrier In its first months, Olympic has already proven itself to be well on track, gaining market shares in the region KEY QUARTERLY OBSERVATIONS rd MIG’s strong performance during the 3 quarter has strengthened the traditionally weaker first half of the year, in which the operations of many of MIG’s subsidiaries and related companies are particularly impacted by the high seasonality of revenues and earnings MIG has taken advantage of the low costs obtainable in the current markets to procure debt of €150m during Q3 2009 All of MIG’s subsidiary and related companies have implemented considerate corporate actions during the 3rd quarter to bolster their leadership positions in their markets and to enhance their long-term prospects As announced at the beginning of the year, MIG’s subsidiary and related companies have followed a strategy of emphasising cost-cutting initiatives and consolidating market positions – bolstering their long- term health and robustness Investor Relations +30 210 350 4000 +44 207 054 9280 www.marfininvestmentgroup.com Investor Release 25 November 2009 Commenting on the 9M results, Dennis Malamatinas, Marfin Investment Group’s Chief Executive Officer, stated: “In these times of continued global challenges, we are encouraged by our strong third quarter, which has contributed to offsetting the historical seasonality experienced by some of our companies during the first half of each year. As we envisioned, this strong performance has resulted in a healthy first 9 months of 2009. Our Group sales have increased by 6.1% over last year, while our gross profit has increased by 15.1%. During the quarter, MIG’s subsidiary and related companies embarked on numerous corporate activities which strengthened their operations, such as the successful launching of the new Olympic Air. The companies are continuing to further strengthen their leadership positions, invest in new products and markets, and preserve their healthy balance sheets. They have continued to follow MIG’s 2009 strategy of implementing cost-cutting initiatives and consolidating market positions. As a result, they are performing at or above expectations and exhibit strong operational performance relative to their peers. This reiterates our strong belief that MIG’s subsidiaries and related companies are favourably positioned for the future and ensures positive long-term prospects for its shareholders. We are looking forward to building on the successes of the third quarter.” Investor Relations +30 210 350 4000 +44 207 054 9280 www.marfininvestmentgroup.com Investor Release 25 November 2009 INCOME STATEMENT (amounts in Euro million) THE GROUP 9 months 2009 9 months 2008 Sales 1,393.5 1,312.9 Cost of sales ‐896.8 ‐881.2 Gross profit 496.8 431.7 Administrative expenses ‐138.0 ‐148.9 Distribution expenses ‐328.8 ‐261.8 Other operating income & expenses 9.4 208.1 Profit / (loss) before taxes, financing and invest. activities 39.4 229.0 Other financial results 33.5 144.5 Financial expenses ‐78.6 ‐136.2 Financial income 30.6 68.8 Income from dividends 14.5 31.8 Share in net result of cies accounted for by the equity method ‐3.2 ‐12.9 Profit before income tax 36.1 325.1 Income tax ‐15.0 ‐69.6 Profit after tax for the period from continuing operations 21.1 255.4 Profit for the period 21.1 255.4 Attributable to: Owners of the parent from continuing operations 18.5 190.6 Non‐controlling interests 2.6 64.8 Basic earnings per share 0.025 0.255 EBITDA 116.7 298.7 ΤΗΕ COMPANY 9 months 2009 9 months 2008 Income from investments in subsidiaries & AFS Portfolio 17.8 221.1 Income from financial assets at fair vaue through P&L 7.5 ‐5.7 Other income 0.1 0.2 Total operating income 25.4 215.6 Fees and other expenses to third parties ‐8.5 ‐36.4 Wages, salaries and social security costs ‐3.3 ‐3.1 Depreciation ‐0.5 ‐0.2 Other operating expenses ‐4.0 ‐3.6 Total operating expenses ‐16.3 ‐43.3 Income from cash and cash equivalent 22.5 56.0 Interest and similar expenses ‐6.2 ‐66.2 Profit before tax 25.5 162.2 Income tax ‐7.0 ‐41.0 Profit after tax for the period 18.5 121.2 Basic earnings per share 0.025 0.162 Investor Relations +30 210 350 4000 +44 207 054 9280 www.marfininvestmentgroup.com Investor Release 25 November 2009 STATEMENT OF FINANCIAL POSITION (amounts in Euro million) THE GROUP 9 months 2009 31/12/2008 Tangible & Intangible assets 3,094.3
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