INSURANCE | LEASING | CAR DEALERSHIP

Everybody has a story, we have a vision

EuroHold Bulgaria

Company presentation

October 2009

Contents

1. Business model

2. Short company profile

3. Main events during 2009

4. Financial overview

5. A view to 2010

3

EuroHold: overview

� €393 million of assets

� 3,406 employees

� 34 subsidiaries

� 5 markets:

� Bulgaria

� Romania

� Macedonia

� Serbia

� Turkey

EUROHOLD BULGARIA

EUROLEASE HOLDING

AVTO UNIONGROUP

REAL ESTATE

MANUFACTURING

EuroLease Auto

Bulgaria

EuroLease Auto

Romania

EuroLease Auto

Macedonia

Renault & Nissan

& Dacia

Opel & Chevrolet

Mazda

SAAB

Fiat & Lancia

Maserati

Alfa Romeo

Piaggio & Vespa

& Gilera

Budget Rent-a-Car

Avis Rent-a-Car

Medical supplies

Plastics and

matrices

Offices

Showrooms

Industrial land

EUROINS INSURANCE

GROUP

EuroIns Bulgaria

EuroIns Romania

EuroIns Macedonia

EuroIns Health

Assurance

Inter Sigorta Turkey

MAIN BUSINESS LINES

EUROFINANCE

Key figures

Leasing

Cars*

Insurance

4

EuroHold: business lines

3

2

1

2

1

3

2

1

� Operating in 3 markets on the Balkans

� Leasing portfolio as of 31 August 2009: €72 million

� Number of active contracts: over 5,000

� Profit for 6М 2009: €1.5 million

� Operating in 5 markets on the Balkans

� 5% market share in the three main markets

�Written premiums for 6М 2009: €63 million

� Number of clients: over 1 million

� Largest and most diversified car dealer in Bulgaria

� Revenues for 6М 2009: €32 million

� Number of cars sold as of 31 August 2009: 2,005

� Market share for the first 8 months of 2009: 10.8%

TRANSITION TO BUSINESS MODEL FOCUSED ON THREE INTEGRATED BUSINESS

LINES: INSURANCE, LEASING AND CAR DEALERSHIP

*Pro-forma for the combined business

of Avto Union Group

16.3

7.5

5.0

69.3

Insurance Car dealership Leasing Other

5

Revenues: 6м 2009

17% �Insurance

� 59% growth of the premium income

� Robust growth of premiums in Romania

� Active risk management

� Agents network expansion

Leasing

� Stable portfolio with controlled risk

� Increase in profitability

Cars

� 51% drop of the market in Bulgaria

� Stable lubricants market

� Growth in the revenues from car rentals

� Cars dealership network optimization

€98 million

EuroHold revenues, by segment

6М 2009 (€ million )

EUROHOLD INCREASES ITS REVENUES COMPARED TO THE PREVIOUS PERIOD DESPITE

DETERIORATION OF MARKET ENVIRONMENT IN 2009

Business trends

68% �

-40%

�

+51% �

50.7

3.6

43.9

Bulgaria Romania Macedonia

6

Revenues: 6м 2009

+

Bulgaria

� Drop of car sales and the related insurance

activity

� Lower share of the business, generated in

Bulgaria at 52%, compared to 74% for 2008

� Stable revenues from the manufacturing

division

Romania

� The relative contribution of the business,

generated in Romania, doubles to 45%

� Goal-oriented insurance expansion

Macedonia� Considerable increase in premium income

� Reaches 4% of total revenues

EuroHold revenues, by country

6М 2009 (€ million)

ROBUST GROWTH OF REVENUES IN ROMANIA AND DROP IN BULGARIA,

DUE TO CONTRACTION IN THE CAR SALES MARKET

Trends by country

+40% �

-12%

�

+145% �

17% �€98 million

Year 2009...

7

� The optimal structure of EuroHold in Bulgaria has been achieved

� Acquisition of insurance and car dealership companies in the region

� Organic growth of the three business segments

� Leader in car sales for Bulgaria after the acquisition of Avto Union

� Sale of non-core assets (Avto Union Center and other)

� The global financial melt-down also affected EuroHold and its business

� Despite the drop in overall demand, EuroHold reacted accordingly

– Cut in administrative and optimization of financial costs

– Focus on optimization of the existing businesses

– Maintenance of healthy liquidity levels

� Opportunities for acquisition of distressed companies and assets at attractive valuations

� EuroHold improved its market positions in the insurance and leasing markets

� Increase in the profitability of EuroLease Auto after internal optimization and tight risk control

� Doubling of the market share of EuroIns Romania during the first half of 2009, reaching 4.6%

� Preservation of market shares of EuroIns Bulgaria and EuroLease Auto

THE PROCESS OF ESTABLISHMENT OF THE TREE SUB-HOLDINGS -

INSURANCE, LEASING AND CAR DEALERSHIP, HAS BEEN FINALIZED

8

EuroIns Insurance Group

Premium income of EuroIns Insurance Group, by country

30 June 2009 (€ million)

GROWING PREMIUM INCOME AND MARKET SHARE IN THE REGION

EUROINS ROMANIA� GWP: €40.7 million

� Growth vs. 6М 2008: 127%

� Expected growth for 2009: 43%

EUROINS BULGARIA� GWP: €18.5 million

� Drop vs. 6м 2008: -5%

� Expected growth for 2009: 0%

INTER SIGORTA TURKEY� Acquired at the beginning of 2009

� Expected commencing of

Operations by the end of 2010

TAKOVO OSIGURANJE� 10% MTPL market share

� Investment analysis in

light of unstable market and

political risk

EUROINS MACEDONIA� GWP: €3.3 million

� Growth vs. 6М 2008: 27%

� Expected growth for 2009: 21%

EUROINS HEALTH ASSURANCE� GWP: €0.3 million

� Growth vs. 6М 2008: 14%

� Expected growth for 2009: 19%

56% �€63 million

9

EuroLease Holding

Leasing portfolio of EuroLease Holding, by country

31 August 2009 (€ million)

3% DROP OF THE LEASING PORTFOLIO AS OF 31 AUGUST 2009 VS.

AUGUST 2008, PARALLEL TO IMPROVEMENT OF ITS RISK PROFILE

EUROLEASE ROMANIA

Leasing portfolio:

€2.8 million

EURLEASE AUTO

Leasing portfolio:

€68.5 millionEUROLEASE MACEDONIA

Leasing portfolio:

€0.6 million

� Increase in profitability, parallel to

decrease in the leasing portfolio for

2009

� Increase in initial down-payment and

interest margin

� Decrease in delinquencies after an

increase at the beginning of the year

� Orientation to less risky clients

� Maintaining adequate liquidity

Trends

-3%

�

€72.1 million

10

Avto Union Group

Revenues of Avto Union Group30 June 2009: €32 million*

THE GLOBAL CAR MARKET CONTRACTION AFFECTED AVTO UNION GROUP

WITH THE REVENUES OF THE GROUP FALLING BY 50%

София – град

City of Sofia

Renault • Nissan • Dacia

Fiat • Lancia • Alfa Romeo

Opel • Chevrolet

Mazda

Saab

Maserati

Piaggio • Gilera • Vespa

Showrooms for the brands, sold by Avto Union Group

Mazda and Fiat dealers *Pro-forma for the combined business of Avto Union Group

Structure of Avto Union Group

11

AVTO UNION GROUP� 2,005 new cars (31.08.2009)

� 10.8% market share in Bulgaria

AutoItalia

GransportAuto

Star MotorsMilanoMotors

MotobulScandina-

viaMotors

Nissan Sofia

Bulvaria& Cargoexpress

Rent-a-car

AVTO UNION OFFERS A WIDE RANGE OF CAR BRANDS AND

RELATED SERVICES IN BULGARIA

Advantages of Avto Union Group

12

MULTI-BRAND DEALERS HAVE THE COMPETITIVE ADVANTAGE

OVER MONO-BRAND ONES

� A research by «Autobild» confirms

the successful business model of

Avto Union Group

� Over the past 8 years, there is a

drastic increase in the sales of multi-

brand car dealers at the expenses of

traditional mono-brand ones

� Multi-brand car dealers are expected

to occupy over 48% of the market by

2015

� The main competitors are the auto

manufacturers themselves

Successful business modelCar distribution channels, Germany

21.6

43.0 48.3

68.0 21.6 16.7

32.7 35.0

10.4

0%

20%

40%

60%

80%

100%

2000 2008 2015 (е)

Direct sales - manufacturers

Mono-brand dealers

Multi-brand dealers

13

Avto Union Deal

+

=

-

� The merger between EuroHold Automotive Group

and Avto Union created Avto Union Group

� Portfolio of 11 car brands and 3 motorcycle brands

� Exclusive distributor of “Castrol” and “BP” lubricants

� The largest rent-a-car company in Bulgaria, franchisee

of “Avis” and “Budget”

� Avto Union Center is the new headquarters of

EuroHold Bulgaria

� On 9 October 2009, EuroHold sold Avto Union

Center building:

Deal value: €27.6 million

Repaid investment loan: €16.9 million

Positive result (net cash): €10.7 million

IN MAY 2009 EUROHOLD ACQUIRED AVTO UNION TO CREATE

THE LARGEST CAR DEALER IN BULGARIA*

*Pro-forma for the combined business:

most new cars sold for 2008 according to SVAB

AVTO UNION CENTER

Office class “А”

28,000 m2

AVTO UNION GROUP =

EuroHold Automotive Group

+Avto Union

14

Asset sales

� The deal was closed in June 2008

� Due to regulatory reasons, the deal was temporarily

realized through a convertible loan

� The loan was converted into equity in April 2009, thus

Global Finance became a shareholder in EuroIns

Insurance Group

ETROPAL

EUROINS INSURANCE GROUP

Global Finance – 19.2%

€24.6 million

THE SALE OF A MINORITY STAKE IN EUROINS INSURANCE GROUP TO

GLOBAL FINANCE HAS BEEN FINALIZED

Eurotest Control

� The sale process continues

� Expected deal closing – by the end of 2010

� Ongoing sale negotiations

� National leader in research and analysis of minerals

and industrial raw materials

� Licensed hydro-power plant

� Installed capacity 750 kWh

Hydro-power plan

Etropole

Car dealership:

ROMANIA

Leasing company:

ROMANIA

Car dealership:

MACEDONIA

15

Next steps

2

1

3

� Turnover for 2008: €44 million

� Cars sold for 2008: 3,800 units

� Assets: office building, after-sales service premises

� Turnover for 2008: €12 million

� Cars sold for 2008: 1,000 units

� Assets: office building, after-sales service premises

� The company is in distressed condition

� Negotiations for the acquisition of the “good” portfolio

� Goal: consolidation of the leasing business in Romania

ONGOING DEALS IN ADVANCED STAGES MAY TRANSOFRM EUROHOLD INTO A

LEADING COMPANY IN THE CAR SALES MARKET IN ROMANIA AND MACEDONIA

Integrated marketing strategy

16

EUROHOLD IS DEVELOPING A PROGRAM FOR NEW INTEGRATED PRODUCTS OF

THE THREE MAIN BUSINESS LINES

Cars

After-sales

Rent-a-car

Gasoline

Lubricants

Leasing

Insurance

GPS surveillance

Easier access to full range of auto-related services

The program combines offering of the

integrated products mix of cars,

after-sales services, rent-a-car,

gasoline, insurance and leasing

EUROHOLD BULGARIA

(in € million)

Revenues

EBITDA

Net income/loss

Financial overview

17

INCOME STATEMENT: KEY FIGURES

(1) Including in-kind contributions and revaluation of subsidiaries

(2) One-time effect of the deal with Global Finance:

� Non-cash expense in the amount of

€2.1 million

(3) Decreasing financial liabilities after 2009:

� Depreciation of Avto Union Center

� Investment loan of €16.9 million

� EuroHold bond of €10.2 million

(€3.3 million repaid in 10-2009)

Notes

2009Е6М ‘092008

4.33-2.024.3

15.91.19.31

210.798.2190.6

Financial overview

18

(1) FTA include Avto Union Center: €18.4 million

(2) Inventories include cars of Avto Union, valued at €15.3

(3) Financial liabilities include:

� €45.5 million in bonds (of which

leasing: €26.1 million)

� €107.9 million in loans (of which

leasing: €55.7 million), including :

- €16.9 million investment loan

- REPAID

- €15 million mezzanine

financing – bullet re-payment

in 2015

(4) Shareholders’ equity includes minority interest

EUROHOLD BULGARIA

(in € million)

Total assets:

Fixed tangible assets

Leasing portfolio

Insurance reserves

Inventories

Financial liabilities

Shareholders’ equity4

BALANCE SHEET: KEY FIGURES

Notes

11996.1

1533131

23213.3

68.556.7

7073.1

62129.1

393361

6М ‘092008

19

A view to 2010...

COST OPTIMIZATION

OPTIMIZATION OF FINANCING

10% decrease in operating

expenses

ASSET SALES

Decrease of dependence

on external sources of

financing

Divestment of non-core

companies and real

estate assets

FULL INTEGRATION AND OPTIMIZATION EFFECT:

END OF 2010

2009

2010

THE FINALIZATION OF THE INTEGRATION OF THE THREE BUSINESS LINES AND

OPTIMIZATION OF COSTS WILL TRANSFORM EUROHOLD INTO A MORE

EFFECTIVE AND STABLE COMPANY AFTER 2010

20

Synergies: Avto Union Group

EUROHOLD FORECASTS CONSIDERABLE SYNERGIES OVER THE NEXT 5 YEARS AS A RESULT OF

INTEGRATION AND OPTIMIZATION OF ITS CAR DEALERSHIP BUSINESS

Insurance

commissionsHeadcount

optimizationIntegrated

marketing

and

advertising

Economies of

scale:

lubricants

Rent-a-car

companies’

synergies

Working

capital

optimization

Total net income effect

0

2.5

5

FORECASTED CUMULATIVE SINERGIES ON NET INCOME LEVEL

OVER THE PERIOD 2010-2014

€17.4 million*

*without accounting for the financial effects on EuroIns Insurance Group and EuroLease Holding

Optimization

of car repair

shops’

capacity

7.5

10

12.5

15

Rent costs

optimization

(in € million)

17.5

21

EuroHold: development track

ACQUIRED COMPANIES

ASSETS SOLD

ESTABLISHED BUSINESSMODEL

ESTABLISHED BUSINESS MODEL

OF EUROHOLD ON THE BALKANS

€77.2*million

€62.4million

� Established structure in Bulgaria over the past 3 years

� Comparable business model planned to be implemented in Romania and

Macedonia by end of 2010

� Ongoing efforts for the full integration of the thee sub-holdings

*Includes capital contributions