Released on: November 6, 2007, 11:38 am

Press Release Author: FollowNEWS

Industry: Financial

Press Release Summary: Marfin sees no limit in its possible acquisition of OTE
shares. There is noshortage of cash, only a lack of support from the government
should it go too far

Press Release Body: THERE is no limit to Marfin Investment Group\'s (MIG) ambitions
regarding stake building in telco giant OTE, a source familiar with MIG told the
Athens News. OTE announced on October 24 that MIG has now acquired 13.95 percent of
the telco.

\"There is no limit, but we will see how the market and OTE perform,\" the source
said. Cash is not an issue for MIG, which has some 15 billion euros at its disposal.
However, 33 percent could be a natural barrier because MIG prefers not to proceed
beyond that point without the approval of the government.

The government is the main shareholder in OTE with around 28 percent, while MIG is
the second largest. If MIG acquires 33 percent, it will trigger a public offer on
the Athens Stock Exchange, which the government could try to block. The government
has said it would only support a European telco as a strategic investor for OTE.

OTE unions and workers are opposed to a sale of OTE to a strategic investor and have
made this clear via a number of protests. Andreas Vgenopoulos, MIG\'s vice-chairman,
earlier told the Athens News he was not disappointed at recent announcements by
Greece\'s economy and finance minister, George Alogoskoufis, that the Greek
government prefers a European telco as a strategic investor.

\"On the contrary,\" he told this news service, \"as a shareholder we support the idea
of gaining such an investor - but is there really any European telco interested in
OTE?\"

Joint bid?

Asked by this newspaper if MIG could consider a joint bid with a European telco for
OTE, Vgenopoulos said the matter could be explored. However, he resoundly refuted
press rumours that MIG and its main shareholder, Dubai Investment, are teaming up
with a Middle East telco such as Etisalat for a joint bid for OTE.

MIG has a good relationship with the Greek government and is happy for the time
being to remain the second largest shareholder, Vgenopoulos said. MIG wants to
maintain a friendly approach. As yet it has not been given a board place on the OTE
board, although it wishes to gain one, he added. A forthcoming extraordinary general
meeting (EGM) on November 8 could see MIG gaining a board place.

MIG\'s shares in OTE are both direct and indirect via another financial vehicle. The
precise breakdown was announced on the Athens Stock Exchange on October 24: \"This
participation in OTE\'s share capital includes: a) a 9.5 percent stake in OTE\'s share
capital, amounting to 46,572,643 shares with corresponding voting rights, which are
directly owned by MIG and b) a 4.44 percent stake in OTE\'s share capital, amounting
to 21,772,970 shares with corresponding voting rights, which MIG is entitled to
acquire pursuant to the terms of a financial instrument (total return equity swap),
with the relevant voting rights exercised pursuant to MIG\'s instructions.\"

MIG is in the throws of a press campaign - \"Made in Greece\" - to promote the group\'s
many brands. The group now boasts 47,000 employees. This figure excludes OTE
personnel.

Ferry player purchases

MIG announced on October 24 that it has submitted a public offer for the remaining
minority shares for both Attica Holding (of Super Fast Ferry fame) and its
subsidiary, Blue Star Ferries. Specifically, MIG said that it is offering 5.50 euros
per share for 49,729,822 shares of Attica Group. A separate public offer for a 51.15
percent stake in Blue Star Ferries has been submitted to the Athens Stock Exchange
at 3.83 euros per share for 53,705,790 shares, MIG said.

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Contact Details: Athens, Greece