A significant agreement between Piraeus Bank Group and MIG has been reached.  Piraeus Bank Group proceeds with the issuance of a bond loan of 250 million EUR, which are convertible into shares, to the Marfin Investment Group. This is a 5-year bond with an interest rate of 7% while the price of convertible shares is determined to 0.54 euros. Piraeus bank has committed to a bonds into shares conversion of an amount of € 90 million.

The importance of this agreement lies in the fact that a Greek bank refinances a large Greek business group which controls leading companies in key sectors of the Greek economy.

Specifically, as MIG states, the implementation of the above strategic agreement and conversion of the bonds, Piraeus Bank Group will become the largest shareholder with a stake in MIG of a minimum 17.7%, while the financial structure of MIG will significantly improve. The intent of both parties is the transform the total of bonds acquired by Piraeus Bank, into shares either through its own system or through making them available to institutional and strategic investors of consensus.

Also, in case of future sales of shares held by Piraeus Bank to MIG, there has been agree a right to issue to existing major MIG shareholders through the suggestion of the Board of Directors. Finally, the agreement does not provide for the participation of a representative of Piraeus Bank, onto the MIG Board of Directors.