MARFIN INVESTMENT GROUP (“MIG” or “the Company”) announces the signing of a strategic agreement with Piraeus Bank Group, whereby, among others, Piraeus Bank will purchase unsold Tranche A bonds of the Convertible Bond Loan (CBL) issue, with a maturity date on 29 July 2019 and a deadline to place to investors no later than 30 June 2014. Piraeus Bank will invest approximately €250m, purchasing the bonds at their nominal value.

According to the Terms of the CBL, included in the Prospectus and the Addendum to the Prospectus approved by the Board of Directors of the Capital Markets Commission on 30 April 2013 and 19 June 2013 respectively, the conversion price is set at €0.54 per share. Piraeus Bank has committed to convert bonds worth at least €90m into common registered shares of the Company.

Upon conversion of bonds into common registered shares of the Company, Piraeus Bank will become the largest strategic shareholder in MIG, holding at least a 17.7% stake. Additionally, the transaction will significantly improve MIG's capital structure. The intention of both parties is to convert the full amount of bonds purchased by Piraeus Bank into common registered shares of the Company. The conversion will be executed either by Piraeus Bank or by means of a placement to institutional and strategic investors that will be mutually agreed by the parties. Moreover and in the event of a future sale of MIG shares held by Piraeus Bank, the parties have agreed to provide pre-emption rights as well as a right of first refusal to MIG's existing strategic shareholders, following MIG's Board of Directors nomination. Finally, the agreement does not provide for the appointment of Piraeus Bank representative to the Company's Board of Directors.

The transaction is subject to approval by the Board of Directors of both Groups as well as the competent supervisory authorities.

Commenting on the agreement, the Chairman of MIG, Mr Andreas Vgenopoulos, said: “the agreement with Piraeus Bank marks a new development stage for our Group, for the benefit of our shareholders and our employees, as well as for the Greek economy overall. Piraeus Bank's decision to support MIG's development plans honours our Group as well as paves the way for a new and wider collaboration. Holding a portfolio of leading companies in the Food & Beverages, Food Services, Passenger shipping, Healthcare and IT sectors, MIG will play a vital role in the respective sector consolidation and rationalisation as well as the overall improvement of the country's entrepreneurial backdrop, focusing on growth and job creation.”