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Investor Release 2 December 2013

MARFIN INVESTMENT GROUP FINANCIAL RESULTS: NINE MONTHS 2013

Further enhancement of operating EBITDA profitability from business operations to €60.6m vs. €36.8m in 9M 2012  Consolidated 9M 2013 revenues of €941.1m, a 3.1% annual reduction, due to the prolonged adverse economic and market conditions. On a quarterly basis, the annual rate of revenue decline decelerated further (-2.3% y-o-y in Q3 2013 vs. -3.1% in Q2 2013 and -4.2% in Q1 2013).

 EBITDA from business operations 1 of €60.6m, a 65% annual improvement compared to €36.8m in 9M 2012, attributed to widening gross profit margins, cost containment effectiveness and improved efficiency. The profitability improvement is primarily associated to better results from ATTICA, FAI and HYGEIA. Consolidated reported EBITDA of €49.8m, vs. €26.9m in 9M 2012.

 Consolidated net loss, after tax and minorities, of €129.8m, adversely impacted by one-off deferred taxes (€35m pre-minorities) and discontinued operations’ losses (€17.3m). The relevant loss in 9M 2012 amounted to €966.1m.

 9M 2013 Net Asset Value (NAV) at €1.22bn, translating to a NAV per share of €1.59.

 Cash balances, including restricted cash, of €196m at consolidated and €100m at parent company level. Group receivables from the Greek state at €109m on 30.09.2013 vs. €126m on 31.12.2013.

 Continuous dynamic asset rebalancing, aimed at deleveraging, yields the desired results, as consolidated gross debt declined by €59m. Group net debt at €1.67bn vs. €1.70bn in FY2012.

 The successful completion of the sale of to , in late October, resulted to a capital gain of approximately €43m. The capital gain will appear on the Consolidated Financial Statements of the Group in Q4 2013.

1 EBITDA from recurring business operations is defined as Group reported EBITDA excluding holding companies and non-recurring items

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KEY EVENTS AND HIGHLIGHTS OF 9M 2013:

VIVARTIA 9M 2012 9M 2013 Sales €471.0m €447.2m FMCG €318.6m €312.3m Food Services €157.4m €138.9m EBITDA €11.3m €11.1m FMCG €7.8m €6.2m Food Services €3.5m €5.0m Net Income after minorities €(37.3)m €(45.6)m

 Dairy: the division significantly outperformed the market thanks to important new product launches in value accretive segments (premium milk and yogurt). Despite market consumption decline of 9% in the total Dairy & Drinks market, ’s Dairy revenues declined 3% y-o-y, resulting in significant market share gains (market share in the overall Dairy & Drinks market at 23.8% in 9M 2013 vs. 22.4% in FY2012).

 Frozen Vegetables & Dough: the Frozen Foods division reported 3% annual sales growth vs. 1% y-o-y decline in the total market. This resulted in market share gains (market share in frozen vegetables at 64.2% in 9M 2013 vs. 61.0% in FY2012 and in frozen dough at 22.7% in 9M 2013 vs. 21.6% in FY2012), while it also validated the effectiveness of the strategy of increasing brand awareness and penetration as well as price competitiveness attracting new users and gaining market share.

 Food Services (FSE - Goody’s Group and Everest Group): performance continued to be adversely impacted (revenues down c12% y-o-y) by the combination of the protracted recession in (resulting to lower consumption) and the high VAT rate of 23%, which had a clear negative effect to profitability. As of 1 August 2013 and for a pilot period until the end of the year, the VAT rate has been reduced back to 13% (vs. 23% previously), which appears to have an initial positive effect on consumption. Importantly, FSE’s travel related business (airport, vessels and national road motorist service stations) has been positively affected by the improved summer tourism, posting sales growth of 4% y-o-y. The travel related business is largely responsible (+135% y-o-y) for the substantial improvement to the Food Services EBITDA.

 Vivartia remains focused and committed on a major, company-wide, cost containment effort, which in the last 3 years has yielded cumulative savings of €73m. These include organizational (synergies and economies of scale through the operational merger of business units, e.g. merger of Goody’s and Everest administrative functions) as well as operational savings (production cost, pack materials, energy costs etc.). The ongoing cost rationalisation is expected to generate more tangible benefits in the coming quarters (annualised effect of the above and new planned interventions).

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Investor Release 2 December 2013

 Bottom-line results have been burdened by €11.6m one-off deferred taxes, due to the increase in the corporate tax rate in Greece (from 20% to 26% as of 1 January 2013).

 To address the worsening market conditions in Greece, Vivartia has embarked on the internationalisation of its operations. These major initiatives involve:  FMCG: in September 2012, Vivartia signed a Joint Venture (JV) agreement with Exeed Industries, the industrial arm of National Holding, for an exclusive cooperation on the food and agriculture sector in the UAE, GCC and MENA region, with a geographical scope that encompasses in excess of 330m consumers. The strategic aim is to become a significant regional player and the market leader in UAE. The JV will also focus on the set up of a dairy, juice and tea processing plant in the UAE with planned start of production in Q4 2014. In the beginning of 2013 the JV started its operation, while in August 2013 it started the importation of current Vivartia products (frozen vegetables and dough) along with new products specifically designed and formulated to the Middle East regional market’s needs.  Food Services: establish international presence through the signing of master franchise agreements in order to set up a network in the Ukraine, Belarus, Kazakhstan, Albania and other Balkan countries (Montenegro, FYROM). The first 2 stores in Belarus commenced operations in October, while another 2 stores are planned to commence operations by the end of 2013.  Exports: Vivartia has launched a strategy to increase the share of exports and international business in the overall revenues (currently combined at 7% of group sales). In this context, the company has visible presence in the three biggest global food exhibitions every year, while its organisation structure is based on countries/regions instead of products.

ATTICA GROUP 9M 2012 9M 2013 Sales €207.2m €214.8m EBITDA €13.8m €32.4m Net Income after minorities €(15.0)m €4.2m

 In 9M 2013, group revenues increased 3.7% y-o-y, thanks to higher traffic volumes in both the domestic market (+6% y-o-y in passengers, +2% y-o-y in private vehicles and +5% in freight units), following the deployment of one additional vessel in the domestic market (in July 2012 Blue Star Patmos sailed on her first maiden voyage in the North Aegean), as well as the Adriatic Sea routes (+13% y-o-y in passengers, +13% y-o-y in private vehicles and +2% in freight units).

 Importantly, Attica’s traffic volume growth across all categories in the Adriatic Sea far outpaced that of the total market (+7% y-o-y in passengers, +7% y-o-y in private vehicles and +1% in freight units for the total market in the Adriatic Sea), resulting in market

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Investor Release 2 December 2013

share gains. Overall, in 9M 2013 Attica managed to maintain and even strengthen its leading market position in both the domestic market and the Adriatic Sea routes.

 Group EBITDA more than doubled y-o-y to €32.4m (vs. €13.8m a year ago), on account of the aforesaid revenue increase, lower fuel costs (fuel cost per metric tonne, expressed in € terms, declined c9% y-o-y), efficient fleet management (journey time and frequency of service on certain routes adjusted for the level of demand) as well as ongoing cost rationalisation (SG&A declined c5% y-o-y). Most importantly, Attica delivered a positive net result (after tax) for the first time since 9M 2009.

 In early April 2013, Attica concluded the sale of the Ro-Pax vessel Superfast VI to Genting Group for €54m in cash. Following the vessel disposal, Attica reduced its debt obligations by repaying c€50m to its lenders, including the full repayment of the loan related to the disposed vessel as well as partial repayment of other loans.

 In April 2013, Blue Star Patmos (the youngest passenger ferry in operation in the Mediterranean Sea) received the best ferry award in the International Shipping Awards event organized in Rotterdam by ShipPax magazine. Blue Star Patmos received two awards: one for her exceptional design and one for her outstanding interior concept.

 In May 2013, Attica renewed its joint service agreement with ANEK Lines (originally signed in May 2011) for another 3 years (until May 2017) related to the employment of vessels of the two companies in the international route Patras-Igoumenitsa-Ancona and the domestic route Piraeus-Heraklion, Crete.

 Attica is at an advanced stage of negotiations with lender banks to restructure existing debt facilities. Note that the group has maintained its debt leverage below 50% of fleet book value, whilst completing its fleet renewal programme.

 Attica continuously assesses a series of actions for further cost containment and working capital management, aimed at strengthening its liquidity. Additionally Attica examines plans for deployment in new routes and evaluates alternative fleet deployment combinations.

HYGEIA GROUP 9M 2012 9M 2013 Sales €177.9m €171.1m EBITDA €12.7m €14.5m Net Income after minorities €(10.3)m €(11.4)m

 In 9M 2013, amidst a seasonally weak quarter (Q3) and challenging operating conditions, which translated into 3.8% annual revenue decline, the Group delivered a healthy operating EBITDA growth of 15% y-o-y to €14.5m.

 Group bottom-line results were adversely impacted by (a) €2.5m one-off deferred taxes, due to the increase in the corporate tax rate in Greece (from 20% to 26% as of 1 January

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Investor Release 2 December 2013

2013) and (b) losses from discontinued operations of €4.3m, related to the disposal of Evangelismos hospital in Cyprus (vs. €3.1m discontinued operations losses in 9M 2012).

 In March 2013, Hygeia completed the sale of its 65.76% stake in Achillion Hospital in Cyprus to an associate physician. The transaction improved the group’s liquidity and financial position by €11m. The hospital was built in 2004 in a 7,000 sqm facility located in Limassol with 90 licensed beds (70 active), 8 operating theatres, 3 delivery rooms and 1 Intensive Care Unit.

 In late April 2013, Hygeia completed the sale of its 97.32% stake in Evangelismos hospital in Paphos, Cyprus to associate physicians. The transaction improved Hygeia’s liquidity and financial position by €3.8m. The hospital has 71 licensed beds (42 active), 8 operating theatres and 3 delivery rooms. With this transaction, Hygeia has disengaged completely from Cyprus, while group deposits in financial institutions in Cyprus did not exceed €100,000.

SINGULARLOGIC 9M 2012 9M 2013 Sales €40.2m €36.1m EBITDA €0.2m €0.1m Net Income after minorities €(4.8)m €(5.8)m

 9M 2013 revenues were adversely impacted by the prolonged challenging market conditions (declining IT spending, particularly in the SME segment and protracted delays in public sector projects), as well as the absence of last year’s revenues related to the two general elections in Greece. Nevertheless, operating profitability (EBITDA) remained at break-even levels, on the back of transformational management initiatives (including, among others, thorough operational restructuring, cost cutting, product offering rationalisation, new product launches and a more focused sales approach).

 SingularLogic remains committed to growing its market share in its home market.

 In January 2013, SingularLogic was awarded a €3.3m project by the Athens Bar Association related to on-line services for lawyers, judges and citizens.

 In April 2013, SingularLogic completed successfully the recertification of all of its core operations according to ISO9001 and ISO14001 by Bureau Veritas Certification. The company has been ISO14001 certified for operating in an environmentally responsible manner since 2011.

 In June 2013, SingularLogic completed a new IT project for the Hellenic Telecommunications Organization (ΟΤΕ) involving the development of a central Internet portal ( www..gr ).

 In July 2013, SingularLogic received two Business IT Excellence awards for its “Orbi” and “ARTius high street” software products.

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Investor Release 2 December 2013

 In September 2013, SingularLogic was awarded a €1.1m project from the Athens Chamber of Commerce and Industry (ACCI) for the “Development of an Integrated Information System and Deployment of digital activities”, aimed at enabling Greek SMEs to become more competitive and boost entrepreneurship in the Attica region.

 In November 2013, SingularLogic received commendation in the “Made in Greece awards 2013” competition for its Galaxy technological platform.

FLIGHT AMBULANCE INTERNATIONAL (FAI) 9M 2012 9M 2013 Sales €46.0m €57.0m EBITDA €9.7m €10.8m Net Income after minorities €3.1m €3.9m

 The group delivered another strong set of results, registering revenue growth of 24% y- o-y, accompanied by 12% annual EBITDA growth, driven by efficiency improvements. Approximately 40% of revenues come from medical transfers (8 dedicated ambulance jets), 30% from VIP-Transport Services, 20% from public services for NGO´s in crisis areas and the remaining from the aircraft leasing and MRO division.

 In November 2012, FAI was awarded “Air Ambulance Provider of the Year 2012” by the International Travel Insurance Journal (ITIJ). This is a major recognition of the company’s quality focus and its forward looking overall business concept.

 In December 2012, FAI decided to invest an additional €5m for the expansion of its existing, owned FBO Facility “Hangar 7” at Nuremberg International Airport (EDDN) by 3,000sqm (on top of the existing 6,000sqm), including 600sqm of workshops. The facility expansion is designed to meet the upcoming demand for high quality aircraft maintenance performed by FAI´s subsidiary FAI Technik GmbH. The additional Hangar space will be operational in spring 2014.

 In February 2013, FAI added one Falcon 7X and one Global Express (both under Management Contract) to its fleet, bringing the total fleet to 22 jets, the largest Learjet- fleet in Europe (14 jets are owned by FAI). FAI is recognised as the second largest operator in General Aviation in Germany.

 In May 2013, FAI selected Al Bateen Executive Airport, the only dedicated business airport in the Middle East and Northern Africa region operated by Abu Dhabi Airports Company (ADAC), as the preferred hub in the Middle East for its Air-Ambulance Specialist and VVIP-Jet operator business. As part of the agreement, two fully dedicated air-ambulance jets will be permanently available at Al Bateen Executive Airport, served by German medical teams.

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Investor Release 2 December 2013

 In September 2013, FAI was accredited by International Assistance Group (IAG, a worldwide assistance alliance) with Preferred Provider status. FAI became the third air ambulance operator to acquire the Preferred Provider status in Europe.

SUNCE BLUESUN 9M 2012 9M 2013 Sales €34.4m €33.9m EBITDA €11.8m €12.4m Net Income after minorities €6.4m €6.4m

 In 9M 2013, Sunce’s number of guests declined 2% y-o-y, while the average length of stay stood at 6.4 days vs. 6.5 days in 9M 2012.

 In 9M 2013, Sunce’s market share in Split and Dalmatia (based on total number of overnights in hotels and apartment hotels) stood at 5.7% (vs. 6.4% in 9M 2012). Sunce’s market share in hotel-only overnights in Croatia stood at 4.2% (vs. 4.4% in 9M 2012).

 As of 1 July 2013, Croatia became the 28th member state of the European Union. That said tourist demand is expected to be enhanced as new airline routes have been launched from countries in Scandinavia, the United Kingdom and Russia. Moreover, in January 2013 the Croatian government adopted a new strategy on tourism development, which envisages new investments worth €7bn as well as a €6bn increase in tourist spending (to €14.3bn) until 2020, aimed at establishing Croatia among the world’s top- 20 tourist destinations.

ROBNE KUCE BEOGRAD (RKB) 9M 2012 9M 2013 Sales €2.2m €2.7m EBITDA €(3.5)m €(1.2)m Net Income after minorities €(14.6)m €(12.4)m

 At the end of September 2013, RKB’s total leased area was approximately 50,100 sqm compared to approximately 25,900 sqm last year (94% y-o-y increase). On 30.09.2013 RKB had leased 24% of its total portfolio vs. 12.4% on 30.09.2012.

 In 9M 2013 an area of approximately 22,000 sqm was leased vs. approximately 2,100 sqm in the respective period last year. The significant increase in leased space is attributed to the addition of both local and international tenants. RKB aims to diversify its tenant mix, targeting a more balanced portfolio.

 RKB’s strategic goal going forward is to fully utilize its prime locations in order to further enrich and improve its tenant mix by approaching and adding well-known (anchor) international retailers. That said, the company in late 2012 and beginning 2013, added

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Investor Release 2 December 2013

two well-known international retailers to its portfolio and is expected to add another two by the end of the year.

MIG REAL ESTATE 9M 2012 9M 2013 Sales €3.5m €2.9m EBITDA €(4.6)m €1.2m Net Income after minorities €(5.3)m €0.9m

 The company’s total investment property value (acquisition cost of the property excluding transaction expenses) in 9M 2013 amounted to €59m with a total gross leasable area of approximately 28,200 sqm (the company holds full ownership over its properties). The portfolio appraised value (by the Institute of Independent Actuaries as per the requirements of the Greek Law 2778/1999) amounted to €47m (latest valuation as of 30 June 2013).

 9M 2013 results registered after-tax profit of €0.9m vs. €5.3m net loss last year (due to €7.4m negative fair value adjustments to the property portfolio).

 In 9M 2013, the rental yield of the leased portfolio (29 properties) stood at 8.1% (vs. 10.4% in FY2012) and at 5.9% (vs. 9.7% in FY2012) for the entire property portfolio (36 properties).

 In January 2013, MIG Real Estate purchased 2 independent office buildings at a prime location in the centre of Athens for a total cash consideration of €5.2m. The buildings are currently leased to high-profile tenants.

 In June 2013, the company completed a €5.2m rights offering, through the equivalent capitalisation of liabilities related to the purchase of the aforesaid properties (issue of 1,734,000 new shares at a subscription price of €3 per share, equal to the nominal value). MIG’s stake in the company currently stands at 34.96% vs. 39.87% previously.

 The Greek government has recently introduced a more favourable legislation for real- estate companies (REIC) operating in Greece, making them one of the most attractive investment vehicles in the European commercial and residential real-estate market.

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Investor Release 2 December 2013

INCOME STATEMENT (in Euro million) THE GROUP 30/09/2012 30/09/2013 (Restated) Sales 941.1 971.6 Cost of sales -747.2 -775.6 Gross profit 193.8 196.1 Administrative expenses -85.2 -88.5 Distribution expenses -141.1 -178.6 Other operating income & expenses 15.0 22.4 Profit / (loss) before taxes, financing and investment activities -17.5 -48.6 Other financial results 1.4 -828.6 Financial expenses -79.1 -88.1 Financial income 4.7 5.8 Income from dividends 0.0 0.1 Share in net result of companies accounted for by the equity method 3.4 1.1 Profit/(loss) before income tax -87.1 -958.3 Income tax -38.9 -4.0 Profit/(loss) after tax for the period from continuing operations -126.0 -962.4 Net profit/(loss) from discontinued operations -18.9 -21.2 Profit/(loss) for the period -144.9 -983.6

Attributable to: Owners of the parent company -129.8 -966.1 Owners of the parent from continuing operations -112.6 -945.1 Owners of the parent from discontinued operations -17.3 -21.1 Non-controlling interests -15.0 -17.4 Non-controlling interests from continuing operations -13.4 -17.3 Non-controlling interests from discontinued operations -1.6 -0.1

EBITDA from continuing operations 49.8 26.9

INCOME STATEMENT (in Euro million) ΤΗΕ COMPANY

30/09/2013 30/09/2012 Profit/(Loss) from investments in subsidiaries & Ιnvestment Portfolio -186.6 -911.2 Profit/(Loss) from financial assets at fair value through profit or loss 1.0 -11.1 Other income 0.0 0.0 Total operating income -185.6 -922.2 Fees and other expenses to third parties -2.6 -1.7 Wages, salaries and social security costs -3.8 -3.6 Depreciation -0.4 -0.5 Other operating expenses -4.2 -3.3 Total operating expenses -10.9 -9.2 Income from cash and cash equivalent 3.7 4.0 Interest and similar expenses -19.3 -24.5 Profit/(loss) before tax -212.1 -951.9 Income tax 0.0 0.0 Profit/(loss) after tax for the period -212.1 -951.9

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Investor Release 2 December 2013

STATEMENT OF FINANCIAL POSITION (in Euro million) THE GROUP 31/12/2012 30/09/2013 (Restated) Tangible & Intangible assets 1,913.1 2,031.7 Goodwill 333.8 333.8 Investments in associates 66.8 63.8 Investment portfolio 16.4 26.5 Property investments 335.2 335.2 Trading & financial instruments through P&L 14.4 16.5 Cash, cash equivalents and restricted cash 195.7 216.6 Other current & non-current assets 662.1 645.5 Assets held for sale 212.9 248.6 Total assets 3,750.4 3,918.1

Total shareholders equity 782.4 913.6 Non-controlling interests 138.3 153.5 Total equity 920.6 1,067.1 Long term borrowings 607.6 522.5 Short term borrowings 1,254.6 1,398.5 Other current & non-current liabilities 773.9 703.6 Liabilities related to Assets held for sale 193.7 226.4 Total liabilities 2,829.8 2,851.1 Total equity & liabilities 3,750.4 3,918.1

STATEMENT OF FINANCIAL POSITION (in Euro million) THE COMPANY

30/09/2013 31/12/2012 Tangible & Intangible assets 2.3 2.7 Investment in subsidiaries 1,511.4 1,555.5 Investments in associates 7.1 7.5 Investment portfolio 0.0 9.5 Trading & financial instruments through P&L 14.3 13.6 Cash, cash equivalents and restricted cash 99.8 113.8 Other current & non-current assets 153.1 148.9 Total assets 1,788.0 1,851.6

Total shareholders equity 1,224.6 1,297.1 Total equity 1,224.6 1,297.1 Long term borrowings 396.9 393.7 Short term borrowings 100.0 100.0 Other current & non-current liabilities 66.5 60.8 Total liabilities 563.4 554.5 Total equity & liabilities 1,788.0 1,851.6

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Investor Release 2 December 2013

About MIG: Marfin Investment Group Holdings S.A. is an international investment holding company based in Greece and throughout Southeast Europe (SEE). The Company believes it is uniquely positioned to take advantage of an expanding array of investment opportunities in this region; opportunities in which traditional investment vehicles lacking MIG’s regional focus, scale, expertise, and/or its investment flexibility and financial resources, may find difficult to identify and exploit. MIG, in its current structure, has been listed on the (ATHEX) since July 2007. Its portfolio includes leading companies in sectors across the SEE region, grouped into Food & Beverages, Healthcare, IT & Telecoms, Transportation & Shipping, Real Estate, Tourism & Leisure. Included amongst its portfolio and subsidiary companies is Vivartia, a leading food and food retail business in SEE; , a leading passenger ferry operator in the Eastern Mediterranean; Flight Ambulance International (FAI) a top-5 global fixed-wing medical evacuation company; Hygeia Group, a market leader in integrated private hospitals and clinics in SEE, with the leading general hospital facilities and maternity clinics in Greece; SingularLogic, the leading IT operator in Greece; Sunce (Bluesun) a leading hospitality and leisure group in Croatia; and Robne Kuce Beograd (RKB), owner of the largest commercial real-estate portfolio in Serbia.

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