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

2. 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 , 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 in the office of the emittant “EUROINS” Ltd. INSURANCE COMPANY, 1797, Sofia, 16,G.M.Dimitrov Blvd, tel. (+ 3592) , contact person: Fani Mincheva
Every day from 9.30 to in the office of “EURO-FINANCE” AD, 1463, Sofia, 84, Patriarh Evtimii Blvd, tel. (+ 3592) , contact person: Georgi Botzev
On the web pages of “EUROINS” Ltd. INSURANCE COMPANY , Euro-finance AD , 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.

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

4. COMPANY OVERVIEW

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

6. PREMIUM INCOME

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

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

9. INSURANCE PORTFOLIO AS OF 31.12.2005

10. 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.

11. LOSS RATIO

12. 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-

13. KEY FINANCIAL RESULTS

14. SOLVENCY

15. INSURANCE RESERVES

16. STRUCTURE OF THE INSURANCE RESERVES

17. INSURANCE MARKET FACTORS AND TRENDS

18. 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: % , %, %
Expected growth of insurance penetration is 0.22% per annum, until it reaches %

19. 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

20. SHARE FLOATATION

21. 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
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

22. SHARE CAPITAL (in thousand EUR)

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

24. NET PROFIT DISTRIBUTION

25. NET INCOME ALLOCATION

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

27. CURRENT SHAREHOLDERS
Starcom Holding AD – a holding company established in 1994 with a main activity – management of financial companies %
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.

28. PUBLIC OFFERING

29. PUBLIC OFFER
Regulated market - Bulgarian Stock Exchange – Sofia AD (
Public offer - SECONDARY
Launch date
Ticker symbol - EURINS

30. 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.

31. 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

32. 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

33. 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, and – forecast for the current quarter
on 28.03, 28.06, and – correction of announced forecasts
on 28.04, 28.07, and – 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.

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