Marfin Investment Group Holdings S.A. http://www.alacrastore.com/company-snapshot/Marfin_Investment_Group_Holdings_S_A-2504241 Saturday, July 26, 2008 1:39:39 PM 2504241 Marfin Investment Group Holdings S.A. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/625989spcred/625989normThe latest Full Report from S&P1/16/2008 8:28:40 AMFull Report400global625989GreeceInvestment Banking & BrokerageEmerging MarketsEurope, Middle East, AfricaGlobal IssuersFinancial InstitutionsFull ReportPermanent capital Focus on listed investments Comparative first-mover advantage Evolving leverage policy and enterprise risk management capabilities Concentration risk Limited track record, key man risk Rapid investment The ratings on Greece-based Marfin Investment Group Holding S.A. (MIG) are affected by its aggressive strategy to quickly evolve into a listed investment and holding company making private equity style investments in South Eastern Europe. Both liquidity and leverage are satisfactory at present, but MIG's policy is still evolving as are its risk management capabilities. Portfolio concentration risk is high. More favorable rating factors are MIG's large permanent capital base, the focus on listed investments, and comparative regional advantage. MIG is one of the largest firms on the Athens Stock Exchange following theGRC40203020 402030 4020 40Marfin Investment Group Holdings S.A.392339EMERGINGEUROMIDAFRFULLGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/625990spcred/625990normThe latest Summary from S&P1/16/2008 8:28:40 AMSummary175global625990GreeceInvestment Banking & BrokerageEmerging MarketsEurope, Middle East, AfricaGlobal IssuersFinancial InstitutionsSummaryThe ratings on Greece-based Marfin Investment Group Holding S.A. (MIG) are affected by its aggressive strategy to quickly evolve into a listed investment and holding company making private equity style investments in South Eastern Europe. Both liquidity and leverage are satisfactory at present, but MIG's policy is still evolving as are its risk management capabilities. Portfolio concentration risk is high. More favorable rating factors are MIG's large permanent capital base, the focus on listed investments, and comparative regional advantage. MIG is one of the largest firms on the Athens Stock Exchange following the raising of €5.2 billion of fresh equity by means of a rights issue in July 2007. During the course of 2007, MIG has rapidly evolved from thatGRC40203020 402030 4020 40Marfin Investment Group Holdings S.A.392339EMERGINGEUROMIDAFRSUMMARYGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/556976spcred/556976normThe latest News from S&P12/23/2007 11:36:34 PMNews175global556976Global IssuersFinancial InstitutionsNewsMADRID (Standard & Poor's) Jan. 12, 2007--Standard & Poor's Ratings Services said today that it has revised the CreditWatch implications to developing from positive on its 'BBB-/A-3' long- and short-term counterparty credit ratings on Greece-based Marfin Financial Group, S.A. (Marfin FG). At the same time, its 'BBB-/A-3' long- and short-term counterparty credit ratings on Marfin Bank, S.A. remain on CreditWatch with positive implications. The CreditWatch update follows the announcement that Cyprus-based Marfin Popular Bank Public Co. Ltd.--which owns a 95.3% stake in both Marfin FG and Marfin Bank, S.A. (together the Marfin banking group)--will launch a bid for 100% of Greece-based Piraeus Bank, S.A. (BBB+/Watch Dev/A-2) and has already launched a tender offer for 100% of Bank of Cyprus Ltd.Marfin Financial Group, S.A.392339NEWSPiraeus Bank S.A.Marfin Bank, S.A.397534340841GLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/556977spcred/556977normThe latest Research Update from S&P12/23/2007 11:36:34 PMResearch Update175global556977Global IssuersFinancial InstitutionsResearch UpdateOn Jan. 12, 2007, Standard & Poor's Ratings Services revised the CreditWatch implications to developing from positive on its 'BBB-/A-3' long- and short-term counterparty credit ratings on Greece-based Marfin Financial Group, S.A. (Marfin FG). At the same time, its 'BBB-/A-3' long- and short-term counterparty credit ratings on Marfin Bank, S.A. remain on CreditWatch with positive implications. The CreditWatch update follows the announcement that Cyprus-based Marfin Popular Bank Public Co. Ltd.--which owns a 95.3% stake in both Marfin FG and Marfin Bank, S.A. (together the Marfin banking group)--will launch a bid for 100% of Greece-based Piraeus Bank, S.A. (BBB+/Watch Dev/A-2) and has already launched a tender offer for 100% of Bank of Cyprus Ltd. (not rated). In addition, Piraeus has, inMarfin Financial Group, S.A.392339RESUPDPiraeus Bank S.A.Marfin Bank, S.A.340841397534GLOBISSFICredit & Investment ResearchS&P Credit Research