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 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) 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. Moreover, consolidated gross debt declined by €59m.
• The successful completion of the sale of Olympic Air to Aegean Airlines, in late October, resulted to a capital gain of approximately €43m, which will appear on the Consolidated Financial Statements of the Group in Q4 2013.

Marfin Investment Group (MIG) consolidated sales reached €941.1m, implying a 3.1% annual reduction compared to €971.6m in the respective period last year, due to the protracted adverse economic conditions in Greece. Nevertheless, the annual rate of revenue decline decelerated further (-3.1% y-o-y vs. -3.6% in H1 2013 and -4.2% y-o-y in Q1 2013). Consolidated Q3 2013 revenues reached €359.7m vs. €368.4m in the respective period last year. On a quarterly basis, the annual rate of revenue decline decelerated further, registering a rate of -2.3% y-o-y in Q3 2013 vs. -3.1% in Q2 2013 and -4.2% in Q1 2013.

Consolidated EBITDA from business operations[2] amounted to €60.6m, a significant improvement (+65% y-o-y) compared to €36.8m in the corresponding period last year. The improvement is primarily associated to better results at ATTICA, FAI and HYGEIA. Additionally, the operating profitability enhancement is attributed to widening gross profit margins, cost containment effectiveness (group SG&A declined by 15.3% y-o-y vs. -14.3% y-o-y in H1 2013) and improved efficiency. Consolidated reported EBITDA amounted to €49.8m vs. €26.9m in the respective period last year. Cost optimisation and improved efficiency remains an ongoing target. The running rate of cost rationalisation is expected to demonstrate higher tangible benefits in the coming quarters.

9M 2013 consolidated bottom-line results have been burdened by €35m one-off deferred taxes (as a result of the introduction, as of 1 January 2013, of a higher corporate tax rate in Greece of 26% vs. 20% before) and discontinued operations' loss of €17.3m (compared to €21.1m loss last year). That said 9M 2013 group net loss, after tax and minorities, from continuing operations amounted to €112.6m, compared to €945.1m net loss in the respective period last year (burdened by €829m impairment charges).

Net Asset Value (NAV) stood at €1.22bn on 30.09.2013 (vs. €1.30bn on 31.12.2012), or at €1.59 on a per share basis (vs. €1.68 on 31.12.2012).

Cash balances, including restricted cash, at the parent company level amounted to €100m and €196m at group level. Worth noting that MIG's group receivables from the Greek state amounted to €109m at the end of September 2013 vs. €126m at the end of 2012 (excluding €20m receivables from the Greek state related to Olympic Air).

Amidst 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: further strengthened its leading market position across its key businesses, registering market share gains in both the fresh milk market (32.5% in 9M 2013) and the frozen vegetables market (64.2% in 9M 2013). Moreover, management cost rationalisation efforts have generated the desired results (SG&A -16% y-o-y vs. -14% in H1 2013), despite rising raw material prices.
• Attica Group: generated sales growth (c4% y-o-y) through higher traffic volumes (annual increase of 7% in passengers, c4% in freight units and c5% in private vehicles) along with continuous cost containment (COGS –c6% y-o-y and SG&A –c5% y-o-y), resulted to substantial EBITDA improvement (€32.4m vs. €13.8m a year ago). Most importantly, Attica delivered positive net result (after tax) for the first time since 9M 2009.
• Hygeia Group: despite a seasonally weak quarter and adverse market conditions (sales -c4% y-o-y), the group delivered healthy EBITDA growth of c15% y-o-y to €14.5m, attributed to ongoing efficiency improvements and cost optimisation.

Management's priority is to actively rebalance the group's investment portfolio, aimed at deleveraging. That said the successful completion of the sale of Olympic Air to Aegean Airlines, in late October, consistent with the aforementioned strategy, resulted to a capital gain of approximately €43m. The relevant capital gain will appear on the Consolidated Financial Statements of the Group in Q4 2013. Moreover and in the context of the dynamic asset rebalancing efforts, we highlight (a) Attica Group's disposal of its Superfast VI Ro-Pax vessel in April 2013, which resulted to a c€50m debt reduction and (b) Hygeia Group's disposal of two hospitals operated in Cyprus (namely Achillion in March 2013 and Evangelismos in April 2013), generating c€14m liquidity enhancement. Furthermore, MIG achieved to extend the debt maturity profile of an outstanding Convertible Bond Loan issue by 5 years to 2020, through the refinancing of such securities worth €211.9m.

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.