Marfin: Presentation of revised Business Plan in London

• Strong performance indicates the Business Plan 2007 - 2009
• 2009 loans at €23.9bn – deposits at €31.5bn – assets at €37.3bn
• 2009 net earnings at € 669m, three-year CAGR of 40%

Marfin Popular Bank announced its revised business plan for the period 2007 – 2009 at an investor day in London today, 17 May 2007.

Andreas Vgenopoulos, Group CEO, commented that the Group’s first-quarter 2007 results, latest expectations for 2007 earnings, and the successful integration process of the three banks, which is expected to be completed by the end of June, necessitate the revision of the business plan. “The new revised business plan determines the targets for a healthy growing three-year period”, Mr. Vgenopoulos said, pointing out that in that way shareholders, employees, and customers will benefit.

Marfin Popular Bank’s revised business plan forecasts loans of €23.9bn, deposits of €31.5bn and assets of €37.3bn by 2009. Net interest income is seen at €980m and net earnings at €669m. This earnings figure has not taken into account expected fee income from Marfin Investment Group (MIG), which has just kicked off the process of its € 5.19 bn share capital increase.

For the period 2006-2009 a CAGR of 26.7% for loans and 24.8% for deposits has been forecast, while earnings are expected to grow by a CAGR of 40%.

According to business plan forecasts, in the period 2007 to 2009, cost-to-income will drop from 44.9% to 38.2%, while net interest margin (NIM) will improve from 2.89% in 2007 to 3.05% in 2009. In the same time frame, return on tangible equity (RoTE) will grow from 19.5% to 24.4% and return of assets (RoA) from 1.50% to 2.01% by 2009.

Marfin Popular Bank’s business plan was presented by Lefteri Hiliadaki, Deputy CEO, Thimios Bouloutas, Deputy CEO, Christos Stilianidis, Deputy CEO, Matteo Stefanel, Head of Investment Banking and Dimitris Spanodimos, Head of Group Corporate Strategy.