The first quarter of the year 2004 closed for Marvin Financial Group (MFG) with profits exceeding Euro 14 million on a consolidated basis and 13 million after subtracting minority interests. On a company level, on a non-consolidated basis, the profits exceeded Euro 10 million. These announcements were made, among others, by the Board of Directors of MFG during the Special General Assembly held on Tuesday, 20 April 2004.

MFG was the result of the merger of the companies MARFIN CLASSIC, COMM GROUP S.A. and MARITIME AND FINANCIAL S.A. HOLDINGS and is a holding and investment group focusing on the banking and wider financial sector. The Group provides, among other things, Private and Investment Banking services, stock exchange and investment services in Greece and abroad, as well as mutual funds through its two major subsidiaries, Marfin Bank and the Investment Bank of Greece (IBG).

During the General Assembly, which was attended by shareholders that represented 40.25% of the company shares, the Chairman of the Board of Directors, Mr. Manolis Xanthakis mentioned that MFG puts special emphasis on the application of the principles of Corporate Governance. Going even beyond the requirements set forth by law, Marfin Financial Group has voluntarily adopted institutions provided for in international standards and has already set up three committees aimed at enhancing publicity, transparency and efficiency in the operation of the company.

· The Executive Committee, aimed at ensuring a more efficient and faster management of corporate affairs.
· The Strategic Planning Committee, aimed at ensuring the prompt definition of company goals and the means used for their achievement.
· The Audit Committee, aimed at performing additional audit by independent non-executive Directors on the company’s organizational and operational procedures.

In addition, it was recommended and immediately approved by the shareholders to set up of a Nomination and Remuneration Committee, which will process and approve the hiring of high-ranking executives, as well as all remunerations paid to them.

With its strong shareholding basis, comprising approximately 27,000 shareholders, MFG puts special emphasis on Investor Relations. Thus, in addition to the application of relevant provisions set forth in the law, the company will soon set up a Website where investors and other interested parties will be able to receive information on a daily basis and communicate with the company on issues that are of interest to them.

The General Assembly also approved the new Board of Directors of MFG, which includes the following persons: Executive Directors: Manolis Xanthakis, Chairman and Managing Director, Lefteris Chiliadakis, Vice Chairman, Spyros Kamberos, Christos Alexakis, Fotis Karatzenis, Antonis Kefalas; Non-executive Directors: Denis Malamatinas, Markos Foros, Konstantinos Los.

Afterwards, Mr. Andreas Vgenopoulos took the stand and referred to the strategic planning and the progress of the company, pointing out that the top priority of MFG is now the operating development of the two Banks it controls and their subsidiaries, whereas the company has still got the objective of becoming active in retail banking too and being alert in order to take advantage of the opportunities that may arise in the immediate future. In reply to a shareholder’s question, Mr. Vgenopoulos did not rule out the possibility of MFG showing interest in participating in the denationalization of the Post Savings Bank, either on its own or as part of a consortium in cooperation with other Banks, on condition that the said denationalization will actually take place and be based on terms that will be considered as an opportunity for development.

In the meantime, MFG has been trying to achieve development through smaller deals in order to increase its operating profit and thus the shareholders were informed on how an initial agreement has been achieved for the buyout of a private banking portfolio from a large foreign bank that is present in Greece. The final agreement is expected to be executed and announced in following few days.

The shareholders were also informed on the smooth and satisfactory progress of the process of repurchasing shares, which will strengthen the financial position of the Company, as the difference between the repurchasing price and the nominal price of the share, which is higher (Euro 2.00) will be accounted for positively in a special reserve. Finally the General Assembly was informed on how the management has examined and intends to submit for approval by the shareholders a reverse split plan in order to reduce the large number of shares that have resulted from the mergers.