Insurance company “EUROINS” Ltd. EQUITY PUBLIC OFFERING date 30. 01

This presentation is for information purposes only This presentation is for information purposes only. All information, concerning an investment decision, including basic risks, related to the company and its activities, is contained in the PROSPECTUS for secondary public offering of shares, confirmed by the Financial Supervision Commission with resolution No. 794 of 28.12.2005., which is to be construed as an integral part of this presentation. It is in the interest of investors to get acquainted with the PROSPECTUS (Part I – Registration Document, Part II – Securities Document, and Part III – Synopsis) before making an investment decision. The PROSPECTUS is at the disposal of investors: Every day from 9.30 to 17.00 in the office of the emittant “EUROINS” Ltd. INSURANCE COMPANY, 1797, Sofia, 16,G.M.Dimitrov Blvd, tel. (+ 3592) 9651 525, contact person: Fani Mincheva Every day from 9.30 to 17.30 in the office of “EURO-FINANCE” AD, 1463, Sofia, 84, Patriarh Evtimii Blvd, tel. (+ 3592) 980 56 57, contact person: Georgi Botzev On the web pages of “EUROINS” Ltd. INSURANCE COMPANY WWW.EUROINS.BG , Euro-finance AD WWW.EURO-FIN.COM , Financial Supervision Commission and Bulgarian Stock Exchange The Financial Supervision Commission (FSC) has confirmed the PROSPECTUS for secondary public offering of the shares of “EUROINS” Ltd. INSURANCE COMPANY, yet this does not mean that it endorses or disapproves of the investment in the offered securities, nor it means that said Commission is liable with regard to the accuracy of the information presented herein.

AGENDA “EUROINS” Ltd. INSURANCE COMPANY – OVERVIEW INSURANCE MARKET FACTORS AND TRENDS SHARE FLOATATION PUBLIC OFFER

COMPANY OVERVIEW

EUROINS Ltd. - Snapshot Insurance company found in 1996 License for insurance activity N 8 / 15.06.1998 Currently majority owned by privately hold Starcom Holding Ltd.

PREMIUM INCOME

INSURANCE PRODUCTS Accident liability Medical insurance Motor CASCO Marine Hull Cargo and Carriers Liability Fire and natural perils Property

INSURANCE PRODUCTS Motor Third Party Liability, including Green Card General Third Party Liability Insurance of defaults, guarantees and various financial risks Travel assistance

INSURANCE PORTFOLIO AS OF 31.12.2005

BRANCH NETWORK 101 regional agencies and branch offices 7000 insurance agents During 2005 EUROINS continues its expansion in 10 more cities with population exceeding 30 thousand people.

LOSS RATIO

RISK MANAGEMENT Main reinsurers: Transatlantic Re, АА XL Re, AA- Mitsui Sumitomo, AA- QBE London, A+ Munich Re, A- Hannover Re, A- Converium, BBB+ Polish Re BBB-

KEY FINANCIAL RESULTS

SOLVENCY

INSURANCE RESERVES

STRUCTURE OF THE INSURANCE RESERVES

INSURANCE MARKET FACTORS AND TRENDS

INSURANCE MARKET FACTORS AND TRENDS Dynamic and growing sector Competitive environment - 32 insurers, 20 of which in general insurance and 12 – in life insurance Sector growth rate is higher than GDP growth rate Insurance penetration: 2002 - 1.45% , 2003 - 1.71%, 2004 - 1.92% Expected growth of insurance penetration is 0.22% per annum, until it reaches 2.20-2.40%

GROWTH TRENDS Faster growth compared to the General insurance market Near-term goal to achieve 5% market share Expected premium income for 2006 of over 25 million EUR Lowering the operativ erisk and keeping the Insurance reserves in adequate structure and amount

SHARE FLOATATION

ABOUT THE SHARE ISSUE Shares, registered, non-bearer, freely tradable Rights: right to vote, right to a dividend and right to a liquidation dividend ISIN: BG 1100081055 Nominal (book) value per share: 1 BGN Total nominal (book) value of the issue 5,000,000 BGN Floatation expects to distribute around 25% of total shares

SHARE CAPITAL (in thousand EUR)

CAPITAL REQUIREMENTS The current Insurance Code requires Share Capital of 6 million BGN as of 01.01.2007. “EUROINS” Ltd. INSURANCE COMPANY will meet the requirement through capitalization of accumulated 2005 profit, as well as through the issuance of new shares.

NET PROFIT DISTRIBUTION

NET INCOME ALLOCATION

DIVIDEND POLICY The Board of Directors intend to maintain a minimum 20 % payout ratio.

CURRENT SHAREHOLDERS Starcom Holding AD – a holding company established in 1994 with a main activity – management of financial companies - 77.19% Starcom is also a majority shareholder in the “Sv. Nikolai Chudotvoretz” Health Assurance Company, “Starcom Leasing” - Leasing Company, “Euroforum” LTD Investment Mediator, etc. “Eurohold” AD – privatization fund transformed into a holding company in 1998 – 22.81% Majority shareholder in a number of companies from various industrial sectors. The company is public and its shares are traded on the Bulgarian Stock Exchange – Sofia AD.

PUBLIC OFFERING

PUBLIC OFFER Regulated market - Bulgarian Stock Exchange – Sofia AD (www.bse-sofia.bg) Public offer - SECONDARY Launch date - 30.01.2006 Ticker symbol - EURINS

PURPOSES OF PUBLIC OFFER Access to a wide circle of investors on the capital market Acquainting the investors with the company and with the perspectives for its development further to the accession of Bulgaria into the EU. This offering does not aim to accumulate additional capital, and in its essence IT IS NOT A PRIMARY PUBLIC OFFERING.

HIGHLIGHTS Launch date - 30 January 2006 Intent for gradual formation of FREE FLOAT in the range of 20-25% of the emission No price restrictions during the first trade day Market approach in the formation of the equilibrium price

ENGAGEMENTS OF EMITTANT To disclose timely essential information for its activity in accordance with normative regulations To enter and strictly observe the Good Corporate Management Program To ensure FREE access of investors to the current information for its activity by developing and updating an “Investors Center” on its web site www.euroins.bg

ENGAGEMENTS OF EMITTANT “Euroins” Ltd. undertakes to publish monthly forecasts for the premium income and the net profit on a quarterly and annual basis. Each month by the 28th the company shall announce the following information: on 28.02, 28.05, 28.08 and 28.11 – forecast for the current quarter on 28.03, 28.06, 28.09 and 28.12 – correction of announced forecasts on 28.04, 28.07, 28.10 and 28.01 – final figures for the past quarter Each month /on each of the indicated dates/ the company shall also publish forecast information for one year ahead.

CONTACTS IC EUROINS Ltd. Fani Mincheva tel. (+359) 2 96 51 525 Every day from 9.30 to 17.00 in the office of the emittent “EUROINS” Ltd. INSURANCE COMPANY Sofia, 1797 16, G.M.Dimitrov Blvd, EURO-FINANCE JSC Georgi Botzev tel. (+359) 98 05 657/540 Every day from 9.30 to 17.30 in the office of “EURO-FINANCE” AD Sofia, 1463 84, Patriarh Evtimii Blvd