30 August 2013

PRESS RELEASE

First Half 2013 Results

MIG achieves operating EBITDA profitability from recurring business operations

(€11.1m vs. €1.6m losses in H1 2012)

• Consolidated H1 2013 revenues of €581.3m, a 3.6% annual reduction, amid ongoing adverse economic and market conditions. Consolidated Q2 2013 revenues of
€313.2m, vs. €323.3m in Q2 2012, implying a deceleration to the annual rate of revenue decline on a quarterly basis.
• EBITDA from recurring business operations1 of €11.1m, a significant improvement vs. €1.6m loss in H1 2012, attributed to market share gains, expanding gross profit margins, cost containment effectiveness and improved efficiency. Consolidated reported EBITDA profit of €4.0m, vs. €7.6m loss in H1 2012.
• Consolidated net loss, after tax and minorities, of €139.7m, adversely impacted by one-off deferred taxes (€35m) and discontinued operations' losses (€22.8m), compared to €960.5m losses in H1 2012.
• H1 2013 Net Asset Value (NAV) at €1.23bn, translating to a NAV per share of €1.59.
• Cash balances, including restricted cash, of €177m at consolidated and €100m at parent company level. Group receivables from the Greek state at €130m in H1 2013 vs. €146m in FY2012.
• Continuous dynamic asset rebalancing, aimed at deleveraging, yields the desired results, as consolidated gross debt declines by €61m vs. FY2012
• Convertible Bond Loan (CBL) issued on 29.07.2013 was covered by a total amount of
€215m, of which €211.9m originated from the tender for exchange of bonds issued by the Company on 19.03.2010 and €3.1m represents new capital from the exercise
of pre-emption rights.

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

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ATHENS - Marfin Investment Group (MIG) announced today its First Half 2013 results. Consolidated sales amounted to €581.3m, compared to €603.3m in the respective period last year, implying a 3.6% annual reduction, amid prolonged adverse economic and market conditions in Greece. Consolidated Q2 2013 revenues reached €313.2m vs. €323.3m in the respective period last year, registering a deceleration to the annual rate of revenue decline.
Consolidated EBITDA from recurring business operations1 amounted to a profit of €11.1m, a significant improvement compared to €1.6m loss in the corresponding period last year. The improvement is attributed to market share gains, expanding gross profit margins, cost containment effectiveness (group SG&A declined by 14% y-o-y) and improved efficiency. Consolidated reported EBITDA amounted to a profit of €4.0m vs. €7.6m loss in H1 2012. Cost rationalisation and improved efficiency remains an ongoing target. The running rate of cost rationalisation is expected to demonstrate higher tangible benefits in the coming quarters.
H1 2013 consolidated bottom-line results have been burdened by one-off deferred taxes of
€35m (as a result of the introduction, as of 1 January 2013, of a higher corporate tax rate of
26% vs. 20% before) and discontinued operations' losses of €22.8m (compared to €32.2m losses in H1 2012). That said H1 2013 group net losses, after tax and minorities, amounted to
€139.7m, compared to net losses of €960.5m in the respective period last year.
H1 2013 Net Asset Value (NAV) stood at €1.23bn (vs. €1.30bn in FY2012), or at €1.59 on a per share basis (vs. €1.68 in FY2012), implying that current share price levels incorporate an
82% discount to NAV (based on the closing price on 29 August 2013).
Cash balances, including restricted cash, at the parent company level amounted to €100m and €177m at group level. Worth noting that MIG's group receivables from the Greek state amounted to €130m at the end of June 2013 vs. €146m at the end of 2012.
Despite prolonged challenging macroeconomic conditions in Greece and their subsequent adverse impact to domestic demand and disposable income, a number of MIG's portfolio companies have succeeded in improving their overall performance compared to last year.
• Vivartia: achieved market share gains across its key businesses and maintained its leading position in the milk market (33.4% market share in the fresh milk market) and the frozen foods market (62.1% market share in the frozen vegetables market).
• Attica Group: generated annual sales growth (3.9% y-o-y) through higher traffic volumes (annual increase of 11.1% in passengers, 4.3% in freight units and 5.8% in private vehicles) and delivered significant containment of losses at the EBITDA level (annual improvement by €9.8m to losses of €0.9m in H1 2013).
• Hygeia Group: delivered substantial EBITDA growth (40% increase y-o-y to €15.5m in
H1 2013), attributed to improved efficiency and continuous cost optimisation.

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

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MIG's management remains focused on dynamic rebalancing of the group's investment portfolio, aimed at deleveraging. In H1 2013 such asset rebalancing actions yielded the desired results, as evident in the €61m reduction to the consolidated gross debt compared to FY2012. The majority of this reduction stemmed from Attica Group (c€50m), following the disposal, in April 2013, of its Superfast VI Ro-Pax vessel. Moreover, in H1 2013 MIG successfully completed the disposal of two hospitals operated in Cyprus by Hygeia (namely Achillion in March 2013 and Evangelismos in April 2013), thus curtailing MIG's exposure in Cyprus, which, at a group level, is currently reflected through the investment in Hilton Cyprus and Vivartia's 10% minority stake in the dairy company "Charalambides-Christes Ltd". The total turnover of these businesses constitutes approximately less than 1% of group turnover.
With reference to the Convertible Bond Loan (CBL), MIG announced on 29 July 2013 that the issue was covered by a total amount of €215m of which an amount of €3.1m represents new capital raised from the exercise of pre-emption rights and an amount of €211.9m originated from the tender for exchange of bonds issued by the Company on 19.03.2010 (exercise of pre-subscription rights by bondholders). With this exchange of bonds, MIG achieved to extend its debt maturity profile by 5 years as the new bonds mature on 2020. According to the Terms of the CBL, unsold bonds may be sold until 15 December 2013.
Commenting on H1 2013 results, MIG's Chief Executive Officer Mr. Thimios Bouloutas, stated:
"MIG's portfolio companies, focused on maintaining and increasing market shares and providing high-quality products and services as well as rationalizing their cost base and improving efficiency, have successfully delivered significant operating profitability improvements in H1 2013, as evident in the consolidated EBITDA from recurring business operations of €11.1m compared to a loss of €1.6m in the respective period last year. The deceleration to the annual rate of decline to group revenues and the operating profitability improvement are an encouraging sign for the future. For the immediate future, MIG will focus on further improving operational efficiency and growing its core businesses as well as
optimizing the Group's balance sheet."

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Contacts:

Investor Relations: +30 210 350 4046

InvestorRelations@marfingroup.gr

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 Athens Stock Exchange 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; Attica Group, 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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