Investor Relations +30 210 350 4000 +44 207 054 9280 www.marfininvestmentgroup.com Investor Release 31 August 2011

MARFIN INVESTMENT GROUP

FINANCIAL RESULTS: FIRST HALF 2011

ƒ Consolidated sales for H1 reached €807.4m, compared to €900.7m in H1 2010

ƒ Gross profit for H1 amounted to €108.8m, compared to €131.7m in H1 2010

ƒ At company level, the profit after tax for the first half amounted to €1.0m

ƒ At group level, the consolidated loss after tax and minorities for the first half from continuing and discontinued operations amounted to €108.8m, compared to a comparable loss of €254.6m the year before (excluding impairments taken in 2010)

ƒ Despite the unprecedented Greek crisis – GDP down 6.9% in Q2 2011 (- 4.5% expected for FY 2011), MIG's companies have managed to maintain their leading market shares during the first half of the year, and are further improving their competitive operational positioning

ƒ MIG’s Net Asset Value stands at €2.0bn, or €2.63 per share; current cash at company level amounts to €429.9m

ƒ As the first half has come to an end amidst significant turmoil in the country, MIG’s companies are now solidly positioned to take advantage of the uplift in performance generally experienced during the third quarter

ƒ The reduction of losses during the first half of the year, along with further developments in the Greek situation, creates optimism for improved operations and results

KEY FINANCIAL HIGHLIGHTS

ƒ (MIG) has reported its financial results for the first half of 2011: ƒ Consolidated H1 sales reached €807.4m ƒ At group level, the consolidated loss after tax for the quarter amounted to €108.8m, while the profit amounted to €1.0m at company level ƒ NAV stood at €2.0bn at the end of the first half of the year 9 On a per share basis, NAV amounted to €2.63 per share Investor Relations +30 210 350 4000 +44 207 054 9280 www.marfininvestmentgroup.com Investor Release 31 August 2011

ƒ MIG continues to demonstrate a sound capital structure and strong liquidity: 9 MIG’s cash at the parent company level amounted to €429.9m, continuing to set MIG apart in a domestic environment in which liquidity is becoming a rapidly scarce asset

KEY EVENTS AND HIGHLIGHTS OF H1 2011:

VIVARTIA 2011 2010 „ H1 Sales: €389.2m €410.0m „ H1 EBITDA: €13.0m €1.9m „ H1 Net income after minorities: €(25.4)m €(107.6)m

„ The company was officially delisted from the Stock Exchange on January 21st, 2011 „ Since announcement of the acquisition of a 57.8% stake MEVGAL, which is pending completion, the company has begun the planning of its integration efforts, following approval of the transaction by the capital markets commission „ Vivartia continues to grow its leading market shares in a contracting market, with the introduction of several innovative new products during the second quarter including premium milk, yogurts, chilled teas, and through new marketing and advertising campaigns „ Indications during the first half continue to show a trend towards improvement and recovery of the quick service restaurant sector in ; Vivartia is well placed to take advantage of the improved economic conditions through the number one market share of Goody’s. Introduction of increased VAT from September 1st, however, may halt this trend

ATTICA GROUP 2011 2010 ƒ H1 Sales: €111.5m €125.8m ƒ H1 EBITDA: €(12.6)m €(7.3)m ƒ H1 Net income after minorities: €(34.0)m €(32.0)m

ƒ The company successfully completed a share capital increase of €24.3m (29.2m new common registered shares at €0.83 per share) on 31 January 2011 ƒ Completed the sale of Superferry II to Golden Star Ferries Shipping Co for a cash consideration of €4.65m. From this transaction, the group increased its cash balances by €2.7m ƒ Recent abolition of third-party charges by the Greek government, effective as of 1st June 2011, is expected to have positive effects on demand and counter some of the performance pressures Investor Relations +30 210 350 4000 +44 207 054 9280 www.marfininvestmentgroup.com Investor Release 31 August 2011

ƒ On May 24th, Attica announced a new 3 year joint service agreement with ANEK Lines in its Patras – Igoumenitsa – Ancona international route and the Piraeus – Heraklion, Crete domestic route. This joint service agreement aims to further improve services offered, as well as to optimise the capacity offered in these routes, to better reflect current demand while maintaining the high quality of services offered today. We expect that going forward, these actions will have material positive effects on Attica’s results ƒ Performance for the first half was affected by a sharp rise in fuel prices, as well as the fact that industry-wide, the first half of the year is always slower than the second, which includes the summer season

HYGEIA GROUP 2011 2010 ƒ H1 Sales: €128.2m €150.1m ƒ H1 EBITDA: €3.9m €13.9m ƒ H1 Net income after minorities: €(17.2)m €(6.0)m

ƒ Parent H1 Sales: €75.5m €72.7m ƒ Parent H1 EBITDA: €12.3m €11.1m ƒ Parent H1 Comparable Net income: €3.6m €3.5m

ƒ Whilst group results were down for the first half, at parent company level EBITDA increased by 10% to €12.3m ƒ During the first half of the year, Hygeia sold its share in the Safak Group of hospitals in Turkey for a consideration of US$12m. The transaction has already begun to positively affect the operating profitability of HYGEIA Group (in 2010, the investment in Safak Group contributed approximately €6.6m of losses to the Group results) ƒ Focusing on its shareholders long-term interests, Hygeia is continuing with its planned share capital increase of €88m (1 new share for each existing one at €0.50 per share), which will enhance the group's capital structure and allow for the financing of any investment opportunities ƒ Significant efforts are currently being made towards a strategic restructuring of the maternity operations and of those in Cyprus

SINGULARLOGIC 2011 2010 ƒ H1 Sales: €33.3m €35.7m ƒ H1 EBITDA: €3.8m €5.1m ƒ H1 Net income after minorities: €(1.2)m €1.5m

ƒ SingularLogic has continued to develop its Enterprise Value Program (EVP), which allows large enterprises to outsource both their ICT infrastructures (software, hardware, services, telcos) and IT departments to SingularLogic. The EVP offers significant value upside going forward as it enables Singular’s customer base to implement Investor Relations +30 210 350 4000 +44 207 054 9280 www.marfininvestmentgroup.com Investor Release 31 August 2011

substantial cost-cutting initiatives ƒ During February 2011 the new Galaxy platform was launched, providing businesses and users with a series of business applications and advanced software development tools with unlimited personalization and customization capabilities ƒ SingularLogic’s results continue to be largely affected by the current situation in Greece, with significant decreases in public sector business and private company solutions. However, SingularLogic continues to hold its position as the undisputed leader in the sector ƒ While the re-establishment of public sector initiatives has been delayed, results in the second half of the year will reflect an uplift due to the certainty of pressing needs in this sector in the near future

FAI rent a Jet 2011 2010 ƒ H1 Sales: €24.1m €18.5m ƒ H1 EBITDA: €4.4m €4.5m ƒ H1 Net income after minorities: €2.0m €1.6m

ƒ FAI has now moved into its new hangar in Nuernberg. The hangar includes 2,500 m² of hangar space, 1,500 m² of workshop and storage space, and more than 2,000 m² of office space. FAI is now able to independently perform maintenance on its wide body and heavy jets such as Global Express, Falcon 900, CRJ 200 and Challenger 604, as well as create significant further revenue growth opportunities from third party customers ƒ Since February 2011, FAI has offered a new, dedicated Air Ambulance jet service, based in Dakar, Senegal – expanding on flight operations and maintenance facilities in place in Dakar since 2006 in connection with an NGO contract ƒ On August 17th, FAI announced the addition of a Learjet 40XR to its fleet, bringing the total number of Learjets to 14 and the total number of executive jets in its fleet to 20

Sunce Bluesun 2011 2010 ƒ H1 Sales: €9.1m €7.2m ƒ H1 EBITDA: €(1.9)m €(2.6)m ƒ H1 Net income after minorities: €(4.4)m €(5.1)m

ƒ During the first half of the year, Sunce's number of guests increased 9.9% over the same period last year, whilst the average length of stay as of the end of June stood at 5.8 days, representing a 2.5% increase over H1 2010, which led to a 17.1% year on year increase in occupancy to 62.3% ƒ Currently, management is focused on maintaining full capacity at the hotels and a possible lengthening of the official tourist season. Alternative strategies are under review, and a rebranding project is also Investor Relations +30 210 350 4000 +44 207 054 9280 www.marfininvestmentgroup.com Investor Release 31 August 2011

underway ƒ H1 results are very low each year as Sunce’s hotels only open for business starting in April. Q3 represents the majority of Sunce’s sales each year

OLYMPIC AIR GROUP

Olympic Air 2011 2010 ƒ H1 Sales: €114.1m €155.2m ƒ H1 EBITDA: €(16.4)m €(61.2)m ƒ H1 Net income after minorities: €(20.5)m €(61.1)m

Olympic Handling ƒ H1 Sales: €24.9m €33.1m ƒ H1 EBITDA: €(8.0)m €(8.7)m ƒ H1 Net income after minorities: €(12.9)m €(14.3)m

Olympic Engineering ƒ H1 Sales: €2.5m €1.9m ƒ H1 EBITDA: €(2.0)m €(4.0)m ƒ H1 Net income after minorities: €(3.5)m €(4.9)m

ƒ A new management team was recently created at Olympic Air, comprised of industry experts and veteran managers with proven experience. This new management has already put into place many initiatives which have already had a positive impact on the strategy and operational performance of the airline ƒ On 4th March 2011, Olympic announced a change of strategy aiming to become a regionally focused operator. In-line with this new strategy, Olympic discontinued flights to Vienna, Brussels, London and Paris and added domestic flights from Athens to Corfu and Alexandroupolis, as well as from to Heraklion, Chania, Mytilene and Rhodes. At the same time, slots at London-Heathrow and Paris-Charles de Gaulle were disposed of accordingly ƒ On 27th March 2011, Olympic Air commenced its cooperation agreement with Cyprus Airways, with code-shared flights from (and to) Athens, Rhodes, Heraklion and Thessaloniki, and to (and from) Larnaka and Pafos. The agreement has since been expanded to cover most domestic and international destinations of Olympic Air as well as international flights of Cyprus Airways and a wider co-operation in the areas of ground handling and aircraft maintenance ƒ Other codesharing / strategic initiatives are currently under way with international carriers ƒ The Group is on track to delivering profitability by 2012

Investor Relations +30 210 350 4000 +44 207 054 9280 www.marfininvestmentgroup.com Investor Release 31 August 2011

Commenting on the H1 results, Dennis Malamatinas, Marfin Investment Group’s Chief Executive Officer, stated:

“The first half of the year has included some of the most uncertain and trying times in Greece’s history – an uncertain outlook as to the political future of the country, as well as its effect on the economy. During these times, MIG's companies have been able to maintain their leading market positions and although we anticipate a difficult second half due to the fragility of the consumer spending power, we remain confident that our companies will continue outperforming the competition.

We continue to stay focused on executing the respective strategies of the group's companies and on always staying ahead of the curve during this countrywide slump. Cost containment remains a major priority across the board, as does streamlining our businesses by emphasising their core product lines and driving innovation.

Many of the initiatives undertaken during the first semester are already showing promise; our restructuring of the business at Olympic has already resulted in higher load factors and more efficient flight planning, while the new management team has already significantly reduced the cost base. Hygeia, our healthcare group, is already benefitting from the disposal of its Turkish business, as it is now able to focus its efforts on its more profitable businesses, such as its domestic healthcare operations and the new hospital in Albania. Our leisure businesses such as Sunce Bluesun are showing healthier occupancy rates than before, highlighting the unique offerings that they represent.

As we have entered the second half of the year, we stand by our belief that we represent the strongest, highest quality companies and brands in their respective sectors in Greece and the region, and we continue to offer our customers and shareholders the best performance under the circumstances. The reduction of losses during the first half of the year, along with further developments in the Greek situation, creates optimism for improved operations and results in the future. And last but not least, the strong cash position of the group remains our bedrock.” Investor Relations +30 210 350 4000 +44 207 054 9280 www.marfininvestmentgroup.com Investor Release 31 August 2011

INCOME STATEMENT (amounts in Euro million) THE GROUP

30‐06‐2011 30‐06‐2010

Sales 807.4 900.7 Cost of sales ‐698.6 ‐768.9 Gross profit 108.8 131.7 Administrative expenses ‐79.5 ‐99.0 Distribution expenses ‐156.5 ‐179.8 Other operating income & expenses 47.9 ‐81.5 Profit / (loss) before taxes, financing and investment activities ‐79.3 ‐228.6 Impairment 0.0 ‐923.4 Other financial results 2.5 ‐13.5 Financial expenses ‐66.1 ‐56.6 Financial income 11.9 9.8 Income from dividends 15.6 6.5 Share in net result of companies accounted for by the equity method ‐2.9 ‐3.1 Profit/(loss) before income tax ‐118.2 ‐1,208.7 Income tax ‐7.0 ‐37.3 Profit/(loss) after tax for the period from continuing operations ‐125.2 ‐1,246.0 Net profit/(loss) from discontinued operations 2.5 ‐198.5 Profit/(loss) for the period ‐122.7 ‐1,444.5

Attributable to: Owners of the parent company ‐108.8 ‐1,387.2 Owners of the parent from continuing operations ‐108.6 ‐1,210.7 Owners of the parent from discontinued operations ‐0.2 ‐176.5 Non‐controlling interests ‐13.9 ‐57.3 Non‐controlling interests from continuing operations ‐16.6 ‐35.3 Non‐controlling interests from discontinued operations 2.7 ‐21.9

EBITDA from continuing operations ‐19.4 ‐170.7

ΤΗΕ COMPANY

30‐06‐2011 30‐06‐2010

Income from investments in subsidiaries & AFS Portfolio 17.8 7.6 Income from financial assets at fair vaue through profit or loss ‐3.3 ‐6.9 Impairment 0.0 ‐1,133.1 Other income 0.0 0.0 Total operating income 14.5 ‐1,132.3 Fees and other expenses to third parties ‐2.0 ‐1.4 Wages, salaries and social security costs ‐1.9 ‐1.9 Depreciation ‐0.4 ‐0.4 Other operating expenses ‐2.5 ‐2.3 Total operating expenses ‐6.7 ‐6.0 Income from cash and cash equivalent 9.4 6.5 Interest and similar expenses ‐16.2 ‐13.5 Profit/(loss) before tax 1.0 ‐1,145.3 Income tax 0.0 ‐22.7 Profit/(loss) after tax for the period 1.0 ‐1,168.0

Investor Relations +30 210 350 4000 +44 207 054 9280 www.marfininvestmentgroup.com Investor Release 31 August 2011

STATEMENT OF FINANCIAL POSITION (amounts in Euro million) THE GROUP

30‐06‐2011 31‐12‐2010

Tangible & Intangible assets 2,550.9 2,520.9 Goodwill 360.3 365.9 Investments in associates 72.2 76.2 Investment portfolio 201.2 167.9 Property investments 426.2 423.2 Trading & financial instruments through P&L 67.0 85.4 Cash and cash equivalents 618.2 772.7 Other current & non‐current assets 864.6 743.0 Assets held for sale 0.0 256.5 Total assets 5,160.6 5,411.7

Total shareholders equity 1,776.4 1,960.5 Non‐controlling interests 306.3 323.0 Total equity 2,082.7 2,283.5 Long term borrowings 1,558.2 1,601.2 Short term borrowings 650.8 416.5 Other current & non‐current liabilities 869.0 752.9 Liabilities related to Assets held for sale 0.0 357.6 Total liabilities 3,078.0 3,128.2 Total equity & liabilities 5,160.6 5,411.7

THE COMPANY

30‐06‐2011 31‐12‐2010

Tangible & Intangible assets 3.5 3.8 Investment in subsidiaries 1,710.0 1,686.2 Investments in associates 18.0 19.2 Investment portfolio 178.6 143.7 Trading & financial instruments through P&L 66.4 78.8 Cash and cash equivalents 429.9 564.6 Other current & non‐current assets 143.1 136.3 Total assets 2,549.4 2,632.7

Total shareholders equity 2,025.5 2,111.7 Total equity 2,025.5 2,111.7 Long term borrowings 493.7 493.7 Short term borrowings 0.0 0.0 Other current & non‐current liabilities 30.2 27.2 Total liabilities 523.9 521.0 Total equity & liabilities 2,549.4 2,632.7

Investor Relations +30 210 350 4000 +44 207 054 9280 www.marfininvestmentgroup.com Investor Release 31 August 2011

Contacts: Investor Relations: +30 210 350 4064 +44 207 054 9280

About MIG: Marfin Investment Group Holdings S.A. is an international investment holding company based in Greece and throughout Southeastern . 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 is quoted on the Athens stock exchange and has a portfolio of leading companies in sectors across the SEE region, grouped into Food & Beverages, Healthcare, IT & Telecoms, Transportation & Shipping, Real Estate, Tourism & Leisure, Environmental, and Financial Institutions sectors. Included amongst its portfolio and subsidiary companies is Vivartia, a leading food and food retail business in the region; Attica Group, a leading passenger ferry operator; Olympic Air, Greece’s national flag carrier; the Hygeia Group of hospitals, a leading private hospital group in Greece, Cyprus and Albania; Marfin Popular Bank; SingularLogic, the leading IT operator in Greece; and Robne Kuce Beograd, the largest chain of department stores in . The company has been listed on the Athens Stock Exchange since July 2007.