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ICAP BULGARIA

Business Information ServicesPresentation

BULGARIA

March 2009

ICAP BULGARIA – Your Business Partner

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The ICAP Group at a glance‒ Activity, Subsidiaries, Shareholders, Staff p.3‒ Mission & Vision p.4‒ Strategic Alliances and Memberships p.5

ICAP Bulgaria p.6

Why Business Information Services? p.10

The Business Information Services coming to Bulgaria p.11

Business Information Services Positioning p.12

The Business Information Services p.13

Business Information Services – Bulgarian Products p.14

Selected Clients of ICAP Group p.17

Contacts in Bulgaria p.182

Contents

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Established: 1964

A business services leader in

Southeast Europe with

6 core activity pillars:

‒ Business Information Services

‒ Business Directories

‒ Management Consulting

‒ Contact Center

‒ HR Outsourcing

‒ Debt collection

Staff : 900 in-house, 950 outsourced

Subsidiaries and Participations :

ICAP Bulgaria EAD

ICAP Romania SRL

ICAP Serbia D.O.O.

ICAP Contact Center SA

ICAP HR Outsourcing SA

CYCLE Credit SA (Debt Collection)

TNS-ICAP SA (Market Research)

Strong shareholder support:

Global Finance (79%)

COFACE (14%)

The ICAP GROUP At a Glance

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Activity, Subsidiaries, Shareholders, Staff

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Our Mission is to enable and promote business development by adding value to ourclients

Our Vision is to provide a wide range of high quality services for businesses and betheir prime choice

Growing rapidly and dynamically through acquisitions (new geographical expansion toSerbia, Turkey) and services diversification

The first and only Greek company and one of the only 4 in Europe certified as ECAI(External Credit Assessment Institution), ICAP’s credit rating system thus recognizedinternationally as an integral part to applying BASEL II for Banking Institutions

Financial Highlights

The ICAP GROUP At a Glance

2007 (in € m) 2008 (in € m )Shareholders Equity 21.5 23.1Revenues 32.6 48.9EBITDA 5.4 8.0Net Profits 4.1 6.5 4

Mission & Vision

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ICAP has developed strategic alliances with some leading companies worldwide like with: BAIN & COMPANY – world’s No.2 strategic consulting company TNS – world’s No.1 market research group HOGAN – leader in assessment models GOOGLE – ICAP is the authorized Google AdWords Reseller

BUREAU VAN DIJK COFACE DUN & BRADSTREET KOMPASS INTERNATIONAL EURO CONTACT POOL ATHENS CHAMBER OF COMMERCE & INDUSTRY HELLENIC BANK ASSOCIATION HELLENIC NATIONAL CONFEDERATION OF COMMERCE FEDERATION OF GREEK INDUSTRIES BANK OF GREECE 5

The ICAP GROUP At a Glance

Strategic Alliances and Memberships

ICAP is a member of:

CREDITALLIANCE (COFACE worldwide network)

FEBIS (Federation of Business Information Services)

EADP (European Association of Directory and Database Publishers)

FEACO (European Federation of Management Consulting Association)

SESMA (Association of Greek Companies in Management Consulting)

BAMCO (Bulgarian Association of Management Consulting Organizations)

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Established in November 2006

Combining the international best practices and know-how with the local market knowledge and expertise

Focused on Management Consulting Business Information Executive Search and Selection

Employing a constantly growing team of areaprofessionals

ICAP Bulgaria

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Qualified ICAP Bulgaria Management Consultants use the information sources,methodologies and tools available to our Group to offer high value added consulting services‒ Creating long-term value for you: Strategic and Business Planning; M&As; IT Strategy

‒ Increasing your revenues: Modern Marketing Techniques; Performance Management

(Balanced Scorecard); Client Loyalty Management; Franchise Consulting Services

‒ Reducing your costs: Business Process&Improvements; Increase Productivity through

Efficiency; Organizational Optimization

‒ Project Management and Development Programs linked to European Union Funds

‒ Economic Research, Sector and Market Studies

ICAP Executive Search&Selection specializes in assessing and recruiting Senior to

Middle level Executives or Professionals with rare skills, people who, in this knowledge-

based economy, will create competitive advantage and sustainable value to your

organization.

We will also start offering Debt Collection Services as of March 2009 (through CycleBulgaria – in process of establishment)

ICAP Bulgaria

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ICAP Bulgaria

ICAP Bulgaria’s Industry Reports and Market Studies

ExamineAttractive sectors of the Bulgarian economy

AnalyzeThe size and performance of the market, domestic production, imports and

exports, market shares of key players

FormulateThe consumer characteristics, factors determining demand and supply

PresentThe major market players and prospects of development in the sector

IncludeThe structure of the sector, financial data of the major players, problems

confronting the companies, market entry barriers, SWOT Analysis, potentialgrowth and new entrants

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No Sector Studies Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09Conducted Industry Analysis 2008

1 Third Party Logistic Services 2007

2 Supermarkets and Hypermarkets in Bulgaria 2008

Planned Analysis (The exact time periods and order for the execution of the projects are subject to change)

1Construction Materials (focus on bricks, ceramic tiles, sanitary ware, cement)

2 Renewable Energy Sources

3 Paper and Online Media

4 Supermarkets and Hypermarkets in Bulgaria 2009

5 Bulgarian Construction Companies dealing with Infrastructure Projects

6 Telecommunications

7 Meat

8* Retail chains for electric and electronic home appliances

9* Dairy Sector10* Household Goods Retail11* Cosmetics12* Organic Farming/ Bioproducts13* Private Labels14* Private Education

* - Potential Sectors For Research During 2009

ICAP Bulgaria

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Why Business Information Services? - Value Added to Your Business

Nowadays, the need for reliable business information is growing more thaneven in the years of economic turbulence.

ICAP Business Information can assist you in converting information intoknowledge, covering your needs to:

- Reduce the risks involved in business relationships

- Support your company’s decision-making process

- Preserve resources, letting us take care of your needs of commercial data

- Evaluate the credit solvency of your business partners

- Price your products by rewarding your low-risk clients with better prices

- Objectively assess the performance of the competition

- …and after all improve your bottom-line result

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The Business Information Services Coming to Bulgaria

Core activity of the Group, aimed at addressing the needs for commercial andfinancial information and supporting your decision-making process

A comprehensive set of solutions that help lenders detect potential credit riskand better manage risk at acquisition and throughout the customer lifecycle

Launching it now also in Bulgaria, deploying experienced team of analysts, wellorganized services and supported by the most advanced IT solutions

Integrating ICAP Bulgaria’s database into the extensive ICAP Group’sdatabase with global coverage, able to provide business information forcompanies from all over the world, thanks to the strategic alliances withleading international companies and organizations

Through superior and reliable information and insight we can help you conductbusiness even better

Targeting a leading market position also in Bulgaria within the next 3 years

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Business Information Services Positioning

ICAP Greece

65%

Others35%

hare

1 year8%

1 to 2 years12%

3 to 4 years25%

>5 years54%

N/A1%

Source: ICAP’s Client Satisfaction Survey

Client Loyalty

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Market Share

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The Business Information Services in Bulgaria

The information presented in a Business Report is collectedmainly from official sources and enriched with researchfrom other vital sources (media, public databases) by ourexperienced team.

You can find information on more than 1 million companiesregistered in Bulgaria in ICAP’s online database. Plus, youcan receive information about any company worldwideon request.

We provide both qualitative and quantitative analysis,based on evolution of the annual financial statementsand indicators of the company, as well as on itscommercial and negative data, compared to theevaluated company’s sector of activity and majorcompetitors.

Data Quality

Though in its launch-up phase in Business Information Services in Bulgaria,ICAP Bulgaria is here to supply:

SpecializedAnalysis

ComprehensiveDatabase

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Business Information Services – Bulgarian Products

Displays a detailed overview of company’s profile and financial standing, includingdata on the subject company's commercial activity, premises, management,shareholders, related parties, negative data, financial indicators, topped up byfinancial analysis, sector studies, risk rating, comparison of company’s mainaccounts against those of the sector and the major competitors, based on theevolution of its financial statements in the last 3 years.

Gives a general overview of a company, evaluating its operations, profitability andstability.

Provides important business information in a summary form, including the basicfinancial and commercial data.

Answers your need to be informed about events in the transactional behavior of acompany, through data on its property liens.

The extensive financial statements for the last 3 years period are designed to coveryour needs for financial information. The value of this report consists of the detailedanalysis with over 20 ratios.

Comprehensive

Report

ICAP Bulgaria’s Business Reports are reliable sources of information and can help you form an opinion regarding theoperations, profitability and stability of a given company, providing all the needed information in order to reachinformed investment decisions.

Standard Report

Financial Data

Property Liens

Compact Report

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Business Information Services – Bulgarian Products

PARAGRAPH / PRODUCT TYPES COMPREHENSIVE REPORT

STANDARD BUSINESS REPORT

COMPACT BUSINESS REPORT

PROPERTY LIENS REPORT

EXTENSIVE BALANCE SHEET

REPORTCOMPANY BUSINESS PROFILE RISK RATING CREDIT LIMIT COMPANY HISTORY OTHER COMMERCIAL DATA PREMISES PREMISES HISTORY CAPITAL CAPITAL HISTORY SHAREHOLDERS MANAGEMENT PARTICIPATIONS AFFILIATED COMPANIES / INDIVIDUALS SECTOR COMPARISON PEER ANALYSIS PROPERTY LIENS OVERDUE DEBTS TO THE STATE BUDGET "THE LIST OF CREDIT MILLIONAIRES IN BULGARIA" NEGATIVE FINANCIAL INDICATIONS CREDIT LIMIT CREDIT SCORING COMPLETE BALANCE SHEET (3 YEARS) (3 YEARS) (3 YEARS)COMPACT BALANCE SHEET (3 YEARS)COMPLETE PROFIT AND LOSS ACCOUNT (3 YEARS) (3 YEARS) (3 YEARS)COMPACT PROFIT AND LOSS ACCOUNT (3 YEARS)KEY RATIOS (3 YEARS) (3 YEARS)FINANCIAL RATIOS (3 YEARS) (3 YEARS)FINANCIAL ANALYSIS SECTOR STUDY NEWS

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Business Information Services – Bulgarian Products

The business reports will be available both on-line and by email / fax on request, inEnglish and Bulgarian, being regularly updated.

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Selected Clients of ICAP Group

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Contacts in Bulgaria

Mr. Theodoros Polydoros, Executive Director,tel.: (+359 2) 8014105, email: tpolydoros@icap.bg

Mr. Andrey Manev, Director,tel.: (+359 2) 8014107, email: amanev@icap.bg